BalkansCat/iStock Editorial via Getty Images According to reports, a sale of Caesars Entertainment, Inc. ( CZR ) has been delayed. Tilman Fertitta reportedly has been in talks for several weeks to acquire the nation's largest casino company, but a death in his family has led to a pause. It does look, however, like a deal is going to get done. Certainly, both the equity and credit markets are actin...
BalkansCat/iStock Editorial via Getty Images According to reports, a sale of Caesars Entertainment, Inc. ( CZR ) has been delayed. Tilman Fertitta reportedly has been in talks for several weeks to acquire the nation's largest casino company, but a death in his family has led to a pause. It does look, however, like a deal is going to get done. Certainly, both the equity and credit markets are acting as if it will. The question for investors at this point is whether there's real upside in betting on (or against) the deal. From here, it's tough to argue too forcefully for the risk/reward in CZR stock, even if the most likely scenario admittedly does involve a decent amount of upside. Credit Markets Versus Equity Markets Clearly the credit markets seem to be pricing in a material chance of a deal. Caesars bond prices fell amid the first reports of Fertitta's interest. (A takeover would add more debt to the Caesars balance sheet , which in turn would raise the risk of the existing debt, leading to a required higher yield to own that debt, which of course drives the lower price.) Notably, they seem to be pricing in a higher chance of a deal than when rumors first swirled in mid-March. While prices on secured debt haven't moved that much (ostensibly, credit investors see reasonably high recovery rates there even if something goes wrong), 6% unsecured notes maturing in 2032 have weakened notably : FINRA The reaction in the credit markets probably is worth paying attention to. At $32 per share, Fertitta would need to raise something like $4-5 billion in incremental debt to buy out existing shareholders. (That's according to Bloomberg , which notes existing ownership in restaurant chains will provide some equity in the deal.) That kind of issuance in the midst of what clearly are serious negotiations requires conversations with major firms who, of course, also have significant bond trading desks. (Yes, there's a Chinese wall between the two groups, but that wall does get brea...
Ships and tankers in the Strait of Hormuz off the coast of Musandam, Oman, April 18, 2026. Stringer | Reuters Ship traffic through the Strait of Hormuz remained very light on Wednesday, the first day since President Donald Trump extended the ceasefire with Iran. Trump's decision to unilaterally extend the truce has not opened the strait. Iran is still trying to control ship traffic in the sea lane...
Ships and tankers in the Strait of Hormuz off the coast of Musandam, Oman, April 18, 2026. Stringer | Reuters Ship traffic through the Strait of Hormuz remained very light on Wednesday, the first day since President Donald Trump extended the ceasefire with Iran. Trump's decision to unilaterally extend the truce has not opened the strait. Iran is still trying to control ship traffic in the sea lane, while the U.S. maintains its blockade of Tehran's ports and vessels. At least six ships transited the strait Wednesday including three oil tankers, according to tracking data from LSEG. The Iranian tanker Atlantis II appears to have crossed the strait into the Gulf of Oman despite the U.S. blockade. Traffic was little changed compared with Tuesday when at least six ships made the trip, according to LSEG. About a dozen commercial vessels of various types transited on Monday, the data showed. Traffic is way below normal levels before the war when more than 100 ships crossed the strait daily. The security situation in the strait remains dangerous. Iran's Revolutionary Guard said Wednesday that it seized two container ships as they tried to cross the strait "without authorization," according to the state news agency Tasnim. The United Kingdom Maritime Trade Operations Centre (UKMTO) has warned ships that there are "high levels of activity" in the strait and they should report suspicious activity. A cargo ship was fired upon on Wednesday and is now stopped in the water, according to an incident report from UKMTO. A gunboat with Iran's Revolutionary Guard fired on a container ship Tuesday causing heavy damage to the bridge, the UKMTO said. The attacks on ships this week come after a weekend of confusion and confrontation in and around the strait. Iranian forces on Saturday fired on a tanker and cargo ship in the sea lane, a day after declaring the sea lane open to commercial traffic. Those vessels were apparently Indian, with New Delhi lodging a complaint with Tehran. The U.S. ...
Unusual Machines (NYSEMKT: UMAC) stock jumped 9.3% through 11:33 a.m. ET this morning, one day after the maker of parts for military drones announced it had picked up a $5 million order for counter-UAS systems (i.e., anti-drone weapons) from privately held Autonomous Power Corporation. Unusual Machines will supply its customer with "core components used across both counter-UAS interceptor systems ...
Unusual Machines (NYSEMKT: UMAC) stock jumped 9.3% through 11:33 a.m. ET this morning, one day after the maker of parts for military drones announced it had picked up a $5 million order for counter-UAS systems (i.e., anti-drone weapons) from privately held Autonomous Power Corporation. Unusual Machines will supply its customer with "core components used across both counter-UAS interceptor systems and 10-inch class drones," with deliveries expected to begin within the next week. Image source: Getty Images. Continue reading
Apple (AAPL) shares dropped 2.5% on April 21 after it revealed its biggest news for many years. Its current CEO, Tim Cook, will step down from the position and be replaced by John Ternus, the firm’s senior vice president of hardware engineering. Next week, the iPhone maker will report its fiscal ...
Apple (AAPL) shares dropped 2.5% on April 21 after it revealed its biggest news for many years. Its current CEO, Tim Cook, will step down from the position and be replaced by John Ternus, the firm’s senior vice president of hardware engineering. Next week, the iPhone maker will report its fiscal ...
JHVEPhoto Comcast's ( CMCSA ) first-quarter report on April 2, after the closing bell, is expected to show profits plummeting by 33%. The company is likely to report earnings of $0.73 per share. Revenue is projected to inch up 1.5% to $30.35B. Comcast is expected to have entered the first quarter of 2026 with mixed operating momentum, reflecting the continuation of trends seen in late 2025 alongsi...
JHVEPhoto Comcast's ( CMCSA ) first-quarter report on April 2, after the closing bell, is expected to show profits plummeting by 33%. The company is likely to report earnings of $0.73 per share. Revenue is projected to inch up 1.5% to $30.35B. Comcast is expected to have entered the first quarter of 2026 with mixed operating momentum, reflecting the continuation of trends seen in late 2025 alongside incremental pressures from ongoing strategic investments, as per Zacks Equity Research. The management had highlighted that the firm would migrate the majority of its residential broadband customers to the new pricing and packaging by year-end. "We expect a meaningful portion of customers currently taking a free line to transition to paid relationships in the second half of the year," co-CEO Michael Cavanagh said. Near-term EBITDA pressure is expected to persist due to rate reinvestments and customer experience spending, the management added; however, it anticipates having most of its base on the new broadband pricing and packaging, along with improved wireless monetization, as they move past the investment period. Analysts have maintained caution ahead of the firm’s Q1 results. Seeking Alpha analyst Justin Purohit said he will be watching for evidence that the broadband reset is working. Broadband ARPU is expected to remain under pressure. Subscriber losses may not yet meaningfully improve. And Connectivity & Platforms EBITDA could continue to feel the weight of these investments, Purohit noted. “Investors should also watch wireless net adds and commentary around how many customers are taking free lines, since those are expected to convert into paying relationships in the back half of the year,” he added. Over the last 2 years, CMCSA has beaten EPS estimates 100% of the time and has beaten revenue estimates 63% of the time, setting up expectations of another quarter of top-line beat. More on Comcast Comcast Has Finally Fallen Low Enough To Get Interesting Comcast: Broad...
UBS Group ( UBS ) stock rose 1.4% in afternoon trading after the Swiss government proposed new capital requirements that would require UBS Group ( UBS ) to strengthen its common equity tier 1 (CET1) capital by ~$20B, easing the requirement from earlier proposals. " The solution proposed by the Federal Council is more moderate than planned, due to the results of the consultation procedure," the gov...
UBS Group ( UBS ) stock rose 1.4% in afternoon trading after the Swiss government proposed new capital requirements that would require UBS Group ( UBS ) to strengthen its common equity tier 1 (CET1) capital by ~$20B, easing the requirement from earlier proposals. " The solution proposed by the Federal Council is more moderate than planned, due to the results of the consultation procedure," the government said in a statement. "In terms of capital requirements, the result is thus a balanced overall package that takes account of the comments received." UBS ( UBS ) had objected to a proposal earlier this year that would have increased its minimum CET1 ratio requirement to at least 19%, compared with its current de facto minimum of ~14%. By contrast, after the implementation of the new measures, the possible future CET1 capital ratio of UBS based on the pro forma calculation is 15.5%, which the Federal Council said is in line with current capital ratios of international peers. The Swiss bank isn't swayed by the new proposal. "UBS continues to strongly disagree with the proposed package, which is extreme, lacks international alignment, and disregards concerns expressed by the majority of respondents to the government’s consultations," the company said in a statement. "If adopted, the proposed measures would have far-reaching consequences for the Swiss economy." UBS's CET1 capital ratio for Q4 2025 was 14.4%. "At group level, this corresponds to a CET1 capital ratio increase of around 1.1 percentage points compared with the fourth quarter of 2025," the Federal Council said. In amendments to the capital adequacy ordinance, the Swiss government said it won't require full backing with CET1 capital for deferred tax assets and software. Instead, it includes a maximum three-year amortization period for software, in line with EU regulations. The new arrangement is limited to systemically important banks. Furthermore, the council decided not to proceed with the proposed adjustment...
Iran’s goal is to maintain chokehold on the global economy, even as some say it could run out of oil storage by Sunday Middle East crisis – live updates Donald Trump’s indefinite shelving of the plan to bomb Iran’s bridges and power stations on Tuesday night is being widely described as leaving the conflict in limbo, but that is anything but the truth. Pakistan insists the prospect of talks in Isl...
Iran’s goal is to maintain chokehold on the global economy, even as some say it could run out of oil storage by Sunday Middle East crisis – live updates Donald Trump’s indefinite shelving of the plan to bomb Iran’s bridges and power stations on Tuesday night is being widely described as leaving the conflict in limbo, but that is anything but the truth. Pakistan insists the prospect of talks in Islamabad has not evaporated, and positive messages are still being exchanged, but in the meantime the site of kinetic activity has switched from land to sea. Continue reading...