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Market Update

Management Shakeup at GE, Golden Entertainment to Buy American Casino

Author: Mukesh Buch
Last Update: 1:57 PM ET June 12 2017

1:55 PM New York Golden Entertainment agreed to buy American Casino & Entertainment. GE announced CEO Jeff Immelt chief executive officer to step aside after 16 years in a management shakeup. Hamilton Lane assets under management jumped 11%. Honeywell agreed to acquire privately held Nextnine.

Tollbooth Index dropped 78.29 or 0.6% to 12,082.72.

Earnings Review

Golden Entertainment Inc (GDEN) surged 8.3% or $1.41 to $18.34 after the casino and resort operator agreed to acquire the smaller rival American Casino & Entertainment Properties LLC for about $850 million.

The transaction is expected to close by the end of 2017.

General Electric Company (GE) soared 3.6% or $1.02 to $28.96 after the industrial conglomerate said its chief executive officer Jeff Immelt will be stepping down and replaced by John Flannery, chief executive officer of GE Healthcare from August.

Hamilton Lane Inc (HLNE) jumped 2.5% or 52 cents to $21.25 after the investment solutions provider said revenue in the fourth-quarter ending in March soared 13% from a year ago to $46.7 million.

In the quarter, the company earned $0.6 million and diluted earnings per share was 3 cents.

However, company did not offer comparable data for the same period of last year.

The private investor said as of year ending in March 31, assets under management jumped 11% from a year ago to $42 billion and fee generating assets surged 12% to $27 billion.

Honeywell International Inc (HON) slipped 91 cents to $132.88 after the industrial conglomerate agreed to acquire privately held industrial cyber security provider Nextnine without disclosing of financial terms.

J.W. Childs Associates LP, the privately held private equity firm said it had acquired Ascent Medical Group LLC, through a newly formed platform company, Siromed.

Ascent Medical Group, LLC, a physician group practice based in Florida, is the first entity acquired by Siromed.

Science Applications International Co (SAIC) soared 4.5% or $3.48 to $80.53 after the engineering and enterprise software developer ahead of earnings release after the market close today.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc