Hedgefund News Wrap: Week Ending 12/11/2015

LET’S TALK ABOUT STEVE WYNN

(CNN Money) – A CEO has come up with an interesting way to save his company from the red and being one of the worst-performing stocks of the year. Founder and CEO of Wynn Resorts, Steve Wynn, purchased more than 1 million shares of Wynn Resorts between December 4 and 8.

Following suite, the stock surged more than 15% in early trading Wednesday and investors became excited again. Although at $72 today, far from it’s March 2014 high of $246.65, it’s common practice that when a CEO buys a large piece of the pie, it’s a good sign. Wynn now owns more than 11  million shares of the company, wearing the crown of the firm’s largest individual shareholder and third-biggest overall.

With Chinese gambling rules taking a disastrous toll on one of Wynn’s properties, it will be interesting to see if his investment pays off.

Read the entire article at CNN Money
More coverage: Business Insider and The Motley Fool

A CASUAL $130 BILLION

(USA TODAY) – The chemical giants DuPont and Dow Chemical Co. have agree to merge in an all-stock deal valued at $130 billion, including future plans to split into three. Get ready for DowDuPont to be a household name.

The new chemical and agricultural giant is one of top 20 largest mergers ever, speculating that there may be some regulation difficulties. “Any merger that consolidates this market into fewer hands will give farmers fewer choices and put them at even more economic disadvantage,” said Wenonah Hauter, executive director of the advocacy group Food & Water Watch, in a statement. “The Department of Justice needs to block this merger to prevent the further corporate control of the basic building blocks of the food supply.”

But on the bright side, the companies have identified $3 billion in annual cost savings, equaling $30 billion in market value. DowDuPont will be split in about 18-24 months time via tax-free spin-offs, becoming three independent companies; agriculture, materials and specialty products.

Read the entire article at USA TODAY
More coverage: CNBC and The Washington Post

 

DON’T BET ON BETTING IN NY

(Fortune) – DraftKings and FanDuel are in a very, very large pickle. If you’re in the state of New York and are planning on betting on either DraftKinds or FanDuel, you are officially SOL for the duration of the case regarding the two companies.

After going back and forth for sometime now, a judge put his mallet down and has sided with Schneiderman’s efforts in shutting down their games for New York players. Both companies have stated they plan to file emergency appeals seeking to block the order from taking effect, but let’s see how it shakes out.

All I have to say is, “let the boys play!”

Read the entire article at Fortune
More coverage: CNN Money and Business Insider