Diamonds and Dogs
Merger Monday. At least three big deals today. Oracle (ORCL) is acquiring Australian firm, Aconex Limited for approximately $1.2 billion in cash. Penn National Gaming (PENN) is acquiring Pinnacle (PNK) for $32.47/share in cash and stock. Hershey (HSY) is acquiring Amplify Snack Brands (BETR) for $12.00/share in cash. Throw in a new tax bill and the markets make another new high today.
Railroad Company, CSX (CSX) lost an Industry legend over the weekend. The CEO for CSX, Hunter Harrison passed away over the weekend. CSX's Board of Directors will be under significant pressure to find a replacement with an operating background quickly. The stock is lower by 2% after falling 7% on Friday.