Diamonds and Dogs
Penn National Gambling (PENN) higher after investing in Bar Stool Sports. Penn is up 13% to a new 52 week high following a 37% investment in the leading digital sports media company for a value of $163 million. This deal helps the nation's largest regional gaming operator to become a best-in-class omni-channel provider of retail and online gaming and sports betting entertainment. The deal values Bar Stool Sports at $452 million. Not bad.
Starbucks (SBUX) lower on the coronavirus. The coffee maker is down 3% to a two-month low following earnings. Starbucks actually beat by 3 cents as sales rose 7% to $7.1 billion. However, investors seem concerned about the coronavirus as Starbucks has temporarily closed more than half or over 2,050 stores in China amid growing concerns surrounding the coronavirus outbreak that has killed more than 100 in the world's second-largest economy. China is Starbuck's second largest market.