Shares of Caesars Entertainment Corp. (CZR) shot up 6.1% in active morning trade Friday, putting them on track for a 6th-straight gain, after CNBC reported ( ) that billionaire activist investor Carl Icahn is building a stake in the casino operator. Trading volume ballooned to 12.7 million shares less than a half-hour after the open, compared with the full-day average of 19.1 million shares. Icahn didn't own any shares of Caesars, or other casino operators, as of Sept. 30, according to Securities and Exchange Commission filings. Icahn's reported move comes after billionaire Tilman Fertitta, who owns the Golden Nugget Casinos and the NBA's Houston Rockets, was reportedly interested in a merger deal ( /). Caesars's stock has lost 4.5% over the past three months while the S&P 500 has dropped 5.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 11, 2019 09:55 ET (14:55 GMT)
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