Allergan & Merck
Allergan and Merck have entered a licensing agreement. The botox maker will buy the exclusive rights to two of Merck’s experimental migraine drugs for $250 million. Merck could also receive royalty payments. Allergan was up a fraction to $307.00. Merck was also up slightly to $57.99.
Gaming & Leisure Properties & Pinnacle Entertainment
Gaming & Leisure Properties, which is a company that leases real estate to casino operators, upped its hostile bid for Pinnacle Entertainment’s real estate assets. The offer values the firm at around $5 billion , including debt. Pinnacle hasn’t publicly rejected the company’s offers and says it’s reviewing the current proposal. Gaming & Leisure fell 2.5 percent to $35.72. While Pinnacle rose nearly six percent to $39.64.
A rare “sell” rating sent shares of Shake Shack sliding in today’s session. Morgan Stanley downgraded the stock, writing that it’s simply overpriced. Separately, the company debuted a chicken sandwich today, but it will only be available in Brooklyn. Shares tumbled seven percent to $54.74.
And Carnival is setting its sights on Cuba. The cruise operator gaining U.S. approval to travel to the country, but it’s still waiting to get the OK from the island nation’s authorities. Shares of carnival were almost two percent higher to close at $50.20.