ZYXI - Why Stars Group Sibanye Gold and Zynex Jumped Today
Wall Street went through a minor panic attack on Wednesday, with investors sending major indexes down roughly 2% to add to Tuesday's losses. Some more poor economic data signaled that the U.S. economy might finally be faltering after a long bull run, and that has market participants trying to anticipate the end of the 10-year-old bull market. Even with the downward pressure, though, some stocks defied the odds and gained ground. Stars Group (NASDAQ: TSG), Sibanye-Stillwater (NYSE: SBGL), and Zynex (NASDAQ: ZYXI) were among the top performers. Here's why they did so well.
Shares of Stars Group jumped 30% after the sports betting company got a merger offer from one of its largest peers. Flutter Entertainment, which operates a similar business in the U.K. that includes the once-dominant Party Poker website, offered to combine with Stars Group in a deal that would create the biggest global player in the industry. The $6 billion merger would give Stars Group investors 0.2253 shares of Flutter in exchange for their stock. Flutter's share price also climbed, and many gambling industry watchers believe that further consolidation is not only likely but necessary.
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