Shares of Caesars Entertainment Corp. CZR, +7.63% 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 500SPX, -0.26% has dropped 5.5%.
Caesars Entertainment Corp. shares were trading at $8.63 per share on Friday afternoon, up $0.64 (+8.01%). Year-to-date, CZR has gained 27.10%, versus a 3.37% rise in the benchmark S&P 500 index during the same period.
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