Scientific Games Corp (NASDAQ:SGMS), after opening its shares at the price of $22.40 and close at $22.30 for the day. The stock moved on a traded volume of 401,435 shares, in comparison to 1,271,156 shares of average trading volume.
Scientific Games Corporation (NASDAQ: SGMS) (“Scientific Games” or the “Company”) declared it accomplished the acquisition of privately held mobile and social game company Spicerack Media, Inc. (“Spicerack”). The addition of Spicerack, creator of the Bingo Showdown social bingo game app, complements Scientific Games’ impressive stable of social casino games and mobile offerings. The acquisition will be right away accretive to earnings and cash flow. Terms of the deal were not revealed.
Barry Cottle, Chief Executive, SG Interactive, said, “We are anxious by the addition of Spicerack’s talented team and complementary nature of their successful bingo game offering to our expanding portfolio of rapidly growing social casino apps. The acquisition will be right away accretive and provide additional momentum in the mobile gaming space, as we look to exceed players’ expectations of exciting and engaging gaming entertainment experiences.”
Spicerack’s leading product, Bingo Showdown, which constitutes the large majority of Spicerack’s revenue, was a top five social bingo title in 2016, and has seen raised growth and market share gains each quarter since its launch. Spicerack’s games are available on Facebook, Amazon.com, the Apple app store and Android app on Google play.
Davy Campano, one of the founders of Spicerack Media, said “We are anxious to bring our product portfolio into a company with the reputation of Scientific Games. Their interactive business has seen rapid growth over a sustained period of time, and we are proud to be joining such a successful part of the Company.”
The 52-week range for the stock is $7.90 and $24.15 and during the previous trading session the stock touched its highest price at $22.70. Its introductory price for the day was $22.40. The stock’s current distance from 20-Day Simple Moving Average (SMA20) is 1.16% where (SMA50) and (SMA200) are 6.88% and 56.19% respectively.
Loews Corporation (NYSE:L) reported closed at $47.46 with the total traded volume of 647,807 shares. The stock’s opening price was $47.24. The company has a total market capitalization of $15.98B.
Loews Corporation (NYSE: L) declared that it has reached a contract to acquire Merged Container Company (CCC), a leading rigid plastic packaging manufacturer based in Atlanta, GA, from Bain Capital Private Equity for about $1.2 billion, subject to customary purchase price adjustments. CCC will be a part of a newly-created segment called Loews Packaging Group.
“We have been analyzing the packaging industry for some time because it fits our key acquisition criteria: It is a fragmented industry that generates strong cash flows and we believe it is unlikely to be subject to major technological disruption,” said James Tisch, President and CEO of Loews. “CCC is an outstanding company with a highly professional administration team that can serve as a platform for growth, both organically and through acquisitions.”
“I am extremely anxious for CCC to become part of Loews,” said Sean R. Fallmann, President and CEO of CCC. “I have every confidence that Loews will be an excellent partner for CCC as we continue to invest in differentiated capabilities to best serve our customers. It remains our mission to be the packaging solutions provider of choice in North America.”
“Sean and the team at CCC have done a remarkable job building the business and creating a differentiated platform,” said Steven Barnes, a Managing Director at Bain Capital Private Equity. “We have enjoyed partnering with administration in establishing a culture of safety and innovation and building a strong foundation based on differentiated operating and commercial capabilities. These advantages will continue to serve the company well under Loews’s ownership.”
The 52-week price range of the stock remained $38.17- $48.05, while during last trade its minimum price was $47.17 and it gained its highest price of $47.55. Company’s last 5 days shows an uptrend turn with an upsurge of 1.54%. The company shows its Return on Assets (ROA) value of 0.80%. The Return on Equity (ROE) value stands at 3.60%. While it’s Return on Investment (ROI) value is 4.30%.