Diller’s Deal
Quick Read
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Barry Diller's People Inc. bid $48.30 per share to take MGM Resorts private, placing the casino giant's enterprise value at $18 billion.
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NVDA's RTX Spark Arm-based chip enters consumer PCs with 30+ hardware partners, sending INTC tumbling 6%.
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A 5% oil spike, fueled by Iran cutting U.S. communications and intercepted ballistic missiles near Kuwait, injected fresh geopolitical risk into June's market open.
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Live Blog Update #1 Published
Barry Diller is making a move to take MGM Resorts (NYSE:MGM | MGM Price Prediction) private, according to a report in the Wall Street Journal. Diller’s People Inc., formerly known as IAC, already holds a 26.1% stake in the casino giant and submitted a nonbinding proposal Monday to acquire the remainder at $48.30 a share in cash, placing the total enterprise value at $18 billion. Diller has previously made the case that MGM represents a business less vulnerable to technology disruption than most, and if the board accepts the offer, the Las Vegas-based casino operator would exit the public markets under People Inc.’s full control.
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Anthropic, the AI company behind chatbot Claude, has confidentially filed an S-1 with the SEC, setting the stage for what could be one of the most closely watched IPOs in recent memory. As LLM companies jockey for position, the filing puts Anthropic ahead of rival OpenAI, which is reportedly preparing its own confidential submission. For investors looking to gain direct exposure to the frontier AI buildout, the opportunity has arrived, though the timing of Anthropic’s IPO remains unclear.
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On the macro economic front, the ISM Manufacturing PMI came in at 54.0 for May, beating estimates and delivering its strongest showing since 2022. Factory activity has been growing for the past five straight months. New Orders were a bright spot, printing at 56.8 against expectations of 54.8, signaling healthy demand momentum heading into the summer. The Prices Paid component eased to 82.1 from an estimate of 85.0, a welcome development suggesting some softening in input cost pressures, though the reading remains elevated and will keep inflation watchers on alert.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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