Shares of Casino Stocks slid today as financial markets braced for bad times as a result of many problems in the banking and insurance industries.
Shares of casino operators slid early Monday, along with the broader market, as Wall Street reeled from a flurry of news including Lehman Brothers’ Chapter 11 bankruptcy plans and Bank of America Corp.’s proposed acquisition of Merrill Lynch & Co.
The Dow Jones industrial average fell more than 300 points.
Investment bank Lehman Brothers filed for bankruptcy protection Monday and said it was attempting to sell off key divisions. Meanwhile, Merrill Lynch agreed to a sale to Bank of America for $50 billion in stock.
In another blow to the markets, American International Group Inc. is asking the Federal Reserve for emergency funding. The world’s largest insurance company plans to announce a major restructuring Monday
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