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We shorted Pinnacle Entertainment (PNK) today at $16.08 a share at 2:53 PM EDT in our Real-Time Alerts. The company announced this morning that it would acquire Ameristar Casinos (ASCA) for $869 million. Deal risk remains as we believe Pinnacle will have a difficult time completing the deal with Ameristar. For now, we'll stay bullish on ASCA while shorting the acquirer PNK. 

Trade Of The Day: PNK - TOTD