CNNMoney: Daily fantasy sports competitions are illegal gambling, New York state’s top cop said on Tuesday, demanding that the two largest operators stop taking bets in the state. New York Attorney General Eric Schneiderman issued cease and desist orders to DraftKings and FanDuel. He told the companies to quit accepting bets from New York residents, joining a similar move by Nevada last month. Iowa residents are currently not allowed to participate on DraftKings or FanDuel.

The New York Times: The worth of hot technology startups seemed for years to go in only one direction: straight up. Now there are signs of growing unease over the dizzying valuations of some of the most richly priced private companies. The latest sign has emerged with one such favorite, Snapchat, being discounted 25 percent by one of its more recent investors, Fidelity, the mutual fund giant.

Reuters: Anheuser-Busch InBev, the world’s biggest brewer, launched its $100 billion-plus offer for nearest rival SABMiller on Wednesday and agreed to sell the latter’s stake in U.S. venture MillerCoors to help win regulatory approval.  AB InBev, whose takeover of SABMiller would be one of the largest mergers in corporate history, said it expected to achieve $1.4 billion in annual savings four years after completion of the deal, projected for the second half of 2016.