ReportWire

Tag: DraftKings Inc. Cl A

  • This New Jersey financial pro just won nearly $500K on a sports bet. He'll use it to pay off student loans.

    This New Jersey financial pro just won nearly $500K on a sports bet. He'll use it to pay off student loans.

    [ad_1]

    After winning nearly $500,000 on a $5 sports bet, a New Jersey financial adviser said he is planning to follow some of the advice he gives to clients and put the money to good use.

    Travis Dufner, a 32-year-old adviser with Millstone Financial Group in Millstone, N.J., is the bettor who has stepped forward to say he won the $489,378.01 parlay payoff. The wager involved picking 14 players who would score a touchdown over the holiday weekend’s NFL games.

    When…

    Master your money.

    Subscribe to MarketWatch.

    Get this article and all of MarketWatch.

    Access from any device. Anywhere. Anytime.


    Subscribe Now

    [ad_2]

    Source link

  • These 20 growth stocks are worth considering on a pullback, says Citi

    These 20 growth stocks are worth considering on a pullback, says Citi

    [ad_1]

    Citi has released a list of 20 large-cap growth stocks that it says present opportunities in the event of a pullback.

    “Our call since early summer has been to hold Growth and look to buy on pullbacks,” Citi analyst Scott Chronert said in a note released Monday, adding that Citi has had a tactical preference for cyclicals. “However, on the heels of the strong Cyclicals surge during June and July, and our upwardly revised S&P 500 target of 4600, the messaging has been to buy on pullbacks more broadly,” he wrote.

    Citi also notes that the Russell 1000 Growth Index
    RLG
    has sold off more than 6% from its mid-July high, although two-thirds of the stocks in the index are down 10% or more, with one-third down more than 20%. “This sets up for interesting intermediate to long-term stock selection opportunities,” Chronert said.

    Related: Preorders for the iPhone 15 have begun, and here’s a sign they’ve been ‘solid’

    The analyst acknowledged that there is still a risk of economic softening ahead, if not a recession. “Yet, the argument that Growth stocks can show fundamental resilience during periods of broader economic weakening is a theme that we have considered for several years now,” he said.

    Set against this backdrop, the analyst firm has compiled a tech-heavy list of 20 stocks that have a buy rating from Citi, have at least 75% of market cap assigned to growth, according to Russell, and have experienced a decline of 10% or more from year-to-date highs since March 31. Other common characteristics of the stocks include consensus estimates of free cash flow per share above March 31 levels and free cash flow per share within or above market-implied five-year-forward estimates.

    Tech heavyweights Apple Inc.
    AAPL,
    +0.74%
    and NVIDIA Corp.
    NVDA,
    +1.47%
    are on the list, along with Pinterest Inc.
    PINS,
    -2.47%    ,
    Lam Research Corp.
    LRCX,
    +0.24%    ,
    Teradata Corp.
    TDC,
    +0.36%    ,
    Datadog Inc.
    DDOG,
    +0.09%    ,
    MongoDB Inc.
    MDB,
    -0.73%    ,
    HubSpot Inc.
    HUBS,
    +0.18%
    and KLA Corp.
    KLAC,
    +0.79%    .
    The other stocks cited by Citi are Lockheed Martin Corp.
    LMT,
    -0.18%    ,
    DraftKings Inc.
    DKNG,
    -1.44%    ,
    Las Vegas Sands Corp.
    LVS,
    -0.98%    ,
    Chipotle Mexican Grill Inc.
    CMG,
    -0.85%    ,
    Netflix Inc.
    NFLX,
    +1.31%    ,
    TKO Group Holdings Inc.
    TKO,
    -1.93%    ,
    Rockwell Automation Inc.
    ROK,
    +1.09%
    and Paycom Software Inc.
    PAYC,
    +0.45%    ,
    and healthcare stocks Bruker Corp.
    BRKR,
    +1.04%    ,
    Insulet Corp.
    PODD,
    -0.66%
    and Intuitive Surgical Inc.
    ISRG,
    +1.75%    .

    Related: Will Nvidia stock be like Apple or Cisco in the AI era?

    Shares of Apple, which recently launched its iPhone 15, are down 5.5% in the last three months. Shares of chip maker NVIDIA are up 2.8% over the same period, while Lockheed Martin is down 8.9% and DraftKings is up 8.6%. Las Vegas Sands is down 21.8% and Chipotle is down 8.8%, while Netflix is down 7.8%.

    [ad_2]

    Source link

  • Penn dumps Barstool for ESPN-branded sports-gambling service

    Penn dumps Barstool for ESPN-branded sports-gambling service

    [ad_1]

    Online sports-betting company Penn Entertainment Inc. sealed a $1.5 billion deal with Walt Disney Co.’s
    DIS,
    +1.50%
    ESPN to launch ESPN Bet, a branded sportsbook for fans in the U.S., and pivoted away from Barstool Sports on Tuesday, selling the platform back to founder Dave Portnoy.

    Penn Entertainment
    PENN,
    -0.68%
    will rebrand its current sportsbook and relaunch as ESPN Bet in the fall in 16 legalized-betting states where Penn is licensed.

    The rebrand — which includes the mobile app, website, and mobile website — sent Penn’s stock soaring 13% in after-hours trading Tuesday. ESPN Bet will benefit from exclusive promotional services across ESPN’s platforms, including access to ESPN talent, the companies said.

    Penn will pay ESPN $1.5 billion over 10 years as part of the strategic partnership, and will grant ESPN $500 million of warrants to purchase about 31.8 million Penn common shares, with additional bonus warrants possible.

     “Together, we can utilize each other’s strengths to create the type of experience that existing and new bettors will expect from both companies, and we can’t wait to get started,” Penn Entertainment Chief Executive Jay Snowden said in a release. 

    Penn also said it has divested 100% of its stake in Barstool Sports to Portnoy, allowing the sports media platform “to return to its roots of providing unique and authentic content to its loyal audience without the restrictions associated with a publicly traded, licensed gaming company.”

    For Penn, the ESPN partnership represents “a clear step up from Barstool in terms of mass appeal…and minimal regulatory risk,” according to Wells Fargo analyst Daniel Politzer, who said it was a “nearly impossible challenge for a publicly traded, licensed gaming company” to own “a media platform that thrived on viral/provocative content.”

    Still, he said in a note to clients that “it’s premature to conclude this is a game change” since past partnerships between online sports-betting companies and media players have come up short of what initial fanfare would’ve suggested.

    The news sent rival DraftKings Inc. shares
    DKNG,
    +0.25%
    sinking about 5% in after-hours trading.

     The decline in DraftKings shares comes as they’ve advanced 178% so far in 2023, through Tuesday’s close. Two analysts upgraded DraftKings’ stock just this week.

    See more: DraftKings’ stock has nearly tripled this year — and it just won a new fan

    Disney shares rose fractionally in after-hours trading.

    Mike Murphy contributed to this report.

    [ad_2]

    Source link

  • Fanatics to buy PointsBet’s U.S. sports-betting business for $150 million

    Fanatics to buy PointsBet’s U.S. sports-betting business for $150 million

    [ad_1]

    Fanatics Inc. will buy the U.S. operations of Australia’s PointsBet for about $150 million, in the company’s largest foray yet into sports betting.

    PointsBet
    PBH,
    -18.70%
    announced the deal Sunday night, specifying that the acquisition only applies to PointsBet’s U.S. assets, not its businesses in Australia and Canada. CNBC first reported the deal. Fanatics did not immediately reply to MarketWatch’s request for comment Sunday night.

    PointsBet is an online sportsbook that launched in the U.S. in 2019, and operates in 15 states, including New Jersey, Iowa, Illinois and Colorado.

    “Despite the strategic success building a valuable asset in the U.S., the costs of operating in a state-by-state environment, together with the requirement to build significant scale to compete against well capitalized operators, led us to explore a number of options,” PointsBet Chief Executive Sam Swanell said in a statement. “The sale of the U.S. Business to Fanatics Betting and Gaming delivers the most attractive risk-adjusted value outcome for shareholders compared to the risks and benefits of other options including the status quo.”

    PointsBet shareholders are expected to vote on the sale at their annual meeting in late June.

    The deal should increase pressure on U.S. sports-gambling companies such as DraftKings Inc.
    DKNG,
    -1.96%
    and FanDuel. In late April, Fanatics launched sportsbook wagering for its customers in Ohio and Tennessee, and the Wall Street Journal reported at the time that the company pans to invest about $1 billion in its new sports-betting division.

    In an interview, Fanatics CEO Michael Rubin told the Journal he wants Fanatics to be the world’s top sports-betting company within the next 10 years, and expects its betting operations to be profitable by 2025 or 2026.

    In December, Florida-based Fanatics — which got its start in sports apparel and collectibles — closed a $700 million funding round, valuing it at about $31 billion, the Wall Street Journal reported. The privately held company is expected to eventually launch an IPO.

    Last year, Fanatics acquired trading-card company Topps.

    [ad_2]

    Source link