WARNING:It is up to you to judge the accuracy and veracity of the below before trading. I take no responsibility for the accuracy of the information in this thread.
Your Pre Market Brief for Tuesday December 15th 2020
Brought to you byMoonGangCapital You can subscribe to the daily 4:00 AM Pre Market Brief on The Twitter Link Here . Alerts in the tweets will direct you to the daily 4:00 AM Pre Market Brief in this sub. Other Useful Resources:The Ultimate Quick Resource For the Amateur Trader. Published2:33AMEST / Updated as of4:00 AMEST -----------------------------------------------
Overnight News Heading into Tuesday December 15th 2020
(News Yet to be Traded 8:00 PM - 4:00 AM EST) It is up to you to judge the accuracy and veracity of the below before trading. I take no responsibility for the accuracy of the information in this thread.
TSLA Tesla To See $1.1B In 'Deferred Software Revenue' In 2021, Munster Estimates
TSLA Elon Musk's SpaceX Seeks To Double Valuation At $92B In New Funding Round: Report
TSEM Tower Semiconductor and OPIX Announce the Successful Development of a World Class iToF Technology Platform for 3D Imaging and Face Recognition Applications
AAPL Apple Supplier's iPhone Factory Suffers $7M In Damages During Violent Worker Protests
EAF GrafTech Announces Upsizing and Pricing of Secondary Offering of Common Stock by Existing Stockholders
ATA.U Americas Technology Acquisition CORP. Announces Pricing of $100 M IPO
UBER Uber Fined $59M In California Over Refusal To Share Information On Sexual Assaults
BNR Burning Rock Announces an Exclusive in-Licensing of a Risk Stratification Test for Early Stage Lung-Cancer Patients from Oncocyte in China
BCDA ($4.48) BioCardia, Inc. Announces $8.5 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules [Revised]
UBER DASH LYFT GRUB Uber and DoorDash are hiking food delivery and rideshare prices for Californians to pay for new driver benefits
WBA CVS COST RAD KR COVID-19 vaccines expected by spring 2021 at drugstore/grocery store
GOOG GOOGL Google Kills Its Google Home Max Smart Speaker Line
J Jacobs Secures Place on Irish Water's Engineering Design Services Framework
End of Day and After Hours News Heading into Monday December 15th 2020
(News Traded 4:00 PM - 8:00 PM EST) It is up to you to judge the accuracy and veracity of the below before trading. I take no responsibility for the accuracy of the information in this thread.
WM Waste Management Announces Plan to Increase its Quarterly Dividend Rate and a Refreshed Share Repurchase Authorization
CAH Ohio Chooses Cardinal Health for COVID-19 Vaccine Distribution
PTON Spinning creator files patent infringement lawsuit accusing Peloton of stealing its technology for their stationary bikes
EYRP ERYTECH Completes Enrollment in TRYbeCA-1 Phase 3 Trial in Second-Line Pancreatic Cancer
XOM North Dakota Sees Its One-Time Oil Gushers Stalled Until 2022
DIS The Walt Disney Company Schedules Annual Meeting of Shareholders for March 9, 2021
BSX NVRO Boston Scientific Announces Stipulation Of Dismissal Of Nevro Corporation's Patent Infringement Case In California
HON Honeywell Acquires Sine Group To Create A Mobile Platform For Honeywell Forge Offerings And To Enhance Connected Buildings Solutions
NOC Northrop Grumman secures two Air Force contracts worth $185.7M and ~$163.65M
WD Walker & Dunlop Structures $86 Million in Financing for Seniors Housing Properties
MMP Kherkher Garcia, LLP Files Suit on Behalf of Burn Victims in Magellan Oil Tank Explosion
PRIM Primoris Services acquires Future Infrastructure Holdings for $620M
PEO ADX Adams Natural Resources Fund Initiates Share Repurchases Pursuant To Enhanced Discount Management And Liquidity Program
TBI PeopleReady’s JobStack App Recognized for Tech Excellence in Staffing During Pandemic
XOM Engine No. 1 Comments on ExxonMobil’s New Emissions Targets
NHS Neuberger Berman High Yield Strategies Fund Announces Final Results of Its Tender Offer and Reduction in Leverage
SAIC NOC US Department of Defense awards new contracts to NOC / SAIC
GDYN Grid Dynamics Acquires Netherlands-based Daxx, Expands Footprint in Western Europe
MTN Vail Resorts, Inc. Announces Commencement of $500,000,000 Convertible Senior Notes Offering
DCI Donaldson Company Makes Strategic Investment With Key Appointment to Accelerate Growth in Life Sciences
VGC ($0.98) Vista Gold Drilling Confirms Adjacent Mineralized Zone at the Mt Todd Gold Project
ARMS ($3.26) On July 24, 2020, Amyris and the members of our board of directors were named as defendants in a putative stockholder class action filed in the Court of Chancery of the State of Delawa..
PQG PQG +9.4%, materials segment acquired by The Jordan Company affiliate
HWKN Hawkins Named One of America’s Most Responsible Companies by Newsweek
NXPI NXP Semiconductors shares fall after Goldman downgrade on lack of upside
TOL: Poor guidance and headwinds in the real estate market (Reliable company though)
LEN: Dipping as a result of TOLL's guidance. Posturing for earnings on the 16th
SPWH: Dropping as analysts expect a decrease in revenue earned next year.
ITB: Real estate expected to cool off in the winter before popping again in the Spring
LMT: Typical post dividend dip
CRM: Dipping because investors assess they paid too much for the Slack purchase
KMX: Been trading sideways for nearly 6 months. Earnings on 12/22
BGFV: Post earnings/dividend dip
VIVO: Volatile growth stock
WM: Dumping after dividend. News Above: Resuming share repurchase program and upping dividend
WERN Missed in Revenue last ER. Looks oversold.
Offering News:
MIRM Mirum Pharmaceuticals Announces Pricing of Public Offering of Common Stock
CTAQ Carney Technology Acquisition Corp. II Announces Closing of $402,500,000 Initial Public Offering
TGTX TG Therapeutics Announces Pricing of Upsized Public Offering of Common Stock
MUDS Mudrick Capital Acquisition Corporation II Announces Closing of Underwriter’s Option to Purchase Additional Units in Connection with its Initial Public Offering
TPVG TriplePoint Venture Growth BDC Corp. Announces Extension and Expansion of Its Revolving Credit Facility
AROC Archrock Announces Upsizing and Pricing of $300 Million of Senior Notes
CSTL Castle Biosciences Announces Commencement of Proposed Public Offering of Common Stock
LEAF Leaf Group Announces Closing of Public Offering of Common Stock
OCUL Ocular Therapeutix to raise $75M in stock offering
ENLC EnLink Midstream Announces Pricing of $500 Million of Senior Notes Due 2028
PXLW Pixelworks Announces Closing of $12.0 Million Public Offering of Common Stock
HYFM Hydrofarm Holdings Group Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares
Commodities:
Oil Edges Toward $47 Ahead of U.S. Coronavirus Vaccine Rollout
----------------------------------------------- Subscribe to This Brief and the daily 4:00 AM Pre Market Brief on The Twitter Link Here . Alerts in the tweets will direct you to the daily brief in this sub Other Useful Resources:Stock Market Tools, Resources, Advice, & Tutorials WARNING: It is up to you to judge the accuracy and veracity of the above before trading. I take no responsibility for the accuracy of the information in this thread.
1. Dow set to add to Wednesday’s record despite Capitol turmoil
U.S. stock futures rose Thursday, a day after the Dow Jones Industrial Average closed at a record high despite the turmoil at the Capitol. Early Thursday, outgoing President Donald Trump said in a statement there “will be an orderly transition” of power, shortly after Congress confirmed President-elect Joe Biden’s win.
Economists expect an increase in initial jobless claims, when the Labor Department reports its weekly numbers at 8:30 a.m. ET. With the seven-day average of new daily U.S. Covid infections spiking to a record high, first-time filings for unemployment benefits are seen rising by 28,000 to 815,000 for the week ended Jan. 2.
Ahead of Friday’s government employment report, the ADP’s look at December jobs trends at U.S. companies showed a contraction in private-sector positions for the first time since the early days of the coronavirus. Throughout most of the pandemic, the ADP estimates have been below the final government count.
The 10-year Treasury yield remained above 1% on Thursday morning after projected wins for Democrats in both Senate runoff elections in Georgia. Lightening up on bonds, pushing prices down and yields up, investors bought riskier assets like stocks and bitcoin.
The world’s largest cryptocurrency smashed through the $38,000 mark to hit a record high on Thursday as it continued its massive rally. Bitcoin has been up about 29% in the first days of 2021 and is up 380% over the past 12 months.
3. Congress confirms Biden as next president
Congress early Thursday confirmed the Electoral College vote for Biden, a day after Trump supporters breached the Capitol in a chaotic effort to avoid the formal recognition that the president lost the election. Shortly after the confirmation, White House spokesman Dan Scavino tweeted Trump’s statement, which promised “an orderly transition on January 20th,” the day of Biden’s inauguration, but also perpetuated the baseless claim that he actually won.
Congress’ process of counting Electoral College votes was interrupted Wednesday afternoon when rioters stormed the U.S. Capitol building. A woman who was among the invaders was shot and killed by Capitol Police. Three other people died from medical emergencies.
4. U.S. trade group asks Pence to ‘seriously consider’ invoking 25th Amendment
The National Association of Manufacturers, a trade organization representing 14,000 U.S. companies, called on Vice President Mike Pence to “seriously consider” invoking the 25th Amendment of the Constitution to remove Trump from office. Jay Timmons, CEO of the manufacturers group, is a former executive director of the National Republican Senatorial Committee. Two Democratic U.S. representatives worked on a letter to Pence requesting he invoke the amendment.
Members of Trump’s Cabinet issued harsh rebukes of the violence that unfolded at the Capitol. The officials, however, stopped short of criticizing the president, who had urged his supporters to take action at a pro-Trump rally Wednesday morning.
An administration official confirmed to CNBC’s Eamon Javers that National Security Advisor Robert O’Brien and Deputy National Security Advisor Matthew Pottinger are considering resigning over the insurrection. Stephanie Grisham, chief of staff for first lady Melania Trump, and Sarah Matthews, White House deputy press secretary, both resigned Wednesday.
Mick Mulvaney, Trump’s former chief of staff, announced on CNBC on Thursday he is resigning as special envoy to Northern Ireland.
5. Democrats win the majority in the Senate
During the Capitol siege, Democrat Jon Ossoff was projected as the winner of the second of two Senate runoff elections Tuesday in Georgia. The defeat of Republican David Perdue, whose Senate term expired Sunday, coupled with Democrat Raphael Warnock’s projected victory over Republican Sen. Kelly Loeffler, splits the 100 Senate right down the middle. However, Democrats take over the majority as Vice President-elect Kamala Harris would be the tie-breaking vote. After Biden’s inauguration, Democrats will control the Senate, House and the White House.
Bed Bath & Beyond (BBBY) – The housewares retailer reported quarterly profit of 8 cents per share, short of the 19 cents a share consensus estimate. Revenue also fell short of forecasts, hurt by a steep drop in store traffic and higher freight costs, among other factors. Shares dropped 12.5% in premarket trading as of 7:41 a.m. ET.
Walgreens (WBA) – The drugstore operator beat estimates by 19 cents a share, with quarterly earnings of $1.22 per share. Revenue also exceeded Wall Street projections. Walgreens said the business environment remains challenging, but it is maintaining its prior fiscal 2021 forecast. The shares added 3% in premarket trading as of 7:41 a.m. ET.
Conagra (CAG) – The food producer reported quarterly profit of 81 cents per share, 8 cents a share above estimates. Revenue was in line with Wall Street forecasts. It also forecast organic sales growth of 6% to 8% for the current quarter, as stay-at-home consumers continue to stoke demand for its frozen dinners and other products. The stock fell slightly in premarket trading as of 7:41 a.m. ET.
Constellation Brands (STZ) – The spirits producer earned $3.09 per share for its latest quarter, compared to a consensus estimate of $2.39 a share. Revenue also topped estimates and the company authorized a new $2 billion share repurchase program. The shares added 2.4% in premarket trading as of 7:41 a.m. ET.
CureVac (CVAC) – CureVac struck an alliance deal with drugmaker Bayer, aimed at helping the German biotech firm gain regulatory approval for its Covid-19 vaccine as well as distribute vaccine doses. The stock jumped 15% in premarket trading as of 7:41 a.m. ET.
DXC Technology (DXC) – The IT consulting firm is the target of a more than $10 billion takeover bid from French rival Atos, according to two sources with knowledge of the matter who spoke to Reuters. A formal approach is said to have been made, with discussions still at a preliminary stage. The stock added 8% in premarket trading as of 7:41 a.m. ET.
JPMorgan Chase (JPM) – Bank of America Securities upgraded the bank to “buy” from “neutral,” calling it “best-in-class” in what will likely be a strong 2021 for banks. The stock added 1.9% in premarket trading as of 7:41 a.m. ET.
Nvidia (NVDA) – The chipmaker’s stock was added to Citi’s “Catalyst Watch” list, with Citi expecting Nvidia shares to emerge from recent underperformance coming out of next week’s Consumer Electronics Show. The stock rose 2% in premarket trading as of 7:41 a.m. ET.
Alibaba (BABA) – The China e-commerce giant and Tencent Holdings could be added to a U.S. blacklist by the White House, according to multiple reports. Many consider such a ban unlikely, however, given that the Chinese firms are widely held by U.S. investors.
Twitter (TWTR), Facebook (FB) – Twitter and Facebook temporarily locked President Donald Trump’s accounts and removed some of his posts, hoping to quell further violence in Washington following yesterday’s assault on Capitol Hill.
MGM Resorts (MGM) – The casino operator was urged by shareholder Snow Lake Capital to sell 20% of its China business to a strategic partner. Snow Lake owns 7.5% of MGM China and said such a move would give MGM financial flexibility.
Costco (COST) – The warehouse retailer reported a 12% jump in December sales compared to a year earlier, helped by increased sales of frozen foods and liquor. Comparable store sales were up 10.7%.
Baidu (BIDU) – Baidu has chosen Goldman Sachs (GS) and CLSA for its planned Hong Kong listing, according to a Bloomberg report. The offering by the China-based search engine could raise at least $3.5 billion.
T-Mobile US (TMUS) – The mobile service provider added 824,000 postpaid phone subscribers during the fourth quarter, bring its 2020 total to 5.5 million.
Hi everyone! I am working non-stop provide the best research and analysis regarding DraftKings (NASDAQ: DKNG). I originally posted my overall investment thesis on the company a few weeks back and now I am breaking down and analyzing the latest news and developments regarding DKNG! And no, it is not the ticker symbol for Donkey Kong. DraftKings in my opinion, is the best pure play investment if you want some exposure to the sports betting, iGaming, and daily fantasy sports space. They're founder led (3 founders to be exact) and they're invested into the company themselves right alongside all of us shareholders or potential shareholders. Within the last week, there has been some exciting developments regarding DraftKings. I will share them below: DK Gift Cards Are Live! You can buy a DK gift card as a stocking stuffer for Christmas if you want. I’m really excited to hear this news. It’s only going to increase the brand awareness of DK and that’s what we want. According to the press release on DK’s investor relations website, they’ve partnered with InComm Payments to facilitate the launching of the gift cards. InComm payments is a global leading payments technology company that has a network of retailers that DK will be able to leverage through this partnership. Convenience stores like 7-Eleven, Speedway and Dollar General are just some of the many convenience stores in Incomm Payments’ network that DK will be able to leverage. For now, the gift cards will be offered in $50 and $25 denominations. The great thing about this to me is that they’ve beat their competitors to this. That shows managements initiative and ability to get things done which I complimented when I first picked this company. As of right now, you’re not going to be seeing any “FanDuel” (boo FanDuel *thumbs down emoji*) gift cards in the stores. Tim Richardson, the Senior Vice President at InComm Payments was quoted as saying “DraftKings will benefit from having its brand present in tens of thousands of Incomm Payments’ retail partner locations across the US”. Overall, good news for DK. New York State – Getting desperate? Do they need some online sports gambling revenue? I want to make this clear before I write about this topic – sports betting is already legal in New York state. The problem is, it’s only legal in brick and mortar (retail) locations. Just under a dozen upstate casinos can operate brick and mortar sports books at the moment. In typical DK fashion, they’re already active in a casino in New York State. DK offers in person brick and mortar sports betting through the Del Lago Resort Casino in Waterloo, NY. My news update I’m sharing is that it appears New York state might be considering expanding to online sports betting too due to a budget shortfall they’re experiencing (they need more tax revenue). This news came out on Wednesday, 12/16/20 during the day time. Governor Cuomo had a press conference during the day. The press conference was primarily focused on giving an update on the COVID-19 pandemic in New York state. During the presser, the topic of New York state’s budget shortfalls came up. As a possible financial solution, Cuomo said “Are there other ways to get revenue? How about marijuana? How about sports betting?” He’s referring to the possible tax revenue that could be collected if sports betting offerings were expanded beyond just the brick and mortar offerings. What if every New Yorker could place a sports wager from the comfort of their own home on their cell phone? The battle for legalizing online sports gambling in New York has been going on for years. Governor Cuomo has always been opposed to it. One of the reasons Gov. Cuomo has cited in the past is that he thinks a constitutional amendment would need to be made to New York state law to allow for mobile sports betting in the state. However, one state representative from New York that has been pushing hard for online sports gambling begs to differ. In response to Cuomo’s comments in the presser earlier that day, State Senator Joseph Addabbo said that there would be no constitutional problem with mobile sports betting because the servers could be placed on site of grandfathered in physical casinos. Addabo said that New York state’s need for revenue is “real and immediate” This is a situation to keep a close eye on. The impacts of legalizing mobile sports betting in NY would be substantial for DK as it would open the population of 20 million people in NY state the opportunity to place wagers on the DK Sportsbook app through the comfort of their home. I imagine it wouldn’t be too difficult for DK to mobilize once they get the green light for mobile betting as they already have the standing relationship with Del Lago Resort Casino for in person betting. The Michigan Gaming Control Board (MGCB) granted DK a provisional license to conduct online gaming and sports betting in the state of Michigan For this update I also want to be clear – retail (brick and mortar) and mobile sports betting are already legal in the state of Michigan. It’s just that there’s a lot of yellow tape for Sportsbooks like DK to navigate within a state even after sports betting has become legalized. This provisional license provided by the MGCB was provided to DK and 14 other sportsbooks (including rival FanDuel) on Thursday, December 10th last week. Now there are just a few more regulatory requirements that DK has to meet in the state of Michigan before they can go live. According to http://www.michigan.gov, “Before launch happens, the platform providers must complete additional regulatory requirements including independent testing of platforms and games and MGCB approval of their internal controls, which ensure gaming integrity. The firms also must secure occupational licenses for certain employees.” You can read the full article on Michigan’s government website here. Knowing that DK has a knack for being quick to mobilize once they’re given opportunities in respective states, I fully expect them to pass these last few tests with flying colors. The DK Sportsbook app has already been available in the state of Michigan for “free to enter” games. Once they pass the last few requirements, actual wagers will be allowed to be placed. And money will be allowed to be made! Another promising sign coming out of the state of Michigan, is that on November 30th, 2020, DK became an official sports betting partner of the Detroit Pistons, the NBA basketball team in Michigan. DK Chief Business Officer, Ezra Kucharz, was on the record after the deal closed saying “As our first professional team activation in the state of Michigan, we are thrilled to join forces with the Detroit Pistons ahead of our pending market introduction”. In my opinion, I anticipate we’ll be seeing DK online sports betting in Michigan some time in early 2021. This concludes my update and analysis on DraftKings. TL:DR
Draftkings now offers gift cards and you can buy them in convenience stores (first sports betting company to do so)
DraftKings received a provisional license to conduct sports gambling in Michigan
Governor Cuomo of NY said he would consider legalizing "mobile sports betting" to raise additional tax revenue
If you would like to read my original deep dive and analysis on DKNG, you can check it out here:
DraftKings (NASDAQ: DKNG) - Deep Dive Research - Part 1
TL:DR
This is Part 1 of my two part deep dive on DraftKings (Ticker: DKNG, I will refer to the company as “DK”)
This first part introduces you to (1) me, (2) the company, (3) my thesis on the company, and (4) digs into how they make money.
The second part (already released, you can read it here - but get through part 1 first :) ) will go in depth to explore the question “Can we 10x from here?”
DK is an exciting, disruptive company working to change how we experience watching sports and make it better.
I am not a financial advisor and this is not investment advice. These are just my opinions to help facilitate learning and discussion.
Hello, welcome to my first deep dive write up. My name’s Mark and I’m an accountant with a passion for investing. About two years ago, I used to work as an auditor at a public accounting firm and have been behind the scenes at many different publicly traded and privately held companies in the U.S. My goal is to bring my unique perspective from that past experience, my current experience working in a new role at a large corporation, and my understanding of accounting to help break down some of the most exciting growth stocks on the market today. I’m a long-term investor. I am focused on finding great companies and holding them for a long time. I’m willing to endure volatility, crazy price drops, and everything that comes with this approach as long as the facts that led me to originally invest and believe in that company have not changed. If you want to learn more about this approach. I recommend reading the book “100 Baggers” by Chris Mayer. Introduction I think it’s fitting that my first stock pick has to do with sports. Sports has been a part of my life since I could walk at the age of 2. First with baseball and soccer, and then later in my childhood with golf. I’ve always played American football and basketball for fun as well and have always been an avid fan of all the major sports in the US. I started playing fantasy sports (mostly just fantasy football) about 6 years ago and have always enjoyed it. Traditionally, with fantasy football you draft a team at the beginning of the year and those are your players for the rest of the season. If you have a bad draft, oh well. You can try to improve your team with trades and free agent additions but it is tough. Leagues usually consist of 10-14 teams (each managed by an individual) and there’s obviously only one winner at the end of the season (about 4 months after the draft). This can lead to the managers of the lower performing teams losing interest as the season wanes on. I believe DraftKings’ (DK) founders saw this issue and saw an opportunity. Enter, daily fantasy sports. Now, with the DK platform you can draft a new team every week. Or if you want, every day. This allows fans of fantasy sports to engage at whichever point of the season they want and at varying financial stakes. The Thesis Statement For every stock pick I make, I want to provide a quick thesis statement that can serve as a reminder for why I’m buying and holding that stock for the long term. I’ll always aim to make it just a few sentences long so it can easily be remembered and internalized. This helps during times when the price may sporadically drop and you need to remember why you’re holding this position. The thesis statement I have come up with for DK is as follows: “DraftKings: The leader in allowing fans to engage financially with their favorite sports, teams, and players. Having money at stake makes the game a lot more interesting to watch. The era of daily fantasy sports games, online sports betting, and online betting (outside of sports), is just getting started and DK is as well positioned (or better positioned) than anyone to capitalize off of this trend.” Notice how I said “allowing fans to engage financially” as the first sentence and not necessarily “allowing fans to gamble”. There’s a reason for that. According to US Federal Law, Daily Fantasy Sports (DFS) contests have specifically been exempted from the prohibitions of the Unlawful Internet Gambling Enforcement Act (UIGEA). DK has always been, and I believe will continue to be DFS contests 1st, sports betting 2nd, and other forms of gambling/entertainment 3rd. It is noteworthy that states at an individual level can still deem DFS contests illegal if they so wish, but as of this writing (11/26/20), 43 of the 50 US States allow DFS contests and DK, accordingly, is offering DFS contests in all 43 of those US States. I’ll try to clarify the difference between DFS contests and sports betting real quick: DFS Contest – Pay a pre-set entry fee to enter a contest. All entry fees go towards “The Pot”. “Draft” 9 players to be on your “Team” for 1 week. Enter your “Roster” into a contest with other players (could range from 1 other person to 1,000s of people, the DK user can choose). Whichever “Roster” amasses the most points for that week out of all contestants wins. The winner will get the highest payout, and depending on the nature of the contest, other top finishers will receive smaller payouts as well. Sports Gambling – Team A is considered a 10 point favorite to defeat Team B. This means that Team A is expected, by the professional gambling line setters, to outscore Team B by 10 points. This is known as a point spread. You can bet on the underdog or the favorite. If you bet on the favorite, they have to win by more than 10 points for you to win the bet. If you bet on the underdog, you will win the bet as long as the underdog keeps the game within less than a 10 point defeat. These are just a couple simple examples to help you see the difference. Sports Gambling (the 2nd priority of DK) is a very lucrative market just as the DFS contests are. However, in the US, Federal Laws and regulations are a lot stricter on Sports Gambling than they are on DFS. As of this writing (11/27/20), 22 states (including the District of Columbia) out of 51 possible allow sports gambling. DK is still in the infancy stages of getting their sports gambling business going. In the 22 states where they could potentially operate, they currently have a sports gambling offering in 11 of those states. The sports gambling business model for DK can be broken into two main offerings – mobile sports betting, and retail sports betting. Mobile sports betting means you can place a sports bet online from the comfort of your own home, while retail sports betting means you must go to a casino and place a bet with the sportsbook in person. I personally believe mobile sports betting is the real potential cash cow for DK out of the two types of sports betting offerings due to the convenience and ease of access. DK is currently working on and encouraging customers to lobby their state lawmakers to legalize sports gambling in more states. How DK makes money At the very least, before you invest in a company, you better understand how they make money. In Chris Mayers’ excellent book, 100 Baggers, that I mentioned above, he continually references top line revenue growth as one of the main common indicators of a possible 100 Bagger. This isn’t to tell you that any stock I pick will be a 100 Bagger just because it has great top line revenue growth, but if I am looking at a growth stock to hold for the long term, revenue growth is one of the first things I look at. For DK, their means of making money is quite simple. I already went into detail above about DFS Contests and Sports Gambling. In DK’s latest 10-Q filing with the SEC (filed 11/13/20), revenue is broken out into two main streams: Online Gaming and Gaming Software. Online Gaming (82% of Total Revenue for 9 months ended 9/30/20): Online gaming is the true core business of DK and includes the aforementioned DFS Contests, Sports Gambling and additional gambling (non-sports) opportunities. DK refers to their additional gambling (non-sports) as “iGaming” or “online casino”. For the 9 months ended 9/30/20, Online Gaming revenue totaled $239M, up 30% YoY from $184M in the same prior year period. Keep in mind, that this is an increase that happened during a COVID-19 global pandemic that delayed and shortened many professional sports seasons. Online gaming revenue is earned in a few ways that are slightly different, but very similar overall. In order to enter a DFS contest, a customer must pay an entry fee. DFS revenue is generated from these entry fees collected, net of prize payouts and customer incentives awarded to users. In order to place a sports bet (sports gambling), a customer places a wager with a DK Sportsbook. The DK Sportsbook sets odds for each wager that builds in a theoretical margin allowing DK to profit. Sports gambling revenue is generated from wagers collected from customers, net of payouts and incentives awarded to winning customers. The last form of online gaming revenue is earned in similar fashion to a land-based casino, offering online versions of casino games such as blackjack, roulette, and slot machines. Gaming Software (18% of Total Revenue for 9 months ended 9/30/20): While the Online Gaming revenue stream mentioned above is a Business to Consumer (B2C) model, the Gaming Software revenue stream is a Business to Business (B2B) model. The Gaming Software side of the business was born out of the acquisition of SBTech, a company from the Isle of Man (near the UK) founded in 2007 that has 12+ years of experience providing online sports betting platforms to clients all over the world. The acquisition occurred as part of the SPAC driven IPO in April of 2020 that combined “the old DK company” with SBTech so that they now are “the new DK company” listed as DKNG on the NASDAQ. SBTech is a far more important part of the story than just being 18% of today’s revenue. The reason for this is because DK will eventually (planned mid-late 2021) be migrating all of their DFS and gambling offerings onto SBTech’s online platforms. Currently, for DFS, DK uses their own proprietary platform but that will move to SBTech with the migration. Currently, for online gambling, DK uses Kambi, the same online gambling platform that services Penn Gaming (PENN), a DK rival. But that’s enough about the software migration for now, back to the Gaming Software revenue. The Gaming Software revenue stream for DK is essentially a continuation of SBTechs’ B2B business model. DK contracts with business customers to provide sports and casino betting software solutions. DK typically enters two different type of arrangements with B2B customers when selling the gaming software:
Direct Customer Contract Revenue: In this type of transaction, the software is sold directly to a business (casino for example) that wants to use the software for their own gambling operations. This revenue is generally calculated as a percentage of the wagering revenue generated by the business customer using DK’s software and is recognized in the periods in which those wagering and related activities conclude.
Reseller Arrangement Revenue: In this type of transaction, DK provides distributors with the right to resell DK’s software-as-a-service offering to their clients, using their own infrastructure. In reseller arrangements, revenue is generally calculated via a fixed monthly fee and an additional monthly fee which varies based on the number of gaming operators to whom each reseller sub-licenses DK’s software.
As mentioned above, SBTech was an international company based in the Isle of Man before being acquired by DK. Thus, the majority of their business in their first 12 years of operating independently has always been international and outside of the United States. This has helped DK, which has historically been US focused, expand it’s international reach. A perfect example of expanding this international reach occurred recently during October (technically Q4) in which DK’s B2B technology (powered by SBTech) helped enable the launch of “PalaceBet”, a new mobile and online sportsbook offering from Peermont, a South Africa based resort and casino company. The deal was headed by DK’s new Chief International Officer, Shay Berka, who previously spent 10 years working for SBTech as CFO and General Manager. Mr. Berka took on the role of DK’s Chief International Officer upon the merger in April earlier this year. I think this deal shows that DK has integrated SBTech and it’s business very well into the larger business as a whole. They are not wasting any time using their newly acquired resources to expand their reach and bring in new sources of revenue. This is the end of my first article about DK. My goal is to drop Part 2 later this week. The focus of Part 2 will be an in depth answer of the question – “Can we 10x from here?” Disclosure: I am/we are long DKNG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
DraftKings (NASDAQ: DKNG) - Deep Dive Research - Part 1
TL:DR
This is Part 1 of my two part deep dive on DraftKings (Ticker: DKNG, I will refer to the company as “DK”)
This first part introduces you to (1) me, (2) the company, (3) my thesis on the company, and (4) digs into how they make money.
The second part (to be released later this week) will go in depth to explore the question “Can we 10x from here?”
DK is an exciting, disruptive company working to change how we experience watching sports and make it better.
I am not a financial advisor and this is not investment advice. These are just my opinions to help facilitate learning and discussion.
Hello, welcome to my first deep dive write up. My name’s Mark and I’m an accountant with a passion for investing. About two years ago, I used to work as an auditor at a public accounting firm and have been behind the scenes at many different publicly traded and privately held companies in the U.S. My goal is to bring my unique perspective from that past experience, my current experience working in a new role at a large corporation, and my understanding of accounting to help break down some of the most exciting growth stocks on the market today. I’m a long-term investor. I am focused on finding great companies and holding them for a long time. I’m willing to endure volatility, crazy price drops, and everything that comes with this approach as long as the facts that led me to originally invest and believe in that company have not changed. If you want to learn more about this approach. I recommend reading the book “100 Baggers” by Chris Mayer. Introduction I think it’s fitting that my first stock pick has to do with sports. Sports has been a part of my life since I could walk at the age of 2. First with baseball and soccer, and then later in my childhood with golf. I’ve always played American football and basketball for fun as well and have always been an avid fan of all the major sports in the US. I started playing fantasy sports (mostly just fantasy football) about 6 years ago and have always enjoyed it. Traditionally, with fantasy football you draft a team at the beginning of the year and those are your players for the rest of the season. If you have a bad draft, oh well. You can try to improve your team with trades and free agent additions but it is tough. Leagues usually consist of 10-14 teams (each managed by an individual) and there’s obviously only one winner at the end of the season (about 4 months after the draft). This can lead to the managers of the lower performing teams losing interest as the season wanes on. I believe DraftKings’ (DK) founders saw this issue and saw an opportunity. Enter, daily fantasy sports. Now, with the DK platform you can draft a new team every week. Or if you want, every day. This allows fans of fantasy sports to engage at whichever point of the season they want and at varying financial stakes. The Thesis Statement For every stock pick I make, I want to provide a quick thesis statement that can serve as a reminder for why I’m buying and holding that stock for the long term. I’ll always aim to make it just a few sentences long so it can easily be remembered and internalized. This helps during times when the price may sporadically drop and you need to remember why you’re holding this position. The thesis statement I have come up with for DK is as follows: “DraftKings: The leader in allowing fans to engage financially with their favorite sports, teams, and players. Having money at stake makes the game a lot more interesting to watch. The era of daily fantasy sports games, online sports betting, and online betting (outside of sports), is just getting started and DK is as well positioned (or better positioned) than anyone to capitalize off of this trend.” Notice how I said “allowing fans to engage financially” as the first sentence and not necessarily “allowing fans to gamble”. There’s a reason for that. According to US Federal Law, Daily Fantasy Sports (DFS) contests have specifically been exempted from the prohibitions of the Unlawful Internet Gambling Enforcement Act (UIGEA). DK has always been, and I believe will continue to be DFS contests 1st, sports betting 2nd, and other forms of gambling/entertainment 3rd. It is noteworthy that states at an individual level can still deem DFS contests illegal if they so wish, but as of this writing (11/26/20), 43 of the 50 US States allow DFS contests and DK, accordingly, is offering DFS contests in all 43 of those US States. I’ll try to clarify the difference between DFS contests and sports betting real quick: DFS Contest – Pay a pre-set entry fee to enter a contest. All entry fees go towards “The Pot”. “Draft” 9 players to be on your “Team” for 1 week. Enter your “Roster” into a contest with other players (could range from 1 other person to 1,000s of people, the DK user can choose). Whichever “Roster” amasses the most points for that week out of all contestants wins. The winner will get the highest payout, and depending on the nature of the contest, other top finishers will receive smaller payouts as well. Sports Gambling – Team A is considered a 10 point favorite to defeat Team B. This means that Team A is expected, by the professional gambling line setters, to outscore Team B by 10 points. This is known as a point spread. You can bet on the underdog or the favorite. If you bet on the favorite, they have to win by more than 10 points for you to win the bet. If you bet on the underdog, you will win the bet as long as the underdog keeps the game within less than a 10 point defeat. These are just a couple simple examples to help you see the difference. Sports Gambling (the 2nd priority of DK) is a very lucrative market just as the DFS contests are. However, in the US, Federal Laws and regulations are a lot stricter on Sports Gambling than they are on DFS. As of this writing (11/27/20), 22 states (including the District of Columbia) out of 51 possible allow sports gambling. DK is still in the infancy stages of getting their sports gambling business going. In the 22 states where they could potentially operate, they currently have a sports gambling offering in 11 of those states. The sports gambling business model for DK can be broken into two main offerings – mobile sports betting, and retail sports betting. Mobile sports betting means you can place a sports bet online from the comfort of your own home, while retail sports betting means you must go to a casino and place a bet with the sportsbook in person. I personally believe mobile sports betting is the real potential cash cow for DK out of the two types of sports betting offerings due to the convenience and ease of access. DK is currently working on and encouraging customers to lobby their state lawmakers to legalize sports gambling in more states. How DK makes money At the very least, before you invest in a company, you better understand how they make money. In Chris Mayers’ excellent book, 100 Baggers, that I mentioned above, he continually references top line revenue growth as one of the main common indicators of a possible 100 Bagger. This isn’t to tell you that any stock I pick will be a 100 Bagger just because it has great top line revenue growth, but if I am looking at a growth stock to hold for the long term, revenue growth is one of the first things I look at. For DK, their means of making money is quite simple. I already went into detail above about DFS Contests and Sports Gambling. In DK’s latest 10-Q filing with the SEC (filed 11/13/20), revenue is broken out into two main streams: Online Gaming and Gaming Software. Online Gaming (82% of Total Revenue for 9 months ended 9/30/20): Online gaming is the true core business of DK and includes the aforementioned DFS Contests, Sports Gambling and additional gambling (non-sports) opportunities. DK refers to their additional gambling (non-sports) as “iGaming” or “online casino”. For the 9 months ended 9/30/20, Online Gaming revenue totaled $239M, up 30% YoY from $184M in the same prior year period. Keep in mind, that this is an increase that happened during a COVID-19 global pandemic that delayed and shortened many professional sports seasons. Online gaming revenue is earned in a few ways that are slightly different, but very similar overall. In order to enter a DFS contest, a customer must pay an entry fee. DFS revenue is generated from these entry fees collected, net of prize payouts and customer incentives awarded to users. In order to place a sports bet (sports gambling), a customer places a wager with a DK Sportsbook. The DK Sportsbook sets odds for each wager that builds in a theoretical margin allowing DK to profit. Sports gambling revenue is generated from wagers collected from customers, net of payouts and incentives awarded to winning customers. The last form of online gaming revenue is earned in similar fashion to a land-based casino, offering online versions of casino games such as blackjack, roulette, and slot machines. Gaming Software (18% of Total Revenue for 9 months ended 9/30/20): While the Online Gaming revenue stream mentioned above is a Business to Consumer (B2C) model, the Gaming Software revenue stream is a Business to Business (B2B) model. The Gaming Software side of the business was born out of the acquisition of SBTech, a company from the Isle of Man (near the UK) founded in 2007 that has 12+ years of experience providing online sports betting platforms to clients all over the world. The acquisition occurred as part of the SPAC driven IPO in April of 2020 that combined “the old DK company” with SBTech so that they now are “the new DK company” listed as DKNG on the NASDAQ. SBTech is a far more important part of the story than just being 18% of today’s revenue. The reason for this is because DK will eventually (planned mid-late 2021) be migrating all of their DFS and gambling offerings onto SBTech’s online platforms. Currently, for DFS, DK uses their own proprietary platform but that will move to SBTech with the migration. Currently, for online gambling, DK uses Kambi, the same online gambling platform that services Penn Gaming (PENN), a DK rival. But that’s enough about the software migration for now, back to the Gaming Software revenue. The Gaming Software revenue stream for DK is essentially a continuation of SBTechs’ B2B business model. DK contracts with business customers to provide sports and casino betting software solutions. DK typically enters two different type of arrangements with B2B customers when selling the gaming software:
Direct Customer Contract Revenue: In this type of transaction, the software is sold directly to a business (casino for example) that wants to use the software for their own gambling operations. This revenue is generally calculated as a percentage of the wagering revenue generated by the business customer using DK’s software and is recognized in the periods in which those wagering and related activities conclude.
Reseller Arrangement Revenue: In this type of transaction, DK provides distributors with the right to resell DK’s software-as-a-service offering to their clients, using their own infrastructure. In reseller arrangements, revenue is generally calculated via a fixed monthly fee and an additional monthly fee which varies based on the number of gaming operators to whom each reseller sub-licenses DK’s software.
As mentioned above, SBTech was an international company based in the Isle of Man before being acquired by DK. Thus, the majority of their business in their first 12 years of operating independently has always been international and outside of the United States. This has helped DK, which has historically been US focused, expand it’s international reach. A perfect example of expanding this international reach occurred recently during October (technically Q4) in which DK’s B2B technology (powered by SBTech) helped enable the launch of “PalaceBet”, a new mobile and online sportsbook offering from Peermont, a South Africa based resort and casino company. The deal was headed by DK’s new Chief International Officer, Shay Berka, who previously spent 10 years working for SBTech as CFO and General Manager. Mr. Berka took on the role of DK’s Chief International Officer upon the merger in April earlier this year. I think this deal shows that DK has integrated SBTech and it’s business very well into the larger business as a whole. They are not wasting any time using their newly acquired resources to expand their reach and bring in new sources of revenue. This is the end of my first article about DK. My goal is to drop Part 2 later this week. The focus of Part 2 will be an in depth answer of the question – “Can we 10x from here?” Disclosure: I am/we are long DKNG. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
1. Dow set to add to Wednesday’s record despite Capitol turmoil
U.S. stock futures rose Thursday, a day after the Dow Jones Industrial Average closed at a record high despite the turmoil at the Capitol. Early Thursday, outgoing President Donald Trump said in a statement there “will be an orderly transition” of power, shortly after Congress confirmed President-elect Joe Biden’s win.
Economists expect an increase in initial jobless claims, when the Labor Department reports its weekly numbers at 8:30 a.m. ET. With the seven-day average of new daily U.S. Covid infections spiking to a record high, first-time filings for unemployment benefits are seen rising by 28,000 to 815,000 for the week ended Jan. 2.
Ahead of Friday’s government employment report, the ADP’s look at December jobs trends at U.S. companies showed a contraction in private-sector positions for the first time since the early days of the coronavirus. Throughout most of the pandemic, the ADP estimates have been below the final government count.
The 10-year Treasury yield remained above 1% on Thursday morning after projected wins for Democrats in both Senate runoff elections in Georgia. Lightening up on bonds, pushing prices down and yields up, investors bought riskier assets like stocks and bitcoin.
The world’s largest cryptocurrency smashed through the $38,000 mark to hit a record high on Thursday as it continued its massive rally. Bitcoin has been up about 29% in the first days of 2021 and is up 380% over the past 12 months.
3. Congress confirms Biden as next president
Congress early Thursday confirmed the Electoral College vote for Biden, a day after Trump supporters breached the Capitol in a chaotic effort to avoid the formal recognition that the president lost the election. Shortly after the confirmation, White House spokesman Dan Scavino tweeted Trump’s statement, which promised “an orderly transition on January 20th,” the day of Biden’s inauguration, but also perpetuated the baseless claim that he actually won.
Congress’ process of counting Electoral College votes was interrupted Wednesday afternoon when rioters stormed the U.S. Capitol building. A woman who was among the invaders was shot and killed by Capitol Police. Three other people died from medical emergencies.
4. U.S. trade group asks Pence to ‘seriously consider’ invoking 25th Amendment
The National Association of Manufacturers, a trade organization representing 14,000 U.S. companies, called on Vice President Mike Pence to “seriously consider” invoking the 25th Amendment of the Constitution to remove Trump from office. Jay Timmons, CEO of the manufacturers group, is a former executive director of the National Republican Senatorial Committee. Two Democratic U.S. representatives worked on a letter to Pence requesting he invoke the amendment.
Members of Trump’s Cabinet issued harsh rebukes of the violence that unfolded at the Capitol. The officials, however, stopped short of criticizing the president, who had urged his supporters to take action at a pro-Trump rally Wednesday morning.
An administration official confirmed to CNBC’s Eamon Javers that National Security Advisor Robert O’Brien and Deputy National Security Advisor Matthew Pottinger are considering resigning over the insurrection. Stephanie Grisham, chief of staff for first lady Melania Trump, and Sarah Matthews, White House deputy press secretary, both resigned Wednesday.
Mick Mulvaney, Trump’s former chief of staff, announced on CNBC on Thursday he is resigning as special envoy to Northern Ireland.
5. Democrats win the majority in the Senate
During the Capitol siege, Democrat Jon Ossoff was projected as the winner of the second of two Senate runoff elections Tuesday in Georgia. The defeat of Republican David Perdue, whose Senate term expired Sunday, coupled with Democrat Raphael Warnock’s projected victory over Republican Sen. Kelly Loeffler, splits the 100 Senate right down the middle. However, Democrats take over the majority as Vice President-elect Kamala Harris would be the tie-breaking vote. After Biden’s inauguration, Democrats will control the Senate, House and the White House.
Bed Bath & Beyond (BBBY) – The housewares retailer reported quarterly profit of 8 cents per share, short of the 19 cents a share consensus estimate. Revenue also fell short of forecasts, hurt by a steep drop in store traffic and higher freight costs, among other factors. Shares dropped 12.5% in premarket trading as of 7:41 a.m. ET.
Walgreens (WBA) – The drugstore operator beat estimates by 19 cents a share, with quarterly earnings of $1.22 per share. Revenue also exceeded Wall Street projections. Walgreens said the business environment remains challenging, but it is maintaining its prior fiscal 2021 forecast. The shares added 3% in premarket trading as of 7:41 a.m. ET.
Conagra (CAG) – The food producer reported quarterly profit of 81 cents per share, 8 cents a share above estimates. Revenue was in line with Wall Street forecasts. It also forecast organic sales growth of 6% to 8% for the current quarter, as stay-at-home consumers continue to stoke demand for its frozen dinners and other products. The stock fell slightly in premarket trading as of 7:41 a.m. ET.
Constellation Brands (STZ) – The spirits producer earned $3.09 per share for its latest quarter, compared to a consensus estimate of $2.39 a share. Revenue also topped estimates and the company authorized a new $2 billion share repurchase program. The shares added 2.4% in premarket trading as of 7:41 a.m. ET.
CureVac (CVAC) – CureVac struck an alliance deal with drugmaker Bayer, aimed at helping the German biotech firm gain regulatory approval for its Covid-19 vaccine as well as distribute vaccine doses. The stock jumped 15% in premarket trading as of 7:41 a.m. ET.
DXC Technology (DXC) – The IT consulting firm is the target of a more than $10 billion takeover bid from French rival Atos, according to two sources with knowledge of the matter who spoke to Reuters. A formal approach is said to have been made, with discussions still at a preliminary stage. The stock added 8% in premarket trading as of 7:41 a.m. ET.
JPMorgan Chase (JPM) – Bank of America Securities upgraded the bank to “buy” from “neutral,” calling it “best-in-class” in what will likely be a strong 2021 for banks. The stock added 1.9% in premarket trading as of 7:41 a.m. ET.
Nvidia (NVDA) – The chipmaker’s stock was added to Citi’s “Catalyst Watch” list, with Citi expecting Nvidia shares to emerge from recent underperformance coming out of next week’s Consumer Electronics Show. The stock rose 2% in premarket trading as of 7:41 a.m. ET.
Alibaba (BABA) – The China e-commerce giant and Tencent Holdings could be added to a U.S. blacklist by the White House, according to multiple reports. Many consider such a ban unlikely, however, given that the Chinese firms are widely held by U.S. investors.
Twitter (TWTR), Facebook (FB) – Twitter and Facebook temporarily locked President Donald Trump’s accounts and removed some of his posts, hoping to quell further violence in Washington following yesterday’s assault on Capitol Hill.
MGM Resorts (MGM) – The casino operator was urged by shareholder Snow Lake Capital to sell 20% of its China business to a strategic partner. Snow Lake owns 7.5% of MGM China and said such a move would give MGM financial flexibility.
Costco (COST) – The warehouse retailer reported a 12% jump in December sales compared to a year earlier, helped by increased sales of frozen foods and liquor. Comparable store sales were up 10.7%.
Baidu (BIDU) – Baidu has chosen Goldman Sachs (GS) and CLSA for its planned Hong Kong listing, according to a Bloomberg report. The offering by the China-based search engine could raise at least $3.5 billion.
T-Mobile US (TMUS) – The mobile service provider added 824,000 postpaid phone subscribers during the fourth quarter, bring its 2020 total to 5.5 million.
1. Dow set to add to Wednesday’s record despite Capitol turmoil
U.S. stock futures rose Thursday, a day after the Dow Jones Industrial Average closed at a record high despite the turmoil at the Capitol. Early Thursday, outgoing President Donald Trump said in a statement there “will be an orderly transition” of power, shortly after Congress confirmed President-elect Joe Biden’s win.
Economists expect an increase in initial jobless claims, when the Labor Department reports its weekly numbers at 8:30 a.m. ET. With the seven-day average of new daily U.S. Covid infections spiking to a record high, first-time filings for unemployment benefits are seen rising by 28,000 to 815,000 for the week ended Jan. 2.
Ahead of Friday’s government employment report, the ADP’s look at December jobs trends at U.S. companies showed a contraction in private-sector positions for the first time since the early days of the coronavirus. Throughout most of the pandemic, the ADP estimates have been below the final government count.
The 10-year Treasury yield remained above 1% on Thursday morning after projected wins for Democrats in both Senate runoff elections in Georgia. Lightening up on bonds, pushing prices down and yields up, investors bought riskier assets like stocks and bitcoin.
The world’s largest cryptocurrency smashed through the $38,000 mark to hit a record high on Thursday as it continued its massive rally. Bitcoin has been up about 29% in the first days of 2021 and is up 380% over the past 12 months.
3. Congress confirms Biden as next president
Congress early Thursday confirmed the Electoral College vote for Biden, a day after Trump supporters breached the Capitol in a chaotic effort to avoid the formal recognition that the president lost the election. Shortly after the confirmation, White House spokesman Dan Scavino tweeted Trump’s statement, which promised “an orderly transition on January 20th,” the day of Biden’s inauguration, but also perpetuated the baseless claim that he actually won.
Congress’ process of counting Electoral College votes was interrupted Wednesday afternoon when rioters stormed the U.S. Capitol building. A woman who was among the invaders was shot and killed by Capitol Police. Three other people died from medical emergencies.
4. U.S. trade group asks Pence to ‘seriously consider’ invoking 25th Amendment
The National Association of Manufacturers, a trade organization representing 14,000 U.S. companies, called on Vice President Mike Pence to “seriously consider” invoking the 25th Amendment of the Constitution to remove Trump from office. Jay Timmons, CEO of the manufacturers group, is a former executive director of the National Republican Senatorial Committee. Two Democratic U.S. representatives worked on a letter to Pence requesting he invoke the amendment.
Members of Trump’s Cabinet issued harsh rebukes of the violence that unfolded at the Capitol. The officials, however, stopped short of criticizing the president, who had urged his supporters to take action at a pro-Trump rally Wednesday morning.
An administration official confirmed to CNBC’s Eamon Javers that National Security Advisor Robert O’Brien and Deputy National Security Advisor Matthew Pottinger are considering resigning over the insurrection. Stephanie Grisham, chief of staff for first lady Melania Trump, and Sarah Matthews, White House deputy press secretary, both resigned Wednesday.
Mick Mulvaney, Trump’s former chief of staff, announced on CNBC on Thursday he is resigning as special envoy to Northern Ireland.
5. Democrats win the majority in the Senate
During the Capitol siege, Democrat Jon Ossoff was projected as the winner of the second of two Senate runoff elections Tuesday in Georgia. The defeat of Republican David Perdue, whose Senate term expired Sunday, coupled with Democrat Raphael Warnock’s projected victory over Republican Sen. Kelly Loeffler, splits the 100 Senate right down the middle. However, Democrats take over the majority as Vice President-elect Kamala Harris would be the tie-breaking vote. After Biden’s inauguration, Democrats will control the Senate, House and the White House.
Bed Bath & Beyond (BBBY) – The housewares retailer reported quarterly profit of 8 cents per share, short of the 19 cents a share consensus estimate. Revenue also fell short of forecasts, hurt by a steep drop in store traffic and higher freight costs, among other factors. Shares dropped 12.5% in premarket trading as of 7:41 a.m. ET.
Walgreens (WBA) – The drugstore operator beat estimates by 19 cents a share, with quarterly earnings of $1.22 per share. Revenue also exceeded Wall Street projections. Walgreens said the business environment remains challenging, but it is maintaining its prior fiscal 2021 forecast. The shares added 3% in premarket trading as of 7:41 a.m. ET.
Conagra (CAG) – The food producer reported quarterly profit of 81 cents per share, 8 cents a share above estimates. Revenue was in line with Wall Street forecasts. It also forecast organic sales growth of 6% to 8% for the current quarter, as stay-at-home consumers continue to stoke demand for its frozen dinners and other products. The stock fell slightly in premarket trading as of 7:41 a.m. ET.
Constellation Brands (STZ) – The spirits producer earned $3.09 per share for its latest quarter, compared to a consensus estimate of $2.39 a share. Revenue also topped estimates and the company authorized a new $2 billion share repurchase program. The shares added 2.4% in premarket trading as of 7:41 a.m. ET.
CureVac (CVAC) – CureVac struck an alliance deal with drugmaker Bayer, aimed at helping the German biotech firm gain regulatory approval for its Covid-19 vaccine as well as distribute vaccine doses. The stock jumped 15% in premarket trading as of 7:41 a.m. ET.
DXC Technology (DXC) – The IT consulting firm is the target of a more than $10 billion takeover bid from French rival Atos, according to two sources with knowledge of the matter who spoke to Reuters. A formal approach is said to have been made, with discussions still at a preliminary stage. The stock added 8% in premarket trading as of 7:41 a.m. ET.
JPMorgan Chase (JPM) – Bank of America Securities upgraded the bank to “buy” from “neutral,” calling it “best-in-class” in what will likely be a strong 2021 for banks. The stock added 1.9% in premarket trading as of 7:41 a.m. ET.
Nvidia (NVDA) – The chipmaker’s stock was added to Citi’s “Catalyst Watch” list, with Citi expecting Nvidia shares to emerge from recent underperformance coming out of next week’s Consumer Electronics Show. The stock rose 2% in premarket trading as of 7:41 a.m. ET.
Alibaba (BABA) – The China e-commerce giant and Tencent Holdings could be added to a U.S. blacklist by the White House, according to multiple reports. Many consider such a ban unlikely, however, given that the Chinese firms are widely held by U.S. investors.
Twitter (TWTR), Facebook (FB) – Twitter and Facebook temporarily locked President Donald Trump’s accounts and removed some of his posts, hoping to quell further violence in Washington following yesterday’s assault on Capitol Hill.
MGM Resorts (MGM) – The casino operator was urged by shareholder Snow Lake Capital to sell 20% of its China business to a strategic partner. Snow Lake owns 7.5% of MGM China and said such a move would give MGM financial flexibility.
Costco (COST) – The warehouse retailer reported a 12% jump in December sales compared to a year earlier, helped by increased sales of frozen foods and liquor. Comparable store sales were up 10.7%.
Baidu (BIDU) – Baidu has chosen Goldman Sachs (GS) and CLSA for its planned Hong Kong listing, according to a Bloomberg report. The offering by the China-based search engine could raise at least $3.5 billion.
T-Mobile US (TMUS) – The mobile service provider added 824,000 postpaid phone subscribers during the fourth quarter, bring its 2020 total to 5.5 million.
bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
DISCUSS!
What's on everyone's radar for today's trading day ahead here at StockMarket?
I hope you all have an excellent trading day ahead today on this Thursday, January 7th, 2021! :)
1. Dow set to add to Wednesday’s record despite Capitol turmoil
U.S. stock futures rose Thursday, a day after the Dow Jones Industrial Average closed at a record high despite the turmoil at the Capitol. Early Thursday, outgoing President Donald Trump said in a statement there “will be an orderly transition” of power, shortly after Congress confirmed President-elect Joe Biden’s win.
Economists expect an increase in initial jobless claims, when the Labor Department reports its weekly numbers at 8:30 a.m. ET. With the seven-day average of new daily U.S. Covid infections spiking to a record high, first-time filings for unemployment benefits are seen rising by 28,000 to 815,000 for the week ended Jan. 2.
Ahead of Friday’s government employment report, the ADP’s look at December jobs trends at U.S. companies showed a contraction in private-sector positions for the first time since the early days of the coronavirus. Throughout most of the pandemic, the ADP estimates have been below the final government count.
The 10-year Treasury yield remained above 1% on Thursday morning after projected wins for Democrats in both Senate runoff elections in Georgia. Lightening up on bonds, pushing prices down and yields up, investors bought riskier assets like stocks and bitcoin.
The world’s largest cryptocurrency smashed through the $38,000 mark to hit a record high on Thursday as it continued its massive rally. Bitcoin has been up about 29% in the first days of 2021 and is up 380% over the past 12 months.
3. Congress confirms Biden as next president
Congress early Thursday confirmed the Electoral College vote for Biden, a day after Trump supporters breached the Capitol in a chaotic effort to avoid the formal recognition that the president lost the election. Shortly after the confirmation, White House spokesman Dan Scavino tweeted Trump’s statement, which promised “an orderly transition on January 20th,” the day of Biden’s inauguration, but also perpetuated the baseless claim that he actually won.
Congress’ process of counting Electoral College votes was interrupted Wednesday afternoon when rioters stormed the U.S. Capitol building. A woman who was among the invaders was shot and killed by Capitol Police. Three other people died from medical emergencies.
4. U.S. trade group asks Pence to ‘seriously consider’ invoking 25th Amendment
The National Association of Manufacturers, a trade organization representing 14,000 U.S. companies, called on Vice President Mike Pence to “seriously consider” invoking the 25th Amendment of the Constitution to remove Trump from office. Jay Timmons, CEO of the manufacturers group, is a former executive director of the National Republican Senatorial Committee. Two Democratic U.S. representatives worked on a letter to Pence requesting he invoke the amendment.
Members of Trump’s Cabinet issued harsh rebukes of the violence that unfolded at the Capitol. The officials, however, stopped short of criticizing the president, who had urged his supporters to take action at a pro-Trump rally Wednesday morning.
An administration official confirmed to CNBC’s Eamon Javers that National Security Advisor Robert O’Brien and Deputy National Security Advisor Matthew Pottinger are considering resigning over the insurrection. Stephanie Grisham, chief of staff for first lady Melania Trump, and Sarah Matthews, White House deputy press secretary, both resigned Wednesday.
Mick Mulvaney, Trump’s former chief of staff, announced on CNBC on Thursday he is resigning as special envoy to Northern Ireland.
5. Democrats win the majority in the Senate
During the Capitol siege, Democrat Jon Ossoff was projected as the winner of the second of two Senate runoff elections Tuesday in Georgia. The defeat of Republican David Perdue, whose Senate term expired Sunday, coupled with Democrat Raphael Warnock’s projected victory over Republican Sen. Kelly Loeffler, splits the 100 Senate right down the middle. However, Democrats take over the majority as Vice President-elect Kamala Harris would be the tie-breaking vote. After Biden’s inauguration, Democrats will control the Senate, House and the White House.
Bed Bath & Beyond (BBBY) – The housewares retailer reported quarterly profit of 8 cents per share, short of the 19 cents a share consensus estimate. Revenue also fell short of forecasts, hurt by a steep drop in store traffic and higher freight costs, among other factors. Shares dropped 12.5% in premarket trading as of 7:41 a.m. ET.
Walgreens (WBA) – The drugstore operator beat estimates by 19 cents a share, with quarterly earnings of $1.22 per share. Revenue also exceeded Wall Street projections. Walgreens said the business environment remains challenging, but it is maintaining its prior fiscal 2021 forecast. The shares added 3% in premarket trading as of 7:41 a.m. ET.
Conagra (CAG) – The food producer reported quarterly profit of 81 cents per share, 8 cents a share above estimates. Revenue was in line with Wall Street forecasts. It also forecast organic sales growth of 6% to 8% for the current quarter, as stay-at-home consumers continue to stoke demand for its frozen dinners and other products. The stock fell slightly in premarket trading as of 7:41 a.m. ET.
Constellation Brands (STZ) – The spirits producer earned $3.09 per share for its latest quarter, compared to a consensus estimate of $2.39 a share. Revenue also topped estimates and the company authorized a new $2 billion share repurchase program. The shares added 2.4% in premarket trading as of 7:41 a.m. ET.
CureVac (CVAC) – CureVac struck an alliance deal with drugmaker Bayer, aimed at helping the German biotech firm gain regulatory approval for its Covid-19 vaccine as well as distribute vaccine doses. The stock jumped 15% in premarket trading as of 7:41 a.m. ET.
DXC Technology (DXC) – The IT consulting firm is the target of a more than $10 billion takeover bid from French rival Atos, according to two sources with knowledge of the matter who spoke to Reuters. A formal approach is said to have been made, with discussions still at a preliminary stage. The stock added 8% in premarket trading as of 7:41 a.m. ET.
JPMorgan Chase (JPM) – Bank of America Securities upgraded the bank to “buy” from “neutral,” calling it “best-in-class” in what will likely be a strong 2021 for banks. The stock added 1.9% in premarket trading as of 7:41 a.m. ET.
Nvidia (NVDA) – The chipmaker’s stock was added to Citi’s “Catalyst Watch” list, with Citi expecting Nvidia shares to emerge from recent underperformance coming out of next week’s Consumer Electronics Show. The stock rose 2% in premarket trading as of 7:41 a.m. ET.
Alibaba (BABA) – The China e-commerce giant and Tencent Holdings could be added to a U.S. blacklist by the White House, according to multiple reports. Many consider such a ban unlikely, however, given that the Chinese firms are widely held by U.S. investors.
Twitter (TWTR), Facebook (FB) – Twitter and Facebook temporarily locked President Donald Trump’s accounts and removed some of his posts, hoping to quell further violence in Washington following yesterday’s assault on Capitol Hill.
MGM Resorts (MGM) – The casino operator was urged by shareholder Snow Lake Capital to sell 20% of its China business to a strategic partner. Snow Lake owns 7.5% of MGM China and said such a move would give MGM financial flexibility.
Costco (COST) – The warehouse retailer reported a 12% jump in December sales compared to a year earlier, helped by increased sales of frozen foods and liquor. Comparable store sales were up 10.7%.
Baidu (BIDU) – Baidu has chosen Goldman Sachs (GS) and CLSA for its planned Hong Kong listing, according to a Bloomberg report. The offering by the China-based search engine could raise at least $3.5 billion.
T-Mobile US (TMUS) – The mobile service provider added 824,000 postpaid phone subscribers during the fourth quarter, bring its 2020 total to 5.5 million.
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COVID-19 has now infected more than 215,956 people. There have been 8,757 confirmed deaths and 84,080 confirmed recoveries attributed to the virus.
Recent Updates Note: These are the updates from the last 48-72 hours. MARCH 18 -
United States: President Trump signed into law a coronavirus relief package, which provides free coronavirus testing and ensures paid emergency leave for those who are infected or caring for a family member with the illness. The bill also provides additional Medicaid funding, food assistance and unemployment benefits. The "third phase" coronavirus response bill is expected to pass later this week. Read more here.
United States: President Trump announced that home foreclosures and evictions will be suspended “until the end of April.” Read more here. He also invoked the Defense Production Act, which gives the government the authority to control the production and distribution of scarce materials deemed "essential to the national defense." In his executive order, Trump specifically cites protective equipment (presumably face masks) and ventilators as meeting the criteria in this provision. Read more here.
United States: Reps. Mario Diaz-Balart and Ben McAdams become first members of Congress to test positive for coronavirus. Read more here.
United States: King County in Washington State is building a 200-bed field hospital on Shoreline soccer field amid coronavirus outbreak. Read more here.
United States: The New York Stock Exchange said starting March 23, it will temporarily close its historic trading floor and move fully to electronic trading. This is the first time the physical trading floor of the Big Board has ever shut independently while electronic trading continues. Read more here.
United States and Canada: US President Donald Trump and Canadian Prime Minister Justin Trudeau have agreed to close the US-Canada border to all non-essential travel in an attempt to curb the spread of coronavirus. Trade will not be affected. Read more here.
Canada: Prime Minister Justin Trudeau has announced a massive $82-billion aid package to help Canadians and businesses cope with the global COVID-19 pandemic, including income supports, wage subsidies and tax deferrals. The package includes $27 billion in direct supports and another $55 billion to help business liquidity through tax deferrals. Read more here.
Japan’s Hokkaido, the nation’s prefecture with the highest number of coronavirus infections, will end its state of emergency over the epidemic on Thursday. Read more here.
Europe: The European Central Bank launched an extra emergency bond-buying program worth 750 billion euros ($820 billion) in the latest attempt to calm markets and protect a euro-area economy struggling to cope with the coronavirus epidemic. Read more here.
France: French police handed out over 4,000 fines Wednesday to people found violating an order to stay at home, on the first full day of a lockdown aimed at slowing the spread of the coronavirus in the country. Read more here.
Portugal’s President Marcelo Rebelo de Sousa declared a state of emergency to combat the coronavirus pandemic. The new measures allow Prime Minister António Costa's government to restrict movement of people, temporarily suspend the right of workers in vital sectors — such as health, civil protection, security and defense — to strike, and ban protests and social or religious meetings Read more here.
Brazil: Davi Alcolumbre, the head of Brazil's Senate, became the latest high-level political figure to test positive for coronavirus on Wednesday. Read more here.
Chilean president Sebastian Pinera declared a 90-day state of catastrophe Wednesday to address the spread of COVID-19 in the country, which has 238 confirmed cases of the novel coronavirus. By law, a state of catastrophe puts the armed forces in charge of public order and security and enables military control of the movement of people and goods. Military officials will be able to issue direct instructions to public employees and local governments and establish measures deemed necessary to maintain public order, including curfews. Read more here.
Africa: Sub-Saharan Africa records first coronavirus death. Read more here.
Europe: This year's Eurovision Song Contest has been canceled in the wake of the coronavirus pandemic, organizers confirmed on Wednesday, marking the first time that the much-loved competition has ever been scrapped. Read more here.
Australian airline Qantas and its subsidiary Jetstar will suspend scheduled international flights from late March until at least the end of May due to the coronavirus crisis. In a statement posted on its website Thursday, Qantas Group announced that 60% of its domestic flights would also be cut, and two-thirds of its 30,000 employees would be temporarily stood down. Read the announcement here.
RyanAir, Europe’s biggest low-cost carrier, said it expected “most if not all” flights to be grounded, apart from a small number to maintain connections between the UK and Ireland. Read more here.
MARCH 17 -
United States: A plan developed by the federal government to combat the coronavirus reportedly projects the pandemic will last 18 months or more and could feature multiple “waves.” Read more here.
United States: Treasury Secretary Steven Mnuchin raised the possibility with Republican senators that U.S. unemployment could rise to 20% without government intervention because of the impact of the coronavirus. Mnuchin discussed the scenario with the lawmakers on Tuesday as he proposed an economic stimulus of $1 trillion or more. Read more here.
United States: Treasury and IRS to delay tax payment deadline by 90 days. Read more here.
United States: The U.S. military is preparing Naval hospital ships for deployment, and is looking to open its labs to help test civilians for coronavirus. The Pentagon also plans to distribute equipment. Read more here.
United States: White House requests and additional $45.8 billion in emergency funding due to coronavirus. The request comes on top of the $8.3 billion in emergency funding passed by Congress just two weeks ago and underscores just how dramatically financial demands at federal agencies have grown in a matter of days. Read more here.
United States: Schools are likely to be closed for the rest of this school year according to Governor Newsom of California. Ohio's governor has made similar statements. Read more here.
United States: Are Hospitals Near Me Ready for Coronavirus? Here Are Nine Different Scenarios. | There is a tool in the article that allows you to see your area's hospital capacity. See the interactive tool here.
EU: Leaders of European Union countries have agreed to close the EU’s external borders to most people from other countries for 30 days in a new effort to slow the coronavirus pandemic. Movement within European Union member nations will be still be allowed. Read more here.
Spain: Spanish Prime Minister Pedro Sanchez announced a package of measures worth a total 200 billion euros ($219 billion), between loans, credit guarantees, benefits and direct aid, to mitigate the impact of the coronavirus epidemic on the economy. The package represents about 20% of the country’s gross domestic product; 117 billion euros for the package will come from the government, with the rest to come from private companies. Read more here.
Scotland: No new jury trials will take place in Scotland for the foreseeable future due to coronavirus. Read more here.
Bolivia will close its borders to non-residents and suspend all international flights to combat the spread of coronavirus. The measure will remain in place until March 31. Read more here.
Australia declares emergency, warns coronavirus crisis could last six months. Read more here.
Euro 2020 has been postponed by one year until 2021 because of the coronavirus pandemic. Read more here.
MARCH 16 -
A Phase 1 clinical trial evaluating an investigational vaccine designed to protect against coronavirus disease 2019 (COVID-19) has begun at Kaiser Permanente Washington Health Research Institute (KPWHRI) in Seattle. Read more here.
The European Union will ban all nonessential travel into the bloc for at least 30 days. Read more here.
France has instituted a lockdown and will deploy 100,000 police to enforce the lockdown and fixed checkpoints will be set up across the country. Under the new measures, soldiers would help transport the sick to hospitals with spare capacity and a military hospital with 30 intensive care beds would be set up in the eastern region of Alsace, where one of the largest infection clusters has broken out. Macron also announced he was postponing the second round of local elections on Sunday. Read more here.
United States: President Trump held a press conference today, where he said that the U.S. may be able to get the new coronavirus outbreak under control by July or August at the earliest. He also said his administration may look at lockdowns for “certain areas” or “hot spots” in the nation, but said he wasn’t considering a full national lockdown. Watch the press conference here and/or read about it here.
United States: The Department of Health and Human Services experienced suspicious cyberactivity Sunday night related to its coronavirus response. The suspicious activity HHS was not a hack but it may have been a distributed denial of service -- or DDOS -- attack. Read more here.
United States: Six Bay Area counties announced “shelter in place” orders for all residents on Monday — the strictest measure of its kind yet in the continental United States — directing everyone to stay inside their homes and away from others as much as possible for the next three weeks. The directive begins at 12:01 a.m. Tuesday and involves San Francisco, Santa Clara, San Mateo, Marin, Contra Costa and Alameda counties — a combined population of more than 6.7 million. Read more here.
United States: New York, New Jersey, and Connecticut institute regional rules that ban gatherings of over 50, and close casinos, gyms, and theaters. Read more here.
United States: The Ohio primary has been postponed. Ohio Gov. Mike DeWine (R) announced late Monday that his administration will order that polls be closed on Tuesday due to a health emergency. Read more here.
United States: Dow Plummets Nearly 3,000 Points as Virus Fears Spread. Read more here.
Canada is closing its borders to noncitizens because of the coronavirus pandemic. U.S. citizens are exempt from the ban “for the moment." Read more here.
Israel is preparing to open four hotels across the country as quarantines sites for confirmed cases of coronavirus, Minister of Defense Naftali Bennett announced Monday night. The hotels will be used to treat people exhibiting mild symptoms of the virus. Read more here.
Finland closes schools, declares state of emergency over coronavirus. Daycare centres are to stay open but parents were asked to keep their kids home if possible. Read more here.
Sudan’s ruling sovereign council closed all airports, ports and land crossings and declared a public health emergency on Monday over fears about the spread of coronavirus. Read more here.
Idris Elba has tested positive for coronavirus along with several other celebrities. See Idris' tweet here.
Amazon will hire 100,000 warehouse and delivery workers in the United States to deal with a surge in online orders, as many consumers have turned to the web to meet their needs during the coronavirus outbreak. Read more here.
The Peace Corps is telling its volunteers around the world that it is suspending all operations globally and evacuating all volunteers in light of the spread of the new coronavirus. Read more here.
United States: The College Board has cancelled the May SATs. Read more here.
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