Call toll-free 800.328.1267
[showmodule id=”58959″]
The U.S. Supreme Court opened up sports betting with its decision on Monday, and traders were quick to put their chips on the table in a handful of stocks.
Scientific Games (SGMS) led the charge with a 13 percent gain. Wall Street saw the news directly adding to revenue at the technology company, which is active in state lotteries, slot machines and online gambling.
Casino operator Caesars Entertainment (CZR) shot up 11 percent as CEO Mark Frissora saw a “golden opportunity” to establish a “well-regulated alternative that sports fans can trust.” He was apparently referring to $150 billion of illegal betting that’s estimated to occur in the U.S. every year. CZR also surged on better-than-expected revenue on May 4.
Kentucky Derby owner Churchill Downs (CHDN) is also up more than 10 percent this week. It initially rallied on the news and added to the gains yesterday after announcing a partnership with casino Golden Nugget Atlantic City.
In addition, analysts flagged International Game Technology (IGT), another gambling-tech company, along with Penn National Gaming (PENN) and Boyd Gaming (BYD).
Interestingly, bullish options trades appeared in SGMS and PENN last month. Both of those transactions are now sitting on hefty gains. Just one more reason to read Market Insights every day.
Money is flowing back into stocks as investors hope for a better inflation report this week. The S&P 500 rose 1.9 percent between Friday, May 3, and Friday, May 10. It was the third straight positive week. More than four-fifths of the index's members advanced,...
Oracle jumped to new highs almost two months ago. Now, after a pullback, the software giant may have found support. The first pattern on today’s chart is the gap higher on March 12 after earnings surprised to the upside. ORCL retraced the move and is starting to...
Most of the big earnings reports have now occurred, and so far they've done little to boost the market. Companies like Microsoft (MSFT), Meta Platforms (META), Netflix (NFLX), Caterpillar (CAT) and Intel (INTC) reported profits above Wall Street estimates. However...