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DraftKings stock rallies after Morgan Stanley turns bullishExternal Link

Shares of DraftKings Inc. rallied 2.2% in morning trading Wednesday, after Morgan Stanley analyst Thomas Allen turned bullish on the online sports betting company, citing a much bigger than expected total available market (TAM) for the iGaming industry. Allen said sports betting and iGaming revenue reached $3 billion in 2020, well above his forecast of $2 billion, with the strength of iGaming extending well beyond casino closures resulting from the COVID-19 pandemic. That suggests acquired customers will continue to make bets, leading to sports betting revenue that beats fourth-quarter expectations despite a weaker sports calendar, he said. Allen raised his rating on DraftKings to overweight, and boosted his price target to $60 from $39. He expects DraftKings' fourth-quarter revenue to beat Wall Street expectations by about 10%, and expects revenue from 2022 through 2025 to be more than 25% above current consensus. "We also expect [DraftKings] to start to talk about profitability in NJ, as FanDuel did, countering the beat thesis that the industry will never be profitable," Allen wrote in a note to clients. The company is projected to report fourth-quarter results in late February, with the FactSet revenue consensus at $231.8 million. The stock has climbed 23.2% over the past three months, while the S&P 500 has gained 11.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Jan 2021 15:56:33 GMT
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Large explosion rocks central MadridExternal Link

MADRID (MarketWatch) - Sirens blared in central Madrid on Wednesday afternoon after a large explosion, which appears to have destroyed at least one building. The blast occurred on Calle Toledo, near Puerta de Toledo, according to Spanish television. News reports said the blast may have occurred at a church, which is near a school and a residence for the elderly. There is no confirmation yet on how many have been injured, but ambulances were lining the area as neighbors were being evacuated.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Jan 2021 14:47:17 GMT
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Stocks open higher ahead of Biden inauguration; Netflix shares soarExternal Link

Stocks opened higher Wednesday, ahead of the inauguration of President-elect Joe Biden at noon Eastern, as investors remained optimistic over prospects for a round of aggressive fiscal spending to help the economy recover from the COVID-19 pandemic. The Dow Jones Industrial Average as up 100 points, or 0.3%, at 310,031, while the S&P 500 gained around 0.6% to trade at 3,822. The Nasdaq Composite hit an intraday record and remained up 1% at 13,333. Shares of Netflix Inc. jumped more than 12% after the video-streaming giant late Tuesday reported blowout fourth-quarter subscriber figures.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Jan 2021 14:34:41 GMT
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Netflix stock soars toward best 1-day post-earnings gain in over 4 yearsExternal Link

Shares of Netflix Inc. soared 14.2% in premarket trading Wednesday, putting them on track to open in record territory, after the video streaming giant reported after the previous session's close blowout fourth-quarter subscriber numbers, while profit missed expectations. If the stock holds its early gain through the close, it would mark the best one-day post-earnings performance since it reported third-quarter 2016 results on Oct. 18, 2016, when the stock rose 19.0%, according to FactSet data. Netflix results have usually disappointed investors, as the stock had declined the day after the past four quarterly results, and after seven of the past eight results. Over the past 20 quarters, the stock rose the day after earnings just seven times. The stock is headed for an open well above the Sept. 1, 2020 record close of $556.55, but below the all-time intraday high of $575.37 seen on July 13, 2020. It has slipped 4.5% over the past three months through Tuesday, while the S&P 500 has gained 10.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Jan 2021 14:15:26 GMT
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Marriott Vacations provides preview of fourth-quarter results, with VPG rising as tours droppedExternal Link

Marriott Vacations Worldwide Corp. provided Wednesday a preliminary look at fourth-quarter results, saying volume per guest (VPG) increased 9% from a year ago while tours declined 59% amid the COVID-19 pandemic. Contract sales for vacation ownership rose to $178 million, a 25% increase from the sequential third quarter; the average estimate, of the two analysts who provided estimates to FactSet, was $177 million ($173 million and $181 million). The vacation company said interval international exchange transactions for the quarter rose about 17% from a year ago, and the average revenue per member was down 4%. The company said it ended 2020 with about $1.3 billion in liquidity. The stock, which was still inactive in premarket trading, has run up 42.2% over the past three months while the S&P 500 has gained 10.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 20 Jan 2021 13:49:51 GMT
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