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ET: Bank of America upgrades Penn Entertainment to buy Shares of Penn Entertainment could take off with the company's new initiative, according to Bank of America. ET: Deutsche Bank upgrades Boeing, says free cash flow will boost shares Deutsche Bank thinks there's a bright future ahead for Boeing . And if that's correct, then the momentum on deliveries should carry through to a positive inflection in FCF revisions," wrote analyst Scott Deuschle. Bank of America analyst Alex Vrabel downgraded the electric vehicle charging firm to neutral from buy. "FUN management has achieved more consistent execution, which should translate well to SIX rich asset based structure," wrote analyst David Katz.

Persons: Shaun Kelley, Kelley, Lisa Kailai Han, Scott Deuschle, Deuschle, — Lisa Kailai Han, Caio Ribeiro, Riveiro, Alex Vrabel, Wolfe, Shreyas Patil, Vrabel, Wolfe Research's Patil, Jefferies, David Katz, John Ivankoe, Krispy, Fred Imbert Organizations: CNBC, Deutsche Bank, Boeing, JPMorgan, Bros, Bank of America, Penn Entertainment, ESPN Bet, Atlantic City, PENN, Vale, VALE, Wolfe Research Bank of America, Wolfe Research, ChargePoint, Jefferies, Six Flags, Cedar, Flags, Fair, North, Dutch Bros Locations: Chicago, Tunica, Atlantic, PENN, Bank, North America

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, Boeing, Tesla, Dell, Microsoft & more
▼ + stars: | 2023-11-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Raymond James reiterates Nvidia as strong buy Raymond James said it's bullish heading into Nvidia earnings on Tuesday. Bernstein reiterates Tesla as underperform Bernstein said it's standing by its underperform rating on Tesla as EV growth is slowing. JPMorgan upgrades Dutch Bros to overweight from neutral JPMorgan said the coffee chain has "strong available liquidity" to continue to grow. " JPMorgan downgrades Krispy Kreme to neutral from overweight JPMorgan downgraded the stock mainly on valuation. " Melius initiates Dell as buy Melius Research initiated Dell with a buy and said it's an "inexpensive" way to play AI.

Persons: Wolfe, ChargePoint, Jefferies, it's bullish, Raymond James, it's, Stifel, Wells, Bernstein, Tesla, underperform Bernstein, BTIG, Morgan Stanley downgrades Chegg, Morgan Stanley, LT, Hewlett Packard Evercore, Goldman Sachs, Krystal, Goldman, Penn, Energizer, Sherwin, Williams, Dell, Oppenheimer, OpenAI's Sam Altman, Sam Altman Organizations: Cedar Fair, SIX, Nvidia, Resources, MNR, ARM, Acorn, Apple, JPMorgan, Deutsche Bank, Boeing, Deutsche, Bros, Brands, Hewlett, Krystal Biotech, " Bank of America, of America, ESPN, PENN Entertainment, ESPN Bet, Citi, UBS, Kosmos Energy, Bank of America, CSN, HSBC, Caterpillar, BMO, Wedbush, Research, Microsoft Locations: NVDA, China, ENR, Brazil, Australia, Vale, 2024e

☆ Stocks making the biggest moves midday: Microsoft, Chegg, Zoom Video, Paramount and more
▼ + stars: | 2023-11-20 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Zoom Video Communications — The software stock added nearly 2% ahead of its third-quarter earnings due after market close. The Professional Fighters League announced on Monday that it completed its acquisition of mixed martial arts brand Bellator from Paramount. Penn Entertainment — The gambling stock jumped 7% on the heels of a Bank of America upgrade to buy from neutral. Boeing — The aerospace stock jumped 4% after Deutsche Bank upgraded the shares to a buy rating from hold. Chegg — Shares of the education technology company dropped 5% following a downgrade to underweight from equal weight by Morgan Stanley.

Persons: Wells, Sam Altman, Greg Brockman, Raymond James, Morgan Stanley, Krispy Kreme, Iovance, Goldman Sachs, Terri Kelly, Kelly, Peter Grom, —, Alex Harring, Yun Li, Lisa Kailai Han, Sarah Min, Michelle Fox Organizations: Communications, FactSet, Paramount, Professional Fighters League, Bellator, Penn Entertainment, Bank of America, ESPN Bet, Spectrum Brands, Microsoft —, Microsoft, Nvidia, Boeing, Deutsche Bank, JPMorgan, Caterpillar —, HSBC, United Rentals — United Rentals, Bristol Myers, Energizer Holdings, UBS, RBC Capital Markets Locations: FactSet

☆ ESPN's VP of sports betting shares his keys to success for ESPN Bet and an inside look into the partnership with Penn
▼ + stars: | 2023-11-17 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +8 min

In other words, ESPN Bet has arrived. The companies announced in August their collaboration, with the operator selling its stake in Barstool Sports to rebrand Barstool Sportsbook as ESPN Bet. Screenshots from the ESPN Bet app. Providing easy transitions between the ESPN and ESPN Bet apps is a key focus to drive that metric, he added. — ESPN BET (@ESPNBet) November 10, 2023The move has given ESPN Bet an advantage on social media with 5.4 million followers on X, 2.7 million on Facebook, and 2.4 million on Instagram.

Persons: It's, Jay Snowden, Mike Morrison, Morrison, Scott Longley, DraftKings, Penn, Snowden, Jimmy Pitaro, Pitaro, I'm, cohesively we've, Keys, Fubo Sportsbook, Maxim Bet, it's Organizations: ESPN Bet, ESPN, Penn Entertainment, Sports, Business, Apple, Caesars, Penn, ESPN Penn, TheScore, Fox, Maxim, Yahoo, Walt Disney Company, ESPN BET, Facebook Locations: Penn, Las Vegas

NEW YORK (AP) — ESPN Bet, a rebranded sports-gambling app owned by Penn Entertainment, is set to launch Tuesday. Under the agreement, Penn will operate ESPN Bet while ESPN promotes the app across its online and broadcast platforms. It's unclear when ESPN Bet will officially be available to download. In addition to the $1.5 billion licensing deal, Penn also said it would grant ESPN rights worth about $500 million to purchase shares in Penn. The upcoming launch of ESPN Bet could take Walt Disney Co.-owned ESPN into uncharted waters.

Persons: Penn, Dave Portnoy Organizations: ESPN Bet, Penn Entertainment, ESPN, Penn, Sports, Walt Disney Co Locations: — Arizona, Colorado , Illinois , Indiana , Iowa , Kansas , Kentucky, Louisiana , Maryland , Massachusetts, Michigan , New Jersey , Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Penn

☆ Penn Entertainment and ESPN partnership is a 'Hail Mary for both sides', says analyst Joe Pompliano
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPenn Entertainment and ESPN partnership is a 'Hail Mary for both sides', says analyst Joe PomplianoHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Mary, Joe Pompliano, Brian Sullivan, “ Organizations: Penn Entertainment, ESPN, CNBC

☆ 6 ways ESPN's new sports betting app will leverage the network's talent and audience, from Pat McAfee to fantasy sports
▼ + stars: | 2023-11-10 | by ( Margaret Fleming | ) www.businessinsider.com time to read: 1 min

ESPN and Penn Entertainment gave on November 9 a first look at their new ESPN Bet app. Execs from both companies shared how the partnership will elevate each of their brands. Here are six ways Penn plans to leverage ESPN's brand and audience to elevate the sportsbook. ESPN and Penn Entertainment unveiled on November 9 a first look at their upcoming sports-betting app, ESPN Bet. Ahead of the app's November 14 launch, ESPN's vice president of sports betting and fantasy Mike Morrison and Penn's president and CEO Jay Snowden discussed at the ESPN Edge conference in New York how the sportsbook will leverage ESPN's iconic brand in hopes of shaking up the sports betting landscape and giving Penn an edge in the market.

Persons: Penn, Mike Morrison, Jay Snowden Organizations: ESPN, Penn Entertainment, ESPN Bet, ESPN Edge, Penn Locations: New York

☆ The inside story of how FanDuel upended US sports betting with the same-game parlay and used it to dominate the market
▼ + stars: | 2023-11-07 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +11 min

The daily-fantasy-sports company, which European gambling giant Flutter Entertainment had acquired, was racing to introduce its "same-game parlay" to the US. The same-game parlay, a phrase FanDuel coined, has since caught fire, meshing well with the high-scoring, stat-driven, athlete-personality focus of US sports — and propelled FanDuel to the forefront of the betting market. "The same-game parlay was the right product in the right market at exactly the right time." Every sports-betting operator, from DraftKings to newcomer Fanatics, now has or is building its version of the same-game parlay. After the NBA resumed play in July 2020, the same-game parlay grew from 5% to 10% of FanDuel's bets, Farren said.

Persons: FanDuel, Scott Longley, parlay, Conor Farren, FanDuel's, DraftKings, Entain, parlays, Longley, would've, John Maguire, Maguire, isn't, LeBron James, Jalen Rose, Sportsbet, Paddy Power Betfair, Farren, It's, Ben Hider, Penn Organizations: NFL, Krejcik, Houston Rockets, Los Angeles Lakers, Australian Football League, Australian rugby, NBA, ESPN Bet, FanDuel, Industry Locations: DraftKings, Melbourne, Australia, England, FanDuel

☆ Stocks making the biggest moves midday: Starbucks, Roku, Eli Lilly, Affirm and more
▼ + stars: | 2023-11-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Starbucks — Shares jumped 9.5% after the company posted an earnings and revenue beat in the fiscal fourth quarter. Palantir also raised its revenue guidance to between $2.216 billion and $2.22 billion for the full year. Clorox — Shares rallied more than 6.6% Thursday after the company posted an earnings and revenue beat in the fiscal first quarter. CyberArk's fourth-quarter and full-year earnings guidance also came in above analysts' estimates. Management lowered the company's full-year earnings, revenue and operating margins guidance.

Persons: Roku, SolarEdge, Shopify, Palantir, LSEG, Eli Lilly —, —, Penn, Morgan Stanley, CyberArk's, Papa John's, Sarah Min, Yun Li, Michelle Fox, Pia Singh, Alex Harring Organizations: Starbucks —, Management, Truist, BMO Capital Markets, Guggenheim, Moderna —, Moderna, Penn Entertainment, ESPN, Amazon Business, Marriott, Rockwell Automation — Rockwell Automation Locations: China, America

☆ As Disney, Fanatics threats emerge, FanDuel CEOs says online sports betting isn't for the 'faint of heart'
▼ + stars: | 2023-11-02 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

Currently, 35 states and Washington, D.C., have legal sports betting, according to the AGA. Fanatics, the Michael Rubin-founded sports merchandise company, acquired the U.S. operations of PointsBet after a several-year pursuit of an entry to the sports betting market. "These are partnerships that we've been building up for years long before online sports betting was legal in the states." And oh, by the way, you're spending a lot of money making sure that again, you can responsibly bring consumers to your platform," Howe said. Hear how CEOs from Target, FedEx, Kraft Heinz, FanDuel and more are adapting, innovating and transforming in this new era of business.

Persons: FanDuel, Michael Rubin, Amy Howe, CNBC's Contessa Brewer, you've, Howe, there's, we've, It's, Kraft Heinz Organizations: Supreme, American Gaming Association, D.C, Caesars, Disney, ESPN, ESPN Bet, Penn Entertainment, CNBC's, CNBC, FanDuel, Ticketmaster, NFL, NBA, MLB, NHL, Google, Target, FedEx, Kraft Locations: U.S, Washington, PointsBet

☆ Jobs and earnings are major themes next week as we consider more portfolio moves
▼ + stars: | 2023-10-28 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

But in the end, it's fundamentals that drive earnings and earnings that drive stock prices. Looking ahead to next week, we'll get several important macroeconomic updates along with nine Club earnings reports. Economic releases Next week is Jobs Friday when we get the government's monthly nonfarm payrolls report. Club stock earnings Club name Caterpillar (CAT) reports third-quarter results before the opening bell Tuesday. DuPont (DD) is set to report earnings.

Persons: it's, we'll, nonfarm payrolls, We'll, Estee Lauder, Eli Lilly, BUD, Jerome Powell, Kraft Heinz, WEN, Papa John's, Dwight Co, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Caterpillar, GE Healthcare, DuPont, Bausch Health, Starbucks, Apple Watch, VF Corp, GE HealthCare, Pfizer, JetBlue, Anheuser, Busch InBev, Devices, Caesars Entertainment, Cruise, CVS Health, Brinker International, Yum Brands, PayPal, Qualcomm, Mondelez, Novo Nordisk, Barrick, Penn Entertainment, Paramount Global, Marriott, Ferrari, Molson Coors, TAP, Coinbase, Natural Resources, Booking Holdings, International, Monster Beverage, Health, Resources, Dwight, Restaurant Brands, Sempra Energy, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange Locations: North America, China, New York City, U.S

☆ Disney revealing ESPN's financials is a key step in CEO Bob Iger's turnaround
▼ + stars: | 2023-10-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Disney 's (DIS) first-ever breakout of ESPN's financials is another key step in CEO Bob Iger's turnaround for the embattled entertainment giant, displaying a stable top line and plenty of room for growth. For the nine months ended July 1, ESPN delivered $12.56 billion in revenue, according to this week's 8K government filing from Disney. The experiences division, which was basically unchanged in Iger's segment overhaul, had $24.39 billion during the first three quarters of fiscal 2023. Growing losses in Disney's linear TV assets may compel the company to sell all or some of them. We'll look for continued improvement when Disney's fiscal fourth-quarter earnings come out next month.

Persons: Bob Iger's, Iger, Disney, Morgan Stanley, Goldman Sachs, Goldman, We're, Jim Cramer's, Jim Cramer, Jim, Gabby Jones Organizations: Disney, ESPN, ABC, CNBC, Penn Entertainment, ESPN Bet, Hulu, Comcast, Pro, Iger, Bloomberg, Getty Locations: Brooklyn, New York

☆ DraftKings edged out FanDuel for the first time as the market-share leader in US online gambling, a new report shows
▼ + stars: | 2023-10-19 | by ( Margaret Fleming | Ashley Rodriguez | ) www.businessinsider.com time to read: +3 min

There's a new top dog in US online gambling. DraftKings edged out rival FanDuel for the largest portion of online gambling market share in the US, according to a Wednesday report from the market research firm Eilers & Krejcik Gaming. DraftKings had amassed about 31% of online gambling gross gaming revenue in the third quarter through August 23, while FanDuel's market-share lead had dipped to 30%. But DraftKings' share has steadily grown steadily since, per the report. FanDuel, meanwhile, has fallen from a Q1 2023 peak of 37% online gambling share.

Persons: FanDuel, DraftKings, sportsbooks, Penn, BetMGM Organizations: Krejcik, Gross, Golden, ESPN Bet, Caesars Entertainment, FanDuel, Wall Locations: BetMGM, Bet365

☆ Detroit casino workers go on strike after failed talks
▼ + stars: | 2023-10-17 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +3 min

The Detroit Casino Council (DCC) called the first strike in its history after negotiations which began in the summer did not yield a new contract. On Sept. 29, 99% of voting workers from all unionized groups at the three Detroit casinos voted to authorize the DCC to call a strike if negotiations weren't progressing. The committee estimates the strike would risk $3.4 million in operator revenue per day, with the greatest impact to MGM Grand Detroit at $1.7 million per day. "We've made six proposals to the union and our current offer includes the single largest pay increase in the history of MGM Grand Detroit," the company said. Industry gaming revenues have surpassed pre-pandemic levels, with the Detroit casino industry generating $2.27 billion in 2022, according to the DCC negotiating committee.

Persons: Bridget Bennett, Gwen Mills, We've, Doyinsola Oladipo, David Gregorio Our Organizations: MGM, MGM Resorts, REUTERS, MGM Grand Detroit, MGM Resorts International, Hollywood, Penn Entertainment, Detroit Casino Council, Detroit, DCC, United Auto Workers, UAW, Teamsters, Engineers, Michigan Regional, Carpenters, Industry, Culinary Workers, Bartenders Unions, Caesars Entertainment, Wynn Resorts, Thomson Locations: Las Vegas , Nevada, U.S, Detroit, Greektown, Las Vegas, United States, New York

☆ Thousands of casino workers go on strike in Detroit
▼ + stars: | 2023-10-17 | by ( Contessa Brewer | ) www.cnbc.com time to read: +3 min

The work stoppage targets operations at the MGM Grand Detroit; owned by MGM Resorts International , MotorCity Casino; and Hollywood Casino at Greektown, owned by Penn Entertainment . They are represented by the Detroit Casino Council, which is made up of five unions including the United Auto Workers. MotorCity Casino updated its website showing that high limit table games, poker room and casino valet were closed – as well as its spa and some restaurants and bars. The DCC argues casino workers agreed to a three-year contract during the pressure-packed earlier days of the Covid pandemic. "In 2022, the Detroit casino industry generated $2.27 billion in gaming revenue and is on track for another record-breaking year in 2023.

Persons: MotorCity, Matt Buckley, we've Organizations: MGM, Detroit, MGM Resorts International, MotorCity, Hollywood, Penn Entertainment, Detroit Casino Council, United Auto Workers, CNBC, MCC, MGM's Midwest Group, MGM Grand, MGM Grand Detroit, DCC Locations: Greektown, Michigan, MGM Grand Detroit, Detroit

☆ Thousands of Detroit casino workers threaten to go on strike on Tuesday
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 16 (Reuters) - About 3,700 Detroit casino workers are set to strike on Tuesday noon, if a contract deal is not reached, the Detroit Casino Council (DCC) said on Monday. A strike will hit operations at MGM Grand Detroit operated by MGM Resorts International (MGM.N), MotorCity Casino and Hollywood Casino at Greektown operated by Penn Entertainment (PENN.O). On Sept. 29, 99% of voting workers from all unionized groups at the three Detroit casinos voted to authorize the DCC negotiating committee to call a strike. Industry gaming revenues have since surpassed pre-pandemic levels, with the Detroit casino industry generating $2.27 billion in 2022, as per the negotiating committee. The Culinary Workers and Bartenders Unions held a picket at Vegas properties of MGM Resorts and Caesars Entertainment last Thursday.

Persons: Rebecca Cook, Ananta Agarwal, Sriraj Organizations: REUTERS, Detroit, Detroit Casino Council, MGM Grand Detroit, MGM Resorts International, Hollywood, Penn Entertainment, DCC, Industry, Detroit Casino, UAW, Teamsters, Engineers, Michigan Regional, of Carpenters . Unions, MGM, Caesars Entertainment, Wynn Resorts, Culinary Workers, Bartenders Unions, MGM Resorts, Thomson Locations: Detroit , Michigan, Greektown, Detroit, U.S, Vegas, Bengaluru

☆ Photos: Dave Portnoy bought a $42 million home in Nantucket, complete with an underground tunnel. They're becoming a thing for the rich.
▼ + stars: | 2023-09-29 | by ( Kelsey Vlamis | Lauren Steussy | ) www.businessinsider.com time to read: +4 min

Dave Portnoy bought a $42 million waterfront home in Nantucket, The Wall Street Journal reported. AdvertisementAdvertisementDave Portnoy bought a record-setting $42 million home in Nantucket, The Wall Street Journal reported, citing people familiar with the deal. Photography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDThe sale set a residential real estate record for the island as well as the entire state of Massachusetts, according to the Nantucket Current. AdvertisementAdvertisementPhotography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDThe waterfront compound, built in 2018, was designed by Andrew Kotchen, a renowned local architect and designer, Dunlap said. Photography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDTunnels in luxury homes aren't entirely new.

Persons: Dave Portnoy, —, Portnoy, Shellie Dunlap, Andrew Kotchen, Dunlap, Alice, Ron Syrnyk, Peter Engen, Lee Organizations: Street Journal, Service, Lee, Street, Penn Entertainment, Insider Locations: Nantucket, Massachusetts, Wonderland

☆ JPMorgan upgrades this sports betting stock that can rally 35%
▼ + stars: | 2023-09-26 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Joseph Greff upgraded the sports betting stock to overweight from neutral and raised his price target by $11 to $37. His new price target implies an upside of 35.2% from Monday's close. "We are taking advantage of sluggish share price performance since late July," Greff said in a note to clients Tuesday. The stock has fallen about 13% since July, while the S & P 500 pulled back by about 6%. Notably, Greff said to expect a sports betting market size of $23.2 billion in the U.S. and Ontario by 2030. iGaming's market size over the same timeline and locations should near $13.5 billion in 2030.

Persons: underperformance, Joseph Greff, Greff, — CNBC's Michael Bloom Organizations: JPMorgan, Penn Entertainment, Caesars Locations: DraftKings, Monday's, U.S, Ontario

☆ The sports-betting apps that NFL fans in their 20s love — and 3 other key takeaways on the habits of young football devotees
▼ + stars: | 2023-09-26 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +4 min

And a new report sheds light on how those efforts are resonating with younger fans. Compared to NFL fans aged 30 and older, fans in their 20s were three times more likely to place a bet every week. And only 11% of fans in their 30s spent more than $1,000 annually on sports betting, versus 28% of younger fans. That number was just 33% among fans aged 30 and up. Most of these fans said they played in a fantasy league during the 2022 football season, but most older fans didn't.

Persons: YouGov, FanDuel, Barstool, Penn, Fox, sputtered, Barstool Sportsbook, sportsbooks, NFL RedZone, aren't, they're Organizations: NFL, Sports, Penn Entertainment, ESPN Bet, Fox, Bally Bet, Brand, FOX Bet

☆ Why we’re cautiously optimistic about Disney’s new multibillion dollar theme park investment
▼ + stars: | 2023-09-20 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

We're cautiously optimistic about Disney 's (DIS) decision to invest billions upon billions more into its booming theme parks. DIS 5D mountain DIS stock performance. In a separate note, KeyBanc believes Disney's DPEP segment has a "bright long-term future" after its analysts attended Disney's Investors Summit. Bottom line Disney's moat is its strong intellectual property that it can use to monetize and grow its business. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: We're, Bob Iger, doesn't, Iger, He's, Morgan Stanley, KeyBanc, Jim Cramer's, Jim Cramer, Jim, Joseph Prezioso Organizations: Disney, Disney Parks, Hulu, ESPN, CNBC, Comcast, Penn Entertainment, Investments, Disney's Investors, DIS, Parks &, Anadolu Agency, Getty Locations: Hulu

☆ This sports betting company is a good short-term buy, Deutsche Bank says
▼ + stars: | 2023-09-14 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

While Deutsche Bank is skeptical on the long-term story for Penn National Gaming , it is bullish on shares in the short-term. Analyst Carlo Santarelli put a catalyst call buy, or short-term buy rating, on the sports betting company, which trades as PENN Entertainment. In August, the company signed a licensing deal with ESPN to rebrand its sportsbook to ESPN BET, slated to launch in November. Through the deal, Penn has the exclusive right to the ESPN Bet trademark in the U.S. for 10 years, with potential to be extended. An Investor Day in December, which is likely to focus on ESPN BET, will also highlight the brand's early traction, he added.

Persons: Carlo Santarelli, Santarelli, Penn, GGR, — CNBC's Michael Bloom Organizations: Deutsche Bank, Penn National Gaming, PENN Entertainment, ESPN, ESPN BET, ESPN Bet Locations: Wednesday's, U.S, Las Vegas

☆ Stocks making the biggest moves midday: Netflix, Etsy, HP, Visa and more
▼ + stars: | 2023-09-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023. Check out the companies making headlines in midday trading:Visa — The credit card behemoth's stock was trading more than 2% lower after announcing plans to change its share structure. Netflix — The streaming giant's shares slipped roughly 2% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing Hollywood writers' strike is bad for business. The movie theater chain said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. Etsy — The e-commerce retailer's stock rose nearly 3% after Wolfe Research upgraded Etsy to outperform from a peer perform rating, citing improving consumer spending and margins.

Persons: Semtech, Spencer Neumann, Neumann, Warren, Berkshire Hathaway, —, Samantha Subin, Pia Singh, Alex Harring Organizations: Guild of America, Netflix, Visa, FactSet, Penn Entertainment, Deutsche Bank, Penn, ESPN BET, AMC Entertainment, AMC, Wolfe Research, HP, Exxon Mobil, Chevron —, Exxon, Chevron Locations: Los Angeles, U.S, China

☆ Stocks making the biggest moves premarket: AMC, Etsy, First Solar and more
▼ + stars: | 2023-09-14 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

AMC Entertainment — Shares of the movie theater chain jumped 5% in premarket trading after AMC said it had completed the equity offering it announced earlier this month. The company said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. In the second quarter, the company earned 11 cents a share, after adjustments, exceeding analysts' expectations of 2 cents per share, according to FactSet. Penn Entertainment — The sports betting stock climbed 3% in premarket trading following a short-term buy call from Deutsche Bank. The conglomerate sold about 5.5 million shares of HP, worth around $158 million.

Persons: Wolfe, Semtech, Warren Buffett's Berkshire Hathaway, Shawn Fain, Jim Farley, — CNBC's Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound, Pia Singh Organizations: AMC, Wolfe Research, Penn Entertainment, Deutsche Bank, BMO Capital Markets, Exxon Mobil, Chevron, Brent, Occidental Petroleum, HP —, HP, Berkshire, General Motors, Ford —, United Auto Workers, Ford Locations: China, Devon, Omaha

☆ Fanatics and ESPN are ready to shake up sports betting this fall. Here are the 5 battlegrounds to watch during the biggest gambling season of the year.
▼ + stars: | 2023-09-08 | by ( Ashley Rodriguez | Margaret Fleming | ) www.businessinsider.com time to read: +10 min

The start of the regular NFL season kicks off the biggest sports-betting season of the year. Here are the battlegrounds to watch as Fanatics and ESPN Bet enter and Bet365 gains share. The NFL kicked off Thursday night, and so did the biggest season of the year for US sports betting. It ranked fourth among more than 40 apps in EKG's national panel of "secret shopper"-style app testers — behind only FanDuel, DraftKings, and PointsBet. "There's one strategy: you have to be early, you have to be ahead of the start of the season," Beynon said.

Persons: We've, Macquarie, Chad Beynon, Bet365, Chris Krafcik, Krafick, EKG, Penn, It's, Sportsbook, isn't, Beynon, That'll, DraftKings, it's, BetMGM, Entain, Wynn Organizations: NFL, Bank of America, ESPN Bet, Penn Entertainment, Fox, Krejcik, ESPN, DraftKings, Penn, BetMGM, Caesars, MGM, Angstrom Sports, Wynn Resorts, Rush, Interactive Locations: Ohio, Colorado, Virginia, BetMGM, FanDuel, Macquarie, Las Vegas, Chicago, Connecticut

☆ DraftKings CEO Jason Robins on NFL sports betting: This a big day and weekend for us
▼ + stars: | 2023-09-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDraftKings CEO Jason Robins on NFL sports betting: This a big day and weekend for usDraftKings CEO Jason Robins joins 'Squawk Box' to discuss the start of the NFL season's impact on DraftKings' business, the cost of customer acquisitions, and the impact of ESPN's deal with Penn Entertainment.

Persons: Jason Robins Organizations: NFL, Penn Entertainment

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