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Search resuls for: "Penn Entertainment"


11 mentions found


☆ An estimated $16 billion worth of bets will be placed on the Super Bowl
  + stars: | 2023-02-12 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +5 min
New York CNN —With more states legalizing gambling on sports, Super Bowl LVII will probably be the biggest event for the industry ever. But how will casino and online/mobile sports betting companies stand out in an increasingly crowded field? “We have prepared for this Super Bowl like never before,” Greenblatt said. That’s more than double the number of wagers on last year’s Super Bowl. That’s different from 2021 when customer growth was being rewarded.”That being said, both DraftKings and FanDuel still plan to advertise during this year’s Super Bowl.
☆ Penn's sports betting business posts head-turning fourth quarter profit
  + stars: | 2023-02-02 | by ( Contessa Brewer | ) www.cnbc.com   time to read: +3 min
Penn Entertainment on Thursday became the first U.S. gambling company to post a profit in its sports betting business during the final three months of a year. Usually, it's tougher to turn a sportsbook profit during the third and fourth quarters because companies spend more on marketing and promotions during football season. Penn's interactive business, which also includes online casino games, made a $5.2 million profit on $208 million in revenue during the fourth quarter of 2022. Caesars also took a hit from Mattress Mack's baseball bet, which blocked its own ability to turn a profit in sports betting in the fourth quarter, according to results pre-released as a result of a debt refinancing. Still shares declined Thursday, after CEO Jay Snowden, on an earnings call, blamed overall lackluster fourth quarter earnings on bad weather in December.
☆ Jobs report to give clues about where economy is headed
  + stars: | 2023-01-29 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +8 min
Investors will get another clue when the January jobs report is released on Friday. Economists predict that 185,000 jobs were added last month, a slowdown from the gain of 223,000 jobs in December and 263,000 in November. A further deceleration in the labor market would likely please the Fed, as it would show that last year’s rate hikes are successfully taking some air out of the economy. Along those lines, average hourly earnings, a measure of wages that is also part of the monthly jobs report, are expected to increase 4.3% year-over year. So far, tech earnings season is not off to an inspiring start, with Microsoft (MSFT), Intel (INTC) and IBM (IBM) all reporting weak results.
☆ Jim Cramer's top 10 things to watch in the market Friday: Goldilocks jobs, mega-caps, Costco
  + stars: | 2023-01-06 | by ( Jim Cramer | ) www.cnbc.com   time to read: +5 min
Mega cap stock abandonment: Lots of hedge funds surprised Club holding Apple (AAPL) didn't go higher after it didn't preannounce. Club holding Costco (COST) says net sales of $23.8 billion for December rose 7% year over year. Guggenheim raises price target on Club holding Starbucks (SBUX) to $103 per share from $92; keeps hold-equivalent rating. Wells Fargo says the negativity is too great when it comes to PVH Corp (PVH) but raises price target and stock rating to a buy-equivalent. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
☆ Bank of America downgrades Caesars, Penn Entertainment as gaming industry faces a growth slowdown
  + stars: | 2022-12-14 | by ( Samantha Subin | ) www.cnbc.com   time to read: +2 min
It's time for investors to take a pause on shares of Caesars Entertainment and Penn Entertainment , Bank of America said Wednesday. Analyst Shaun Kelley downgraded both gaming stocks to neutral from buy and lowered the bank's price targets to $55 and $40, respectively. He said in the note to clients Wednesday that growth trajectories are stabilizing for both stocks, with shares shedding more than 2% before the bell. Going forward, don't be surprised if Caesars struggles to gain market share as it focuses on its digital business and pays down its debt, Kelley said. For Penn, Kelley anticipates risks as momentum from its stake in sports media company Barstool unwinds.
☆ Stocks making the biggest moves midday: SoFi Technologies, Charter Communications, Delta and more
  + stars: | 2022-12-14 | by ( Michelle Fox | ) www.cnbc.com   time to read: +3 min
Check out the companies making the biggest moves midday:SoFi Technologies — The fintech stock jumped more than 7% after a filing showed CEO Anthony Noto bought $5 million in common stock. Charter Communications — Charter Communications dropped more than 13% after CEO Chris Winfrey said at an investor event the company will invest $5.5 billion over three years to upgrade its high-speed internet network. Morgan Stanley said it was a top auto pick for 2023. RingCentral — Shares of RingCentral climbed 4.8% after being upgraded by Morgan Stanley to overweight from equal weight. In its call, Morgan Stanley said the software company is underappreciated.
☆ Cramer's lightning round: I can't recommend Penn Entertainment right now
  + stars: | 2022-12-05 | by ( Krystal Hur | ) www.cnbc.com   time to read: +1 min
They're good guys, but I cant recommend the stock right now." Loading chart...Digital World Acquisition Corp : "It's one of the SPACs that's not making money. The SPACs that aren't making money are stocks I don't like." Loading chart...ZIM Integrated Shipping Services Ltd : "I've been against the shipping services since they first started ships. Loading chart...CME Group Inc : "Winner, winner, chicken dinner.
☆ JPMorgan downgrades DraftKings, says other sports betting stocks look more attractive
  + stars: | 2022-11-28 | by ( Samantha Subin | ) www.cnbc.com   time to read: +1 min
It's time for investors to ditch shares of DraftKings , according to JPMorgan. DraftKings' stock has come under pressure this year, falling nearly 45% since the start of 2022 and 58.6% from its 52-week highs. The bank's $12 price target implies a near 21% downside for the stock from Friday's close. JPMorgan also downgraded shares of Penn Entertainment to neutral from overweight. In other words, our downgrade of PENN is a valuation call," JPMorgan said.
☆ Mattress Mack's record $75 million Astros payout will cost Caesars, Penn big this quarter
  + stars: | 2022-11-07 | by ( Jessica Golden Contessa Brewer | Jessica Golden | Contessa Brewer | ) www.cnbc.com   time to read: +3 min
Mattress Mack's record-breaking $75 million payout on a wager that the Houston Astros would win the World Series will cost Caesars and Penn Entertainment big in their digital businesses this quarter. With the Astros' second-ever World Series win on Saturday, McIngvale clinched a $75 million payout. "I think if Mattress Mack doesn't hit, we'll be profitable in Q4," Snowden said then. We just wrote the biggest check in sports betting history to Mattress Mack for $30,000,000. "My real interest is making sure the customers win because the customers will be happy and thrilled and smiling," he said.
☆ Murdoch's News Corp-Fox reunion gambit comes as sports betting valuations tank
  + stars: | 2022-11-02 | by ( Dawn Chmielewski Byron Kaye | Dawn Chmielewski | Byron Kaye | ) www.reuters.com   time to read: +6 min
As recently as August, Lachlan Murdoch described sports betting as "a huge opportunity" for Fox Sports, telling Wall Street it would fuel viewer engagement. The sports betting app Fox Bet is available in four states, with just 0.2% share of the U.S. market, according to researcher Vixio. A free version called Fox Bet Super 6 has attracted some 6 million users whom Fox hopes to eventually convert to gamblers. The growth of Fox Bet has stagnated since market-leading FanDuel's owner, Flutter Entertainment Plc (FLTRF.L), acquired Stars Group in 2020. The matter is the subject of an arbitration case and Lachlan Murdoch told investors a decision is expected imminently.
☆ Sports betting salaries: Pay data reveal how much DraftKings, FanDuel, and other companies offer employees for tech and other jobs
  + stars: | 2022-10-18 | by ( Colin Salao | Ashley Rodriguez | ) www.businessinsider.com   time to read: +10 min
The data are limited to base salaries and US-based jobs for visa-seeking employees. Still, sports betting is as much about sports as it is gambling and tech — growing industries known for high-paying jobs. The data included five US sports betting companies: BetMGM, DraftKings, FanDuel, Penn Interactive, and Rush Street Interactive. It included salaries for jobs such as a data engineer at DraftKings that would make $97,000 per year or more and a sports trading senior manager at FanDuel that would earn $130,000. A FanDuel software engineer based in New York would make $128,440, which is in the range of what TikTok has offered software engineers, the data shows.
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