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The rivalry game between Iowa and Iowa State always ratchets up the intensity of both fan bases every year, even if the two programs are unranked as they are this season. Five Iowa State players who were projected to be starters before the season are suspended. Other football players are suspended as the two schools head into their 70th overall meeting in a series that began in 1894. Iowa State quarterback Hunter Dekkers, running back Jirehl Brock, offensive lineman Jacob Remsburg, tight end DeShawn Hanika and defensive lineman Isaiah Lee were charged. Both teams won their openers last week, and the absences of the suspended players did not appear to make an impact.

Persons: Ames, Donald Trump, “, Kirk Ferentz, ”, Tom Stawniak, Stawniak, Max Urick, ” Stawniak, Garrett Yager, You’ve, Hunter Dekkers, Jirehl Brock, Jacob Remsburg, Isaiah Lee, Noah Shannon, Michele Wiggins, ” Wiggins, there’s, Schultz, John Albeck, Nick Allman, they're, John Bohnenkamp Organizations: Iowa State, Five Iowa State, NCAA, Hawkeyes, ” Iowa’s, Criminal Investigations, Iowa, Cyclones, Associated Press, AP Locations: Iowa, ” Iowa, Urbandale , Iowa, Bellevue , Nebraska, Omaha , Nebraska, Omaha, Iowa City

☆ The NFL season is almost here. These stocks could benefit — for a few days
▼ + stars: | 2023-09-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The 2023 season starts on Sept. 7, with the defending Super Bowl champion Kansas City Chiefs hosting the Detroit Lions. The next few days could be a good short-term trading opportunity for the sports betting stocks, according to a Wednesday note from the Bank of America consumer trading desk. "Online Gaming stocks have a history of rallying into and on the start of NFL Season, though less so after," the note said. The biggest pure-play online sports betting stock in the U.S. is DraftKings , with a market cap of more than $12 billion. DKNG YTD mountain DraftKing's stock price has more than doubled in 2023.

Persons: Refinitiv, BETZ, — CNBC's Michael Bloom Organizations: NFL, Super Bowl, Kansas City Chiefs, Detroit Lions, Bank of America, Wall, Ceasars Entertainment, MGM Resorts International, Penn Entertainment, ESPN, iGaming Locations: U.S, Barstool

☆ What's next for Disney as CEO Bob Iger works to streamline the company, cut costs, and make streaming profitable
▼ + stars: | 2023-09-03 | by ( Lucia Moses | Alison Brower | ) www.businessinsider.com time to read: +7 min

Bob Iger is trying to reshape Disney as a leaner company in his second act as CEO. When Bob Iger came back to Disney in November 2022, the company and the town celebrated the return of a successful and statesmanlike CEO for the world's largest entertainment brand. Two years under Iger's predecessor Bob Chapek left the company reorganized — in ways many company insiders didn't like — and executives, teams, and creative partners demoralized. Iger told CNBC in July that Disney's TV and cable businesses, including ABC and cable networks like FX, "may not be core" to the company. If Iger succeeds in acquiring all of Hulu, some analysts believe it would help Disney with streaming content, marketing, and ad revenue.

Persons: Bob Iger, Iger, Iger's, Bob Chapek, didn't, He's, Ron DeSantis, Penn, —, Dana Walden, Alan Bergman, Josh D'Amaro, Kevin Mayer, Tom Staggs, Puck Organizations: Disney, ESPN, Apple, Florida Gov, Iger, — Entertainment, Parks, CNBC, ABC, Hulu, Hollywood, Writers Guild of America, Association of, Television Producers, SAG, WGA, He's, Netflix, Penn Entertainment, ESPN Bet Locations: Hollywood, Orlando, California, Hulu

Sports has become a hot area for private investment, from private equity to venture capital. For the first year, Insider is looking to highlight the top VCs investing in the sports industry. Submit your nominations through this Google Form by September 8. AdvertisementAdvertisementPrivate investors have flocked to sports in recent years, viewing it as a relatively stable corner of the shaky economy. For the first year, Insider is looking to highlight the top venture capitalists investing in sports startups, from seed to the later stages.

Organizations: Morning

☆ The 11 sports-betting and online-gambling startups that have raised the most VC funding so far in 2023
▼ + stars: | 2023-08-24 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +4 min

Sports betting and gambling companies have raised $150 million from VCs so far in 2023, according to PitchBook data. US sports betting and gambling startups have raised about $150 million in VC funding through mid-August of this year, per PitchBook, which tracked 25 deals during that time frame. Here are the top 11 companies that have gotten the most funding in 2023 through mid-August, according to PitchBook:1) Jackpot.com — $42 million. The more than 50-year-old casino technology and data company closed the investment from VCs. Oddsworks, a gaming company offering more than 100 games for online and land-based casinos, raised early-stage funding.

Persons: Joey Levy, Jake Paul, Roger Ehrenberg's, James Harden, Joel Embiid, PlayerProfile, Oddsworks Organizations: Roger Ehrenberg's Eberg Capital, Arctos Sports Partners, Bettor, Courtside Ventures, Dallas Cowboys, New York Yankees, Acres, Exchange, Boom Entertainment, Oyster Ventures, Touchdown Ventures, Eberg, IA Sports Ventures, Ikigai Ventures, Trinity West Ventures Locations: VCs

☆ How Bob Iger's big plan to shrink Disney could pay off and how it could backfire, according to industry insiders
▼ + stars: | 2023-08-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

After a run of acquisitions during his first tour as Disney CEO, Bob Iger is looking to shrink the company. "They are our film studios, our parks business, and streaming, all of which are inextricably linked to our brands and franchises." Verizon has reached out to Disney about partnering on a new ESPN streaming service, The Information reported. 2024 will bring some clarity to Disney's streaming business. "The streaming business with ESPN going direct to consumer can generate a lot of subscriptions and hopefully be a positive earnings contributor.

Persons: Bob Iger, He's, Iger, Wells, Steven Cahall, MoffettNathanson's Michael Nathanson, Iger's, hasn't, Macquarie, Tim Nollen, Doug Shapiro, Shapiro, Disney, It'll, there's, Tim Cook, Eddy, Drew Angerer, Disney's, Penn, Joel Simkins, Stratechery's Ben Thompson, Thompson, — Iger, mused, signups, he's, Kevin Lansberry, I'm, Nollen Organizations: Disney, ABC, FX, Geographic, ESPN, Google, Netflix, Warner Bros, Discovery, Warner Bros . Discovery, Comcast, Marvel, Pixar, Apple, Walt Disney, Turner Broadcasting System, Apple's, Hulu, ESPN Iger, Penn Entertainment, Houlihan, Global Technology Group, LightShed Partners, Verizon, Flagship Locations: Orlando , Florida, Sun

☆ Bob Iger is moving to shrink Disney — here's how industry insiders see his playbook and its potential pitfalls: 'Everything is not OK'
▼ + stars: | 2023-08-18 | by ( Lucia Moses | ) www.businessinsider.com time to read: +11 min

After a run of acquisitions during his first tour as Disney CEO, Bob Iger is looking to shrink the company. He's looking to Disney's IP-driven parks, streaming, and film studios to drive growth. "They are our film studios, our parks business, and streaming, all of which are inextricably linked to our brands and franchises." 2024 will bring some clarity to Disney's streaming business. "The streaming business with ESPN going direct to consumer can generate a lot of subscriptions and hopefully be a positive earnings contributor.

☆ World Cup fuels surge in women's sports betting, but early kick-offs weigh
▼ + stars: | 2023-08-16 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

Entain (ENT.L), owner of Ladbrokes and Coral brands, said it saw "exponential growth" in betting on the sport and a record number of women globally placing bets. The first three England games saw one-fifth of bets placed by women, it said. Betting on the co-host and semi-finalist Australia saw a 200% increase, fuelled by the Matildas strong run. Soccer leads the way in terms of the number of people betting and placing bets, and the number of women betting on women's soccer has doubled annually, the study said. Entain did not immediately disclose the number of bets placed on the World Cup.

Persons: Alishia, William Hill, Lee Phelps, Entain, Dominic Grounsell, Yadarisa, Conor Humphries Organizations: Soccer Football, FIFA, Australian High Commission, Australia, England, REUTERS, German Sport University Cologne, Soccer, Thomson Locations: New Zealand, London, Australia, Britain, Bengaluru

☆ Media insiders say ESPN's new sports-betting push could help it court a younger crowd and set up a spinoff from Disney
▼ + stars: | 2023-08-14 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Industry insiders say ESPN's deal with Penn Entertainment could signal a potential ESPN spinoff from Disney. Disney announced a $2 billion deal with casino operator Penn Entertainment to create ESPN Bet. ESPN's $2 billion Penn Entertainment deal rocked the sports-betting world — and also renewed speculation among industry insiders that Disney could spin off its media crown jewel. For ESPN, it's not as material, but it's helpful — ESPN has locked in a 10-year partner with guaranteed pay so that improves the visibility of ESPN's revenue. To be sure, some industry watchers have questioned how the deal positions ESPN's ability to catch up in the sports-betting race.

Persons: Bob Iger, Jonathan Miller, Penn, Alex Iosilevich, it's, It's, Iger, — DraftKings, sportsbooks, LightShed, Peyton Manning's, Ashley Rodriguez Organizations: Industry, Penn Entertainment, ESPN, Disney, ESPN Bet, what's, Hearst, CNBC, NFL, NBA, MLB, Integrated Media Co, Caesars Entertainment, Penn, LightShed Partners, American Gaming Association, Amazon, Comcast, Peyton Manning's Omaha Productions, Front Office Sports Locations: Saudi

☆ How ESPN's $2 billion deal with Penn Entertainment could shake up sports betting, from reinvigorating competition to evolving media's relationship with gambling
▼ + stars: | 2023-08-14 | by ( Ashley Rodriguez | Margaret Fleming | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Here's what industry insiders are saying about the deal:1. FanDuel and DraftKings dominate US online sports-betting and gambling market share, followed by BetMGM, according to a July report from Macquarie that analyzed Vixio data. Industry insiders like affiliate-marketing company Gambling.com Group's Max Bichsel aren't sure about that prediction.

Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada

☆ Wynn Resorts pulls the plug on WynnBET in certain US markets
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

Company logos are displayed at Wynn Macau resort in Macau, China February 8, 2018. The company said it was ceasing operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. The decision to pull out of West Virginia comes a couple of months after it launched WynnBet in the state. WynnBET is part of the company's majority-owned subsidiary, Wynn Interactive, which was expected to merge with Austerlitz Acquisition Corp I. On Wednesday, Wynn Resorts posted second-quarter results above Wall Street estimates, as its Las Vegas and Macau properties saw growth in gaming, dining and hotel bookings.

Persons: Bobby Yip, Wynn, Julie Cameron, Doe, Ananya Mariam Rajesh, Pooja Desai, Anil D'Silva Organizations: Wynn, REUTERS, Wynn Resorts, Wynn Interactive, Wall, Thomson Locations: Wynn Macau, Macau, China, Arizona , Colorado , Indiana , Louisiana , New Jersey , Tennessee, Virginia, West Virginia, Nevada, Massachusetts, New York, Michigan, Vegas, Bengaluru

☆ Stocks making the biggest moves midday: AppLovin, Roblox, Tapestry, Alibaba and more
▼ + stars: | 2023-08-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

AppLovin said it anticipates revenue to range between $780 million and $800 million, ahead of the $741 million expected by analysts, per Refinitiv. Alibaba — U.S.-traded shares rose 4.3% Thursday after the Chinese company beat analysts' expectations and posted its biggest year-over-year revenue growth since 2021. In the June quarter, the company posted revenue of 234.16 billion yuan versus 224.92 billion yuan expected, per Refinitiv. Earlier this week, Fleetcor posted adjusted earnings of $4.19 per share on revenue of $948.2 million. Analysts polled by FactSet called for earnings of $4.17 per share on revenue of $945 million.

Persons: Kate Spade, AppLovin, Alibaba, Versace, Jimmy Choo, Michael Kors, Wynn, Refinitiv, Jefferies, Truist, Nick McKay, Fleetcor, FactSet, — CNBC's Brian Evans, Hakyung Kim, Samantha Subin, Jesse Pound, Yun Li, Alex Harring Organizations: Disney —, Disney, Capri Holdings, Capri, Wynn, —, Penn Entertainment, Disney's ESPN, Wedbush Locations: Marina, Sands, Singapore, Alibaba —, Wednesday's

☆ Truist downgrades Penn Entertainment, says uncertainty lingers over ESPN partnership
▼ + stars: | 2023-08-10 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Truist isn't sold on Penn Entertainment's partnership with ESPN. The company made headlines this week after announcing a deal with Disney's ESPN to relaunch its sports betting app as ESPN Bet . Penn shares rallied more than 9% on the news, marking their best day since June 24, 2022 — when they surged 12.7%. PENN 5D mountain Penn Entertainment shares surged after ESPN deal announcement But Truist analyst Barry Jonas said traders still need time to "digest" the news. Penn Entertainment stock has slipped nearly 9% from the start of the year.

Persons: Truist isn't, Penn, Barry Jonas, they're, Jonas, PENN mgmt, — CNBC's Michael Bloom Organizations: Penn, ESPN, ESPN Bet, Bartstool, PENN, Penn Entertainment, Disney

☆ How ESPN's $2 billion sports-betting deal could set it up for a spinoff from Disney, according to industry insiders
▼ + stars: | 2023-08-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Industry insiders say ESPN's deal with Penn Entertainment could signal a potential ESPN spinoff from Disney. Disney announced a $2 billion deal with casino operator Penn Entertainment to create ESPN Bet. ESPN's $2 billion Penn Entertainment deal rocked the sports-betting world — and also renewed speculation among industry insiders that Disney could spin off its media crown jewel. To be sure, some industry watchers have questioned how the deal positions ESPN's ability to catch up in the sports-betting race. According to the American Gaming Association, sports betting grossed $7.5 billion in gaming revenue in 2022, up 75% from 2021.

Persons: Bob Iger, Jonathan Miller, Penn, Alex Ilosevich, it's, It's, Iger, — DraftKings, sportsbooks, LightShed, Peyton Manning's, Ashley Rodriguez Organizations: Industry, Penn Entertainment, ESPN, Disney, ESPN Bet, what's, Hearst, CNBC, NFL, NBA, MLB, Integrated Media Co, Caesars Entertainment, Penn, LightShed Partners, American Gaming Association, Amazon, Comcast, Peyton Manning's Omaha Productions, Front Office Sports Locations: Saudi

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said, its first decline since February 2021. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.18-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored decliners. The S&P 500 posted 16 new 52-week highs and 7 new lows; the Nasdaq Composite recorded 60 new highs and 178 new lows.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Consumer, Index, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, National Bureau of Statistics, Dow Jones, Bank of America, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight acceleration from last year. The consumer price index (CPI) dropped in the world's second-largest economy, the National Bureau of Statistics said on Wednesday, its first decline since February 2021. According to preliminary data, the S&P 500 (.SPX) lost 31.47 points, or 0.70%, to end at 4,467.91 points, while the Nasdaq Composite (.IXIC) lost 162.31 points, or 1.17%, to 13,723.96. Six of the top 11 S&P 500 sectors rose, with energy stocks (.SPNY) leading the gain. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Brendan McDermid, Jason Krupa, Patrick Harker, Gina Bolvin, Michelle Bowman, Wells, Penn Entertainment's, Walt Disney's, Uber, Krupa, Echo Wang, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Penn Entertainment, Dow, Nasdaq, Lenox Advisors, New York Federal Reserve Bank, Philadelphia Fed, Bolvin Wealth Management Group, Traders, FedWatch, Wall, Nvidia, Apple, Index, Bank of America, National Bureau of Statistics, Dow Jones, Casino, Walt, Walt Disney's ESPN, Thomson Locations: New York City, U.S, Boston, New York, Bengaluru

☆ Flutter's US bet drives first half profit 76% higher
▼ + stars: | 2023-08-09 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

The Dublin-based company said this made it the first online betting operator to turn a profit in the U.S and it did so six months ahead of schedule. Analysts at JPMorgan also noted a more cautious outlook on Australia, where Flutter's first half revenues fell by 1%. The U.S. profits contributed to reported EBITDA of 765 million pounds across the group, versus the 731 million pounds forecast by eight analyst polled by Refinitiv. Flutter and broadcaster Fox Corporation (FOXA.O) said last month it would close the FOX Bet sports betting platform. That would eclipse the record full year earnings of 1.4 billion pounds Flutter posted during the COVID-19 online betting boom of 2020.

Persons: Dado Ruvic, Jefferies, Paddy Power, Padraic Halpin, Louise Heavens, Barbara Lewis Organizations: REUTERS, JPMorgan, PokerStars, Ireland, Refinitiv, FOX Bet, Fox Corporation, Thomson Locations: Dublin, U.S, Australia

☆ DraftKings falls 10% on new threat for sports gambling market share from ESPN-Penn partnership
▼ + stars: | 2023-08-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Budrul Chukrut | Lightrocket | Getty ImagesOne of the leading sports gambling stocks fell sharply on Wednesday after media giant ESPN took a large step into the online betting world. Shares of DraftKings sank 10.9% after Penn Entertainment announced that it had signed a 10-year deal with ESPN. Stock Chart Icon Stock chart icon Shares of DraftKings was under pressure after ESPN and Penn National Gaming announced a partnership. ESPN, which is part of Disney , had previously been reluctant to fully embrace the highly competitive online gambling industry. As part of the deal, Penn will pay ESPN $2 billion in cash and stock warrants over 10 years to license the brand.

Persons: Barstool —, Bob Iger Organizations: Lightrocket, ESPN, DraftKings, Penn Entertainment, Penn, ESPN Bet, Penn National Gaming, Disney, CNBC

☆ Stocks making the biggest moves premarket: Penn Gaming, Lyft, WeWork and more
▼ + stars: | 2023-08-09 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Its share price, which was below $1 since early this year, dropped to $0.05 in premarket trading. Lyft — Shares lost almost 6% premarket after the ride-hailing company announced its second-quarter earnings. Meanwhile, adjusted per share earnings came in at 16 cents, beating estimates of a loss of 1 cent per share. Bumble — Dating platform Bumble slid 2.8% even after the company beat expectations for its second quarter on both lines. Analysts surveyed by Refinitiv were expecting a loss of 9 cents per share on $219 million of revenue.

Persons: WeWork, —, Lyft, Bumble, DraftKings, Marqeta, Refinitiv, — CNBC's Hakyung Kim, Yun Li, Alex Harring, Jesse Pound Organizations: SEC, Penn Entertainment, Disney's ESPN, Penn, ESPN Bet, ESPN, Revenue, JPMorgan, Disney, Technologies Locations: StreetAccount

☆ Disney's quarter wasn't clean, but we see evidence that CEO Bob Iger's turnaround plan is working
▼ + stars: | 2023-08-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Disney (DIS) reported fiscal third-quarter results after the closing bell Wednesday, and it was another mixed quarter even against low expectations. Still, there were enough pockets of optimism in the company's restructuring plan and streaming strategy to believe CEO Bob Iger's turnaround is working. Indeed, global Disney+ subscribers declined to 146.1 million from 157.8 billion, but nearly all of that was associated with Disney+ Hotstar and not Disney's core markets. Quarter over quarter, that loss of $512 million was narrower by $147 million. Thanks to the ongoing strength of Disney's international parks and cruise line business, Disney expects fourth-quarter operating margins at DPEP to exceed the prior year.

Persons: Bob Iger's, we've, Kevin Lansberry, Iger, Jim Cramer's, Jim Cramer, Jim, Bob Iger, CNBC's David Faber, David A Organizations: Disney, Refinitiv, DIS, Consumer, Hollywood, Indian Premier League cricket, Netflix, Disney Media, Entertainment, Linear Networks, ESPN, Penn Entertainment, Disney Parks, Walt Disney, Star Wars, CNBC, Allen, Grogan Locations: India, Florida, Europe, Canada, DMED, Sun Valley , Idaho

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. On a month-to-month basis, consumer prices are seen increasing 0.2%, the same rate as in June. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. ET, Dow e-minis were up 44 points, or 0.12%, S&P 500 e-minis were up 9 points, or 0.20%, and Nasdaq 100 e-minis were up 31.5 points, or 0.21%. Of the 443 S&P 500 companies that have reported earnings as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Patrick Harker, Michelle Bowman, FEDWATCH, Brendan McDermid, Michael Hewson, Penn Entertainment's, Walt Disney's, Uber, Bansari Mayur, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, Federal Reserve, Index, Philadelphia Fed, Traders, Bank of America, Citigroup, New York Stock Exchange, REUTERS, ECB, Bank of England, CMC Markets, Dow e, Casino, Walt, Walt Disney's ESPN, Rivian, Thomson Locations: U.S, New York City, Asia, Bengaluru

☆ Wynn delivers second straight quarterly beat, smashes estimates across the board
▼ + stars: | 2023-08-09 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Wynn Resorts (WYNN) delivered impressive second-quarter results on Wednesday, including higher profit margins out of a resurgent China — the linchpin of our investment thesis. Combined adjusted property EBITDAR in for North American properties was also a second quarter record. So, the higher the table game win rate, the more cash Wynn is holding onto and recording as revenue. Las Vegas The win rate in Las Vegas was in line with management's expectations, though down from a year ago. Wynn Interactive Wynn continues to take a disciplined cost approach to its digital gaming platform.

Persons: —, We're, Wynn, Wynn Interactive Wynn, Jim Cramer's, WYNN, Jim Cramer, Jim, Bob Henry Organizations: Wynn Resorts, WYNN, Refinitiv, North, Management, Wynn, Las Vegas, Wynn Interactive, CNBC, Universal, Getty Locations: China, Macau, North American, United States, Las Vegas, Boston, Wynn Macau

"We think that at this point there is some profit taking and retrenchment in the short term on the card," said Aadil Zaman, partner at Wall Street Alliance Group. However, Fed Governor Michelle Bowman on Monday said the combination of still-elevated inflation and continued economic growth meant further rate increases are likely. The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. Seven of the top 11 S&P 500 sectors rose, led by gains in energy stocks (.SPNY), that increased 1.6%, touching a near six-month high, tracking a jump in crude oil prices. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Aadil Zaman, Patrick Harker, Michelle Bowman, Monday, It's, Zaman, Brendan McDermid Big, Wells, Penn Entertainment's, Walt Disney's, Uber, advancers, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, . Federal Reserve, Wall, Nvidia, Apple, Wall Street Alliance Group, Philadelphia Fed, Traders, FedWatch, Index, CPI, New York Stock Exchange, REUTERS, Bank of America, Dow Jones, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: U.S, New York City, Bengaluru

☆ Stocks making the biggest moves midday: Roblox, Penn Entertainment, Upstart and more
▼ + stars: | 2023-08-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Roblox reported a loss of 46 cents per share, versus the 45 cent loss expected by analysts polled by Refinitiv. Upstart, a consumer lending platform, said it expects third-quarter adjusted EBITDA and revenue to come in around $5 million and $140 million, respectively. The company's adjusted earnings came in at 16 cents per share, beating estimates of a loss of 1 cent per share. Rivian posted an adjusted loss per share of $1.08 in the second quarter, while the Street anticipated a loss of $1.41 per share, per Refinitiv. On Tuesday, Super Micro Computer reported adjusted earnings of $3.51 per share on revenue of $2.18 billion.

Persons: Roblox, DraftKings, Lyft, Uber, Rivian, Carvana, FactSet, Refinitiv, Bumble, Marqeta, CNBC's Hakyung Kim, Pia Singh, Brian Evans, Jesse Pound, Alex Harring, Yun Li, Sarah Min Organizations: Refinitiv . Revenue, Roblox, Penn Entertainment, Disney, ESPN, ESPN Bet, Penn, —, Micro, Akamai Technologies, Enterprise, IAC —, IAC, Revenue, CashApp Locations: Refinitiv

☆ These are Wall Street's favorite gambling stocks as ESPN jumps into online sports betting. One is expected to rally 50%
▼ + stars: | 2023-08-09 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The worldwide leader in sports is finally jumping into online betting. Disney's ESPN division late Tuesday agreed to partner with Penn Entertainment to rebrand and relaunch the latter's online gambling sportsbook as ESPN Bet. ESPN entering the online gambling business could signal another run for gaming companies that have a presence in the industry. Now, the deal with ESPN may spell especially good news for Penn at the same time as it expands the entire online sports universe, boosting sentiment toward other online gaming companies. Online sports wagering, where individuals create betting accounts and make wagers using an online device, is legal in roughly 30 states.

Persons: Penn, Wall, FactSet Organizations: ESPN, Penn Entertainment, ESPN Bet, Penn, CNBC Pro, Wall Street, Rush, Interactive, Caesars Entertainment, Caesars, Boyd Gaming Corporation, Boyd Gaming Locations: Canada, Latin America, Vegas, Las Vegas

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