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<ul class="summary-list"><li><keyword id="11972480" type="UNKNOWN" weightage="60" keywordseo="draftkings" source="Orion">DraftKings</keyword> stock jumped 17% on Wednesday after landing a Morgan Stanley ratings upgrade to overweight. </li><li>The bank's $31 price target implies the stock holds the potential to drive up 60%. </li><li>The upgrade arrived after New Yorkers placed $603 million in bets in the state's launch of online betting. </li></ul><a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> shot higher Wednesday on a Morgan Stanley upgrade that said investors should take advantage of the stock's earlier decline to buy a leader in what could become a $21 billion US <keyword id="11972476" type="UNKNOWN" weightage="60" keywordseo="sports-betting" source="Orion">sports betting</keyword> market. The stock is now rated overweight, up from from equal weight, with Morgan Stanley noting the shares had dropped about 75% from its 52-week high. Shares of the Boston-based company rose 17% to an intraday high of $22.69. "While we and the market have been focused on near to medium-term profit concerns, we believe at the current price, one should not ignore that DKNG is a leading market share player in what will be a very large profitable market," said equity analyst Thomas Allen in a note published Wednesday. The investment bank's price target of $31 a share implies a potential 60% jump from Tuesday's closing price of $19.32. The bullishness on betting comes after New York's Gaming Commission last week said New Yorkers placed $603 million in bets in the first eight days of the state launching legal, online betting earlier this month. The data points "remind us how big and how concentrated an opportunity US sports betting/ iGaming is," Morgan Stanley said, adding that the implied market revenue run rate is $1.9 billion, higher than its previous projections of $600 million in 2022 and $1 billion in 2025. "While only 4 operators were live in the first 8 days of the NY market, it still showed how the leading players dominate, with DraftKings, FanDuel, and [Caesar's Entertainment] at 98%/99% of handle," or the amount of wagered money by bettors. The investment bank forecast legal US sports betting and iGaming to increase to $20.6 billion in 2025 from less than $1.5 billion in 2019 as more states legalize such activities and spending per capita rises. Morgan Stanley also has bull-case price target for DraftKings stock of $87 that is supported in part by increasingly wider confidence among experts that California could legalize online sports betting this year.The bank's bear case price target of $5 stems from a scenario under which the total addressable market would amount to $10.4 billion, with DraftKings losing market share.

DraftKings jumps 17% as Morgan Stanley says investors should buy into a leader in the rapidly growing US betting market

<ul class="summary-list"><li>The legendary investor who anticipated the <keyword id="12658404" type="UNKNOWN" weightage="60" keywordseo="enron" source="Orion">Enron</keyword> collapse 20 years ago has two new short positions.</li><li><keyword id="11970141" type="UNKNOWN" weightage="60" keywordseo="jim-chanos" source="Orion">Jim Chanos</keyword> said he's betting against food-delivery app <keyword id="11931723" type="UNKNOWN" weightage="60" keywordseo="doordash" source="Orion">DoorDash</keyword> and sports-betting firm <keyword id="11972480" type="UNKNOWN" weightage="60" keywordseo="draftkings" source="Orion">DraftKings</keyword>.</li></ul>Legendary short seller Jim Chanos has two new companies he's betting against: <a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> and <a href="https://markets.businessinsider.com/stocks/dash-stock">DoorDash</a>. In an <a href="https://www.cnbc.com/halftime/">interview on CNBC</a>, the founder of Kynikos Associates revealed the two companies as short-selling opportunities. Chanos is well known for anticipating Enron's historic collapse, which happened 20 years ago today. For DraftKings, the sports betting firm that went public via SPAC in 2020, Chanos said the company has high marketing costs relative to its actual revenue. <a href="https://twitter.com/WallStCynic/status/1465799042848509956/photo/1">In tweets on November 30</a>, he posted a screenshot of the company's <a href="https://draftkings.gcs-web.com/sec-filings/sec-filing/10-q/0001772757-21-000032">third-quarter</a> revenue and expenses, which showed sales and marketing spending of $303 million compared to revenue of $212 million."You can believe in sports betting, but this business model is flawed," <a href="https://www.cnbc.com/2021/12/02/jim-chanos-says-he-initiated-a-short-position-in-draftkings.html">he told CNBC</a>. DraftKings did not immediately respond to Insider's request for comment. Its stock has slumped about 30% so far this year. As for food-delivery app DoorDash, <a href="https://www.cnbc.com/2021/12/02/jim-chanos-is-betting-against-doordash-because-its-losing-money-even-during-pandemic-delivery-boom.html">Chanos told CNBC</a> that even with more people ordering meals to be delivered, the company is still struggling to make a profit. "You're not making money in the pandemic, when everyone is ordering food and everyone is staying at home and you have a captive audience," he said. "If not now, when?"In the third quarter this year, the company reported a net loss of $101 million, wider than the year-earlier loss of $43 million, according to a <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001792789/47198e9d-6b6e-4f5a-861d-c5403ed1b69c.pdf">regulatory filing</a>. But for the last six consecutive quarters, it's generated positive adjusted earnings before interest, tax, depreciation, and amortization. DoorDash went public a year ago in an epic debut in which it <a href="https://markets.businessinsider.com/news/stocks/doordash-stock-price-ipo-public-trading-debut-nyse-dash-offering-2020-12">nearly doubled</a> its offering price. But since the IPO, the stock has dropped about 12%. DoorDash stock closed up 2.8% Thursday, and DraftKings edged up 0.2%.

Legendary short-seller Jim Chanos reveals he is betting against DraftKings and DoorDash

<ul><li><a href="https://markets.businessinsider.com/stocks/dkng-stock"></a><a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> soared as much as 8.8% on Wednesday after New York Gov. <keyword id="196530" type="PERSON" weightage="60" keywordseo="Andrew-Cuomo">Andrew Cuomo</keyword> unveiled legislation backing mobile sports gambling in the state.</li><li>Should the law pass, New York would become the most populous state yet to embrace <keyword id="7934970" type="UNKNOWN" weightage="60" keywordseo="online-sports-betting">online sports betting</keyword>.</li><li>Cuomo backed the measure as part of his plan to revive state tax revenues after they plunged amid the coronavirus pandemic.</li><li>The governor's proposal will require gambling operators such as <keyword id="3073342" type="PERSON" weightage="60" keywordseo="draftkings">DraftKings</keyword> to receive state licenses and partner with gaming companies already operating in certain areas of the state.</li><li><a href="https://markets.businessinsider.com/stocks/dkng-stock">Watch DraftKings trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> rallied as much as 8.8% on Wednesday after New York Gov. Andrew Cuomo revealed legislation to allow for mobile sports gambling in the state.The move stands to make New York the most populous state yet to embrace the betting industry. Cuomo previously stopped short of embracing online betting, arguing that a constitutional amendment is necessary to allow for such business.The governor's new proposal will require mobile gambling operators to receive state licenses and partner with existing gaming companies.Read more: <a href="https://www.businessinsider.com/investing-advice-democratic-sweep-georgia-runoff-election-expert-portfolio-tips-2021-1">Wall Street experts are calling Georgia's runoff results 'the first surprise of 2021.' Here's how 4 of them recommend positioning your portfolio for what could happen next.</a>DraftKings pared gains Wednesday afternoon and traded roughly 3% higher.Cuomo endorsed the legislation as part of his plan to help the state rebound from the coronavirus pandemic. The health crisis and its economic fallout slammed states' tax revenues, leaving governments to cut costs and look for new sources of income."New York has the potential to be the largest sports wagering market in the United States, and by legalizing online <keyword id="1084645" type="PERSON" weightage="60" keywordseo="sports-betting">sports betting</keyword> we aim to keep millions of dollars in revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis," Cuomo said in a statement.New Jersey legalized sports betting in June 2018, leading some New York residents to travel into the state to make bets. An industry survey cited by Cuomo found that nearly 20% of New Jersey sports betting revenue comes from visiting New Yorkers.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-transportation-companies-most-upside-tom-lee-2021-1" target="_blank" rel="noopener">Fundstrat's Tom Lee says to buy these 10 transportation stocks that were the hardest hit by the pandemic and are most leveraged for the economy's reopening in 2021</a>The neighboring state's latest report on sports betting suggests New York has been missing out on millions of dollars in taxes. New Jersey recorded $50.6 million in sports betting revenue in November, according to a <a href="https://www.nj.gov/oag/ge/docs/Financials/PressRel2020/November2020.pdf">state report</a>. The sales fueled $6.2 million in state tax income.Separately, Cuomo also <a href="https://www.governor.ny.gov/news/governor-cuomo-announces-proposal-legalize-and-create-equitable-adult-use-cannabis-program-part">backed the legalization of marijuana</a> in New York to further prop up tax revenues. The news further lifted cannabis stocks <a href="https://markets.businessinsider.com/news/stocks/pot-stocks-democrat-georgia-senate-victories-decriminalization-acb-tlry-cgc-2021-1-1029937827">already climbing</a> on Democrats' victories in Georgia Senate runoff elections.DraftKings traded at $49 as of 1:20 p.m. ET Wednesday. The company has 23 "buy" ratings and eight "hold" ratings from analysts.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-target-electric-vehicle-deliveries-morgan-stanley-tsla-2021-1-1029938182">Tesla will rally another 10% to street-high price target of $810 as deliveries continue to accelerate, Morgan Stanley says</a><a href="https://markets.businessinsider.com/news/stocks/pot-stocks-democrat-georgia-senate-victories-decriminalization-acb-tlry-cgc-2021-1-1029937827">Cannabis stocks soar as Georgia Senate elections boost investor hopes for decriminalization</a><a href="https://www.businessinsider.com/stock-market-sp-500-price-targets-2021-investing-advice-strategies-2021-1">10 top Wall Street experts unveil their stock-market forecasts for 2021 - and tell you where to put your money</a><a href="https://markets.businessinsider.com/stocks/dkng-stock"><div type="image" title="DKNG" height="1098" width="1416" msid="80141262" hostid="261"></div></a>

DraftKings leaps 9% after Gov. Cuomo announces plan to authorize mobile sports betting in New York

<ul class="summary-list"><li>Two of <keyword id="10473418" type="UNKNOWN" weightage="60" keywordseo="cathie-wood">Cathie Wood</keyword>'s ARK ETFs bought a combined 870,299 shares of <keyword id="3073342" type="PERSON" weightage="60" keywordseo="draftkings">DraftKings</keyword> on Tuesday.</li><li>The purchases came after a dip in share prices due to a short-seller report from Hindenburg Research.</li><li>DraftKings received analyst support from Morgan Stanley and Jefferies after the news broke.</li></ul>Two of Cathie Wood's actively managed Ark ETFs bought the dip in <a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> on Tuesday, acquiring a combined 870,299 shares after a short-seller report sent the stock sinking.Specifically, Wood's <a href="https://markets.businessinsider.com/etfs/ark-next-generation-internet-etf-us00214q4010">Ark Next Generation Internet ETF</a> bought 181,597 shares, while the <a href="https://markets.businessinsider.com/etfs/ark-innovation-etf-us00214q1040">Ark Innovation ETF</a> bought 688,702 shares, according to a daily email from Ark's trading desk outlining recent trades.The combined stock was worth some $42,218,204 as of Tuesday's closing price.DraftKings represents the 17th-largest holding of the <keyword id="10868787" type="UNKNOWN" weightage="60" keywordseo="ark-innovation-etf">Ark Innovation ETF</keyword> and the 19th-largest component of the <keyword id="10869736" type="UNKNOWN" weightage="60" keywordseo="ark-next-generation-internet-etf">Ark Next Generation Internet ETF</keyword>.DraftKings' stock came under pressure on Tuesday after the noted short-seller Hindenburg Research <a href="https://markets.businessinsider.com/news/stocks/hindenburg-research-draftkings-short-report-hiding-black-market-operations-2021-6-1030524649">released a report</a> detailing what they describe as "black market operations" at the fantasy sports and sports betting operator.While the stock fell as much as 12% on Tuesday, it recovered to end the day down just 4%. Now, DraftKings has received some much-needed analyst support.Thomas Allen, the managing director of equity research at Morgan Stanley, reiterated his "overweight" rating and $58 price target on shares of DraftKings after the short-seller report.The analyst argued that "unregulated" market exposure is common for international online gaming/sports betting companies and that DraftKings' partner, SBTech, has exposure that is more in the "grey market" area."We are Overweight <keyword id="9115376" type="UNKNOWN" weightage="60" keywordseo="dkng">DKNG</keyword> on the thesis that its customer acquisition advantage through its legacy DFS business will drive outsized US B2C sports betting revenue and, in turn, profitability compared to consensus," Allen said.Jefferies analyst David Katz also maintained his "buy" rating and $75 price target on DraftKings, arguing that the SBTech acquisition was mainly meant to help the company own and developing the right betting technology, not gain international revenue.Read more: <a href="https://www.businessinsider.com/cathie-wood-ark-etf-projected-growth-recent-downturn-renato-leggi-2021-6" target="_blank" rel="noopener">A client portfolio manager at Cathie Wood's Ark Invest shares which of its ETFs are projected to see the most growth over the next 5 years, and explains the recent downturn in the broader family</a>

Cathie Wood's Ark ETFs bought the dip in DraftKings after a short-seller report sent shares tanking

<ul><li><a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> rallied as much as 10% on Friday after the company beat third-quarter estimates and reported a leap in monthly users.</li><li>Revenue and earnings for the three-month period landed above analyst expectations, and the company lifted its 2020 and 2021 revenue guidance.</li><li>Monthly payers jumped 64% from the year-ago period and surpassed 1 million, according to the report.</li><li>Resumption of major sports leagues and the start of the regular NFL season "generated tremendous customer engagement," CEO Jason Robins said in a statement.</li><li><a href="https://markets.businessinsider.com/stocks/dkng-stock">Watch DraftKings trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> leaped as much as 10% on Friday after the sports-betting platform beat third-quarter expectations and posted a jump in monthly users.The company expects all major sports calendars will stay intact throughout the year and continue to drive more betting activity to its service. Against that backdrop, the company lifted its 2020 and 2021 revenue forecasts, helping Friday's rally. Still, soaring COVID-19 case counts across the country already prompted the cancelation of some college football games and could cut into the improved guidance. <keyword id="3073342" type="PERSON" weightage="60" keywordseo="draftkings">DraftKings</keyword>' stock has become a virtual proxy for re-openings, and has <a href="https://markets.businessinsider.com/news/stocks/draftkings-stock-price-covid19-outbreaks-delay-mlb-games-coronavirus-sports-2020-7-1029434909">fluctuated wildly with any announcement of sports schedule changes due to the pandemic</a>.Here are the key numbers:<ul><li>Revenue: $133 million, versus the $131.7 million estimate from analysts surveyed by Bloomberg</li><li>Loss per share: 57 cents, versus the 61 cent estimate</li><li>2020 revenue guidance: $540 million to $560 million, versus the $526.8 million estimate</li><li>2021 revenue guidance: $750 million to $850 million, versus the $775.9 million estimate</li></ul>DraftKings also reported a 64% year-over-year increase in monthly payers. More than 1 million unique users flocked to the platform each month of the third quarter. Average revenue per monthly user was $34 due to limited sports activity in July, the company said.Read more: <a href="https://www.businessinsider.com/stock-picks-cathie-wood-ark-invest-shares-2-innovation-winners-2020-11?r=gr-sub">ARK CEO Cathie Wood is beating 98% of her peers this year. She and her team share the investment cases for 2 'winner-take-most' stocks in their portfolios, and explain why she is unfazed by the rotation into value.</a>"The resumption of major sports such as the NBA, MLB and the NHL in the third quarter, as well as the start of the NFL season, generated tremendous customer engagement," Jason Robins, DraftKings' co-founder and CEO, said in the quarterly report.The company's guidance also hinges on its continued operation in states where it's already active. Forecasts stand to improve if additional states legalize <keyword id="416357" type="PERSON" weightage="60" keywordseo="sports-gambling">sports gambling</keyword> and widen the company's total addressable market. At the moment, 19 states and Washington, D.C. allow online sports gambling.If DraftKings does expand to new states, it will do so with far more partnerships than it had in the previous quarter. The company <a href="https://markets.businessinsider.com/news/stocks/draftkings-stock-price-new-york-giants-deal-big-10-restart-2020-9-1029596218">inked deals</a> with ESPN, the New York Giants, and the Chicago Cubs over the three-month period covered in Friday's report.DraftKings shares leaped higher in early September after Michael Jordan <a href="https://markets.businessinsider.com/news/stocks/draftkings-stock-price-jumps-michael-jordan-equity-stake-special-advisor-2020-9-1029556547">took an equity stake in the company</a>. The basketball superstar will provide "guidance and strategic advice" to the company's board, according to a press release.The company's stock closed at $41.25 per share on Thursday. DraftKings has 21 "buy" ratings and five "hold" ratings from analysts, with a median price target of $46.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/stock-market-value-rotation-previews-2021-action-strategy-outlook-jpmorgan-2020-11-1029798647">Monday's mammoth shift to value stocks previews the market rotations coming next year, JPMorgan says</a><a href="https://www.businessinsider.com/investing-strategy-trade-mcconnell-cap-stimulus-2020-11">How to trade the 'McConnell Cap' as Republican Kentucky senator has become Stimulus-in-Chief, according to a $400 mln wealth manager</a><a href="https://markets.businessinsider.com/news/stocks/softbank-ceo-masayoshi-son-billions-loss-tech-stocks-elliott-management-2020-11-1029798158">SoftBank CEO Masayoshi Son racked up a $3.7 billion loss trading daily moves in tech stocks — and the risky investments are concerning the company's 2nd-biggest shareholder</a><a href="https://markets.businessinsider.com/stocks/dkng-stock"><div type="image" title="DKNG" height="1174" width="1418" msid="79211354" hostid="261"></div></a>

DraftKings soars 10% after beating earnings estimates and passing 1 million monthly payers

<ul><li>DraftKings jumped as high as 8% Friday after upgrading 2021 revenue forecasts to $1 billion. </li><li>The sports-betting company also saw a 146% increase in fourth quarter revenue, and reported a 44% increase in monthly unique users. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> jumped as high as 8% to $62 a share after upgrading its 2021 forecasts and <a href="https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-reports-fourth-quarter-and-full-year-2020-results-and">reporting</a> a flood of new users during the fourth quarter.The <keyword id="1084645" type="PERSON" weightage="60" keywordseo="sports-betting">sports betting</keyword> company upgraded its revenue expectations for 2021 to a range of $900 million-$1 billion, up from $750 million-$850 million. The company said this forecast increase reflects strong fourth quarter performance, an increase in new users, and the launch of mobile sports betting in Michigan and Virginia."We are raising our revenue outlook for 2021 due to our expectation for continued growth, the outperformance of our core business and newly launched states that were not included in our previous guidance," CEO Jason Robins said in a <a href="https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-reports-fourth-quarter-and-full-year-2020-results-and">statement</a>.DraftKings said this forecast is contingent on all professional and college sports events including the NCAA's March Madness, NBA playoffs, and NHL playoffs going forward as planned. The sports betting firm also reported a 44% increase in monthly unique players to 1.5 million, above the highest analyst forecast of 1.45 million, according to Bloomberg. A rise in the number of states that permit legal gambling is likely to blame for that user surge. Additionally, DraftKings posted a 146% increase in revenue during the fourth quarter, bringing in $322 million compared to the $131 million during the same period in 2019. Following the successful launches in Michigan and Virginia in 2021, DraftKings now operates mobile sports betting in 12 states, more than any other company in the industry. Shares pared back earlier gains and were trading around $59 as of 10:33 a.m. ET. DraftKings is up 27% year-to-date.

DraftKings jumps 8% as sports-betting company forecasts $1 billion in revenue for 2021

<ul class="summary-list"><li><keyword id="3073342" type="PERSON" weightage="60" keywordseo="draftkings">DraftKings</keyword> rose 7% on Friday after the company beat second-quarter earnings estimates and boosted its full-year sales forecast.</li><li>The Boston-based company posted quarterly revenue of $298 million, topping Wall Street's estimates of $242 million.</li><li>It also revised its full-year sales forecast from a range of $1.05 billion-$1.15 billion to $1.21 billion-$1.29 billion.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/dkng-stock" target="_blank" rel="noopener">DraftKings</a> rose 7% on Friday after the online sports betting company beat its second-quarter earnings estimates and boost its full-year sales forecast.DraftKings climbed an intraday high of 7% on Friday. The stock was trading 1.31% higher, at $51.14 as of 10:28 a.m. ET.The Boston-based company <a href="https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-reports-second-quarter-revenue-298-million-increases">posted</a> quarterly revenue of $298 million, topping Wall Street's <a href="https://finance.yahoo.com/quote/DKNG/analysis/" rel="nofollow">estimates</a> of $242 million, and representing a 297% increase year-over-year. The company also revised its full-year sales forecast from a range of $1.05 billion-$1.15 billion to $1.21 billion-$1.29 billion, equating to an 88%-100% year-over-year growth and a 14% rise compared to the midpoint of previous guidance.The increased outlook, according to the company, can be attributed to continued user retention, engagement, and acquisition. It also saw improvements in some key metrics such as its monthly revenue per user, which jumped 26% compared to the same period last year.The outlook, however, assumes that all sports calendars that have been announced occur as scheduled and that the company's operations continue where they are currently live, the company added.DraftKings in the past months has been benefitting from a wave of enthusiasm over the country's emerging sports-betting industry.The company's operations vary per state depending on the service. For instance, DraftKings online sports betting is live in 12 states, while its iGaming arm is live in four.This year, 25 states have introduced legislation to legalize mobile sports betting, while five states have introduced legislation to expand their existing sports betting frameworks.Meanwhile, four states have introduced iGaming legislation and three states have introduced online poker legislation.In July, DraftKings <a href="https://markets.businessinsider.com/news/currencies/tom-brady-autograph-nft-draftkings-lionsgate-naomi-osaka-tiger-woods-2021-7">partnered</a> with Autograph, the NFT platform co-founded by NFL quarterback Tom Brady. The platform will officially launch its NFTs this summer.

DraftKings climbs 7% after beating earnings estimates and boosting full-year sales forecast

<ul><li><a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> surged as much as 12% on Wednesday after basketball legend <keyword id="56589" type="PERSON" weightage="60" keywordseo="Michael-Jordan">Michael Jordan</keyword> took an equity interest in the firm.</li><li>Jordan's stake comes in exchange for "providing guidance and strategic advice" to the <keyword id="1084645" type="PERSON" weightage="60" keywordseo="sports-betting">sports betting</keyword> company, according to a <a href="https://www.draftkings.com/about/news/2020/09/michael-jordan-joins-draftkings-as-special-advisor-to-the-board/">press release</a>.</li><li>The six-time NBA champion will advise <keyword id="3073342" type="PERSON" weightage="60" keywordseo="draftkings">DraftKings</keyword> on a variety of topics including company strategy, development, diversity, equity, and marketing.</li><li><a href="https://markets.businessinsider.com/stocks/dkng-stock">Watch DraftKings trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> shares rocketed as much as 12% on Wednesday after announcing basketball superstar Michael Jordan took an equity stake in the company.The six-time National Basketball Association champion took an equity interest in exchange for "providing guidance and strategic advice" to DraftKings' board of directors, according to a Wednesday <a href="https://www.draftkings.com/about/news/2020/09/michael-jordan-joins-draftkings-as-special-advisor-to-the-board/">press release</a>. The sports betting company plans to tap Jordan for input on company strategy, development, diversity, equity, and marketing activities."The strategic counsel and business acumen Michael brings to our board is invaluable, and I am excited to have him join our team," CEO and co-founder Jason Robins said in the release.Read more: <a href="https://www.businessinsider.com/investing-strategy-for-small-companies-from-mircocap-expert-ian-cassel-2020-9">'You can make 5, 10, 50X your money': Here's an inside look at the 7-part strategy small-stock expert Ian Cassel is using to unearth the market's most overlooked gems</a>Jordan's role as a special advisor to DraftKing's board of directors is effective immediately, the company said. DraftKings began trading publicly in April after merging with special-purpose acquisition company Diamond Eagle. Shares have since rallied as investors position for <keyword id="416357" type="PERSON" weightage="60" keywordseo="sports-gambling">sports gambling</keyword> to pick up as major leagues resume activity.The exposure to major sports in the middle of the coronavirus pandemic cuts both ways. While the start of the NBA and Major League Baseball seasons boosted shares, the stock <a href="https://markets.businessinsider.com/news/stocks/draftkings-stock-price-covid19-outbreaks-delay-mlb-games-coronavirus-sports-2020-7-1029434909">tumbled as much as 13%</a> on July 27 when a COVID outbreak halted several MLB games.DraftKings closed at $36.93 per share on Tuesday, up 247% year-to-date.<a href="https://www.businessinsider.com/investing-strategy-how-to-trade-markets-hottest-growth-stocks-bernstein-2020-9">Bernstein breaks down 4 reasons why red-hot growth stocks will keep soaring — and outlines how to build a safe portfolio designed to take advantage</a>Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/amc-stock-price-reopen-movie-theaters-tenet-release-announcement-2020-9-1029556138">AMC leaps 13% after announcing plans to reopen 140 theaters by Saturday</a><a href="https://www.businessinsider.com/ppp-loans-high-risk-fraud-waste-abuse-coronavirus-economic-stimulus-2020-9">Tens of thousands of PPP loans at high risk for 'fraud, waste, and abuse,' House Democrats say</a><a href="https://markets.businessinsider.com/stocks/dkng-stock"><div type="image" title="DKNG" height="1102" width="1418" msid="77892598" hostid="261"></div></a>

DraftKings surges 12% after Michael Jordan takes equity stake and special adviser role

<ul><li><keyword id="1084645" type="PERSON" weightage="60" keywordseo="sports-betting">Sports betting</keyword> platform <a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> stock sank as much as 12.8% on Monday after a coronavirus outbreak in the Miami Marlins baseball team delayed some Major League Baseball games.</li><li>The <keyword id="133010" type="ORGANIZATION" weightage="60" keywordseo="MLB">MLB</keyword> was the first major US sports league to resume activity when its season began on Thursday.</li><li>The league postponed a game between the Marlins and the Baltimore Orioles after <a href="https://theathletic.com/1954316/2020/07/26/why-did-the-marlins-play-baseball-on-sunday/">The Athletic</a> reported four Marlins players took part in a Sunday game after testing positive for COVID-19.</li><li>A game between the New York Yankees and the Philadelphia Phillies — the Marlins' Sunday opponent — was also postponed.</li><li><a href="https://markets.businessinsider.com/stocks/dkng-stock">Watch DraftKings trade live here</a>.</li></ul>Shares of <keyword id="416357" type="PERSON" weightage="60" keywordseo="sports-gambling">sports gambling</keyword> platform <a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> tanked as much as 12.8% on Monday after a new coronavirus outbreak led Major League Baseball to postpone two games.The 2020 MLB season is among the few sports calendars relatively intact amid the coronavirus pandemic. Games began on Thursday after delays related to testing and implementing strict safety measures for players and staff.Yet the season could end just days after beginning after the Miami Marlins played a game on Sunday despite four players testing positive for COVID-19, according to The Athletic. The league has since canceled the Marlin's Monday game against the Baltimore Orioles. Monday's game between the New York Yankees and Philadelphia Phillies, who played the Marlins on Sunday, was also postponed."The members of the Marlins' traveling party are self-quarantining in place while awaiting the outcomes of those results," MLB said in a statement.Read more: <a href="https://www.businessinsider.com/storage-units-real-estate-investing-strategy-demand-oriented-ryan-gibson-2020-7">Millions in profits and 5429 units: Here's why Ryan Gibson is going all-in on storage unit investing after years of flipping homes — and the strategy he's using to capture the booming trend</a>The delays pose a serious risk for <keyword id="3073342" type="PERSON" weightage="60" keywordseo="draftkings">DraftKings</keyword> and its hopes for a sports-betting resurgence. The firm went public in late April through a $3.3 billion merger with special-purpose acquisition firm Diamond Eagle, well before any major US sports leagues resumed activity. Yet shares more than doubled in the months following as investors bet on economic reopenings and containment of the virus to revive sports and related betting businesses."While our business in the short term is partially dependent on the sports calendar, we have always said we are playing the long game and will continue our focus on driving a technology first approach to product innovation in order to keep sports fans engaged," a DraftKings spokesperson told Business Insider.Even if major sports are delayed further, the company has shown it can pivot to other betting ventures. Entries on the company's fantasy esports contests <a href="https://www.businessinsider.com/esports-betting-fantasy-draftkings-fanduel-analysis-sportsbook-gambling-challenges-2020-4?utm_source=markets&amp;utm_medium=ingestgest">skyrocketed 50-fold in March</a> as customers started to brace for months without sports. DraftKings also allowed users to bet on virtual matches taking place in popular games including Madden NFL. DraftKings traded at $34.74 per share as of 12:40 p.m. ET Monday.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/tech-stock-price-market-rally-not-dot-com-bubble-strategist-2020-7-1029434662">Tech stock rally is far from repeating the 1990s dot-com bubble, SunTrust says</a><a href="https://markets.businessinsider.com/news/stocks/gold-price-record-inflation-fears-safe-haven-demand-recession-analyst-2020-7-1029434179">Gold prices can soar to a record $2,000 on inflation fears and safe-haven demand, analyst says</a><a href="https://markets.businessinsider.com/news/stocks/tech-stock-price-market-rally-not-dot-com-bubble-strategist-2020-7-1029434662"></a><a href="https://www.businessinsider.com/warren-buffett-800-million-bank-america-likely-winner-bill-brewster-2020-7">Warren Buffett's $800 million bet on Bank of America is almost a guaranteed winner, Berkshire Hathaway investor Bill Brewster says</a>

Sports betting platform DraftKings plunges 13% after COVID outbreak halts MLB games

<ul><li>US stocks closed mixed on Wednesday as sliding tech giants overshadowed the Federal Reserve's pledge to keep monetary support intact for the foreseeable future.</li><li>Central bank policymakers signaled near-zero interest rates would last through 2023 to buttress the US economic recovery.</li><li>The tech sector dragged major indexes into intraday losses, with mega-caps including Apple and Facebook leading the slump.</li><li><keyword id="87998" type="PERSON" weightage="60" keywordseo="Retail-sales">Retail sales</keyword> <a href="https://www.businessinsider.com/us-retail-sales-august-miss-estimates-economic-recovery-slows-recession-2020-9">grew by just 0.6%</a> in August, missing the average economist estimate of 1% and marking a slowdown from July's 1.2% growth.</li><li>Oil prices increased on reports of US stockpiles falling by 9.5 million barrels last week. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> jumped as much as 5.4%, to $40.33 per barrel.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US equities closed mixed on Wednesday as investors weighed the Federal Reserve's latest policy decision against a tech-sector slump.Tech names slowed their roll on Wednesday after rebounding in recent sessions. Mega-caps including <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, and <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> sank through the afternoon and dragged the S&amp;P 500 and Nasdaq composite into intraday losses. The sector has endured intense volatility through September as investors have weighed historically high valuations against the firms' earnings strength through the pandemic.The Federal Open Market Committee elected to hold rates near zero and maintain asset purchases at least at their current pace after their two-day September meeting. Central bank policymakers also signaled <a href="https://www.businessinsider.com/federal-reserve-fomc-decision-september-near-zero-rates-through-2023-2020-9">near-zero rates would last through 2023</a>.In an update to its forward guidance, the Fed said it "expects to maintain an accommodative stance of monetary policy" until maximum employment is achieved and inflation averages 2% over time, according to a Wednesday <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm">statement</a>. The stance signals to investors that highly supportive monetary policy will remain in place well into the US economic recovery. Here's where US indexes stood at the 4 p.m. ET market close on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,385.49, down 0.5%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 28,032.38, up 0.1% (37 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,050.47, down 1.3%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-strong-earnings-2021-jefferies-2020-9" target="_blank" rel="noopener">A Wall Street firm says investors should buy these 15 cheap, high-earning stocks now to beat the market in 2021 as more expensive companies fall behind</a>"If there was any doubt about the Fed's intention to allow the economy to run hot, today's FOMC meeting put paid to that," Seema Shah, chief strategist at Principal Global Investors, said. "The only question that remains, is how hot is hot?"Investors also grappled with <a href="https://www.businessinsider.com/us-retail-sales-august-miss-estimates-economic-recovery-slows-recession-2020-9">retail-sales data that was weaker than expected</a>. August sales grew by just 0.6%, missing economists' estimates of 1% and sinking from July's 1.2% growth. The reading marked the fourth straight increase since spending cratered in April but also showed a slowdown as economic stimulus dried up last month.Energy stocks gained the most through the day, with real estate and industrial stocks also notching healthy gains. Tech stocks fell the most of the S&amp;P 500's 11 sectors along with communication services and consumer cyclical stocks.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-from-house-hacks-to-multifamily-units-2020-9">Anthony Angotti quit his 9-to-5 career to pursue real-estate investing full time. Here's the strategy he's used to balloon his portfolio to 89 units after an initial duplex investment.</a><a href="https://markets.businessinsider.com/news/stocks/snowflake-stock-price-soars-market-trading-debut-buffett-ipo-2020-9-1029595825">Cloud-data startup Snowflake more than doubled</a> in its first day of trading on the New York Stock Exchange. The company raised roughly $3.4 billion in its debut, making it the largest-ever software initial public offering and biggest IPO of the year.<a href="https://markets.businessinsider.com/stocks/kodk-stock">Kodak</a> shares surged after an internal investigation found that stock trades by CEO Jim Continenza around the time the Trump administration disclosed a $765 million loan to the firm didn't violate company rules.The sports-betting platform <a href="https://www.businessinsider.com/draftkings-stock-price-new-york-giants-deal-big-10-restart-2020-9">DraftKings rose</a> after <a href="https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-and-new-york-giants-announce-official-exclusive">announcing an exclusive deal</a> with the New York Giants to operate online wagers, a sportsbook, and a virtual lounge on game days.<a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-jpmorgan-analyst-defends-company-following-cfo-meeting-2020-9-1029595994">Nikola reversed an intraday tumble and soared</a> after JPMorgan analyst Paul Coster backed the company after a discussion with its management. The stock slipped through recent sessions amid research reports knocking Nikola for misrepresenting its performance and sales. Nikola deemed such reports false, but the statement did little to keep shares from falling earlier in the week.Read more: <a href="https://www.businessinsider.com/options-trading-strategy-market-wizards-schwager-tony-saliba-shares-advice-2020-9">Legendary options trader Tony Saliba famously put together 70 straight months of profits greater than $100,000. Here's an inside look at the strategy that propelled him to millionaire status before age 25.</a>"The overall message was reassuring: no loss of momentum with existing partners, prospective customers, suppliers and employees," Coster said in a Wednesday note.Spot gold climbed as much as 1%, to $1,973.60. The US dollar erased losses and gained slightly, and Treasury yields ticked higher after the Fed's announcement.Crude-oil futures jumped above $40 per barrel after the American Petroleum Institute reported that US inventories fell by 9.5 million barrels last week, <a href="https://www.bloomberg.com/news/articles/2020-09-15/oil-extends-rally-after-report-shows-decline-in-u-s-stockpiles?srnd=markets-vp">according to Bloomberg</a>. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> gained as much as 5.4%, to $40.33 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international standard, climbed 4.5%, to $42.37 per barrel, at intraday highs.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/investing-strategy-skybridge-gayeski-hedge-fund-managers-to-invest-in-2020-9">The co-investing chief of SkyBridge explains how he finds opportunities in places where no one is looking — and shares the 3 hedge fund titans he's plowing money into ahead of market-wide 'muted returns'</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-rally-continue-fed-aid-economic-recovery-ubs-2020-9-1029591603">The world's largest wealth manager says central banks still have plenty of ammo that can keep stocks rallying</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-stocks-us-election-wells-fargo-2020-9-1029595832">Wells Fargo says stock market volatility will balloon after US election</a>

US stocks close mixed as tech slump overshadows Fed's plans for long-term support

<ul><li><keyword id="1084645" type="PERSON" weightage="60" keywordseo="sports-betting">Sports betting</keyword> firm <keyword id="3073342" type="PERSON" weightage="60" keywordseo="draftkings">DraftKings</keyword> soared as much as 18% in its Friday trading debut.</li><li>The company went public through a merger with <keyword id="1284582" type="PERSON" weightage="60" keywordseo="Diamond-Eagle">Diamond Eagle</keyword> Acquisition Corp and SBTech, allowing shares to begin trading without an initial public offering or direct listing.</li><li>DraftKings' first day of trading arrives as the coronavirus halts nearly all sports leagues and drives wild <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword> moves.</li><li>Despite the sports shortage, the company has seen a spike in esports interest and is even offering betting on video-game simulations.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingestgest">Visit the Business Insider homepage for more stories</a>.</li></ul>Sports betting platform DraftKings surged as much as 18% on Friday as investors got their first chance to buy and sell shares.The company completed its combination with SBTech and <a href="https://markets.businessinsider.com/stocks/deac-stock">Diamond Eagle Acquisition</a> on Thursday, allowing DraftKings' common stock to begin trading Friday morning. The market debut didn't involve a traditional method, as DraftKing's merger with a special-purpose acquisition company allows it to go public without an initial public offering or direct listing.DraftKings stock, which trades on the Nasdaq exchange under the ticker <keyword id="9115376" type="UNKNOWN" weightage="60" keywordseo="dkng">DKNG</keyword>, soared immediately after Friday's open before paring gains later in the day. Shares traded at $19 as of 12:25 p.m. ET, up about 8.4%.Read more: <a href="https://www.businessinsider.com/stock-market-investing-trading-recommendations-coronavirus-volatility-options-morgan-stanley-2020-4">Morgan Stanley explains why the end of wild swings in the stock market is near — and shares the perfect trade to profit from the calm ahead</a>The company's first day of trading arrived at a pivotal moment for the global sports industry. The coronavirus pandemic has frozen nearly all leagues and events, barring some esports tournaments and a charity golf match between <a href="https://www.insider.com/brady-trolls-manning-woods-instagram-ahead-of-charity-golf-match-2020-4">Tiger Woods, Phil Mickelson, Tom Brady, and Peyton Manning</a>. The firm isn't concerned about the lockdown, CEO Jason Robins told <a href="https://www.cnn.com/2020/04/23/investing/draftkings-stock/index.html">CNN Business,</a> as demand will rebound once the health crisis is over."We have a good story that resonates with investors for the long term," Robins said. The sports shortage hasn't stopped DraftKings from offering new <keyword id="6366684" type="UNKNOWN" weightage="60" keywordseo="gambling">gambling</keyword> opportunities. Entries on the company's fantasy esports contests <a href="https://www.businessinsider.com/esports-betting-fantasy-draftkings-fanduel-analysis-sportsbook-gambling-challenges-2020-4">soared 50-fold in March</a> as virus shutdowns began. DraftKings is also allowing users to bet on simulated matches taking place in popular games like Madden NFL, according to CNN Business.The debut's timing also faces a broader threat due to the investing landscape. DraftKings is one of the few companies going public amid heightened market volatility. Equity prices have rebounded from their late-March lows, yet remain well below their pre-virus highs as investors brace for a prolonged recession.Though investors have mostly shrugged off daily coronavirus data, oil's plunge into negative prices on Monday roiled stocks through the start of the week and added a new element to an already dire economic situation.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/oil-prices-leap-market-rally-replaces-negative-wti-contract-levels-2020-4-1029127408">Oil spikes 9% as market rebound puts negative prices in rear view</a><a href="https://markets.businessinsider.com/news/stocks/federal-reserve-monetary-policy-interest-rates-near-zero-2023-survey-2020-4-1029127099">The Fed will keep interest rates near zero for at least 3 more years, economist survey says</a><a href="https://www.businessinsider.com/payments-startups-winners-losers-coronavirus-crisis-vc-investors-2020-4">4 top VCs from firms like Bain and Andreessen Horowitz lay out winners and losers as the coronavirus transforms how we shop and pay</a>Read the original article on <a href="https://www.businessinsider.com/draftkings-stock-price-trading-debut-merger-coronavirus-shutdown-betting-sports-2020-4">Business Insider</a>

DraftKings soars as much as 18% after making trading debut amid sports lockdown and intense market volatility

<ul class="summary-list"><li>The “sin stocks” label traditionally refers to <keyword id="6366684" type="UNKNOWN" weightage="60" keywordseo="gambling">gambling</keyword>, alcohol, tobacco, and weapons companies.</li><li><keyword id="4461046" type="PERSON" weightage="60" keywordseo="Sin-stocks">Sin stocks</keyword> are considered <keyword id="597098" type="PERSON" weightage="60" keywordseo="defensive-stocks">defensive stocks</keyword>, meaning they tend to perform well even during an economic downturn.</li><li>Though relatively stable, sin stocks carry some special risks, such as being vulnerable to changes in regulations or taxes. </li></ul>Sin stocks refer to shares of public companies engaged in a business or industry that's considered unethical, immoral, or unsavory. Traditionally, the term's been applied to the weapons, alcohol, gambling, or tobacco sectors. But, with the growth of <keyword id="6617678" type="UNKNOWN" weightage="60" keywordseo="Socially-responsible-investing">socially responsible investing</keyword> and <keyword id="9884660" type="UNKNOWN" weightage="60" keywordseo="ethical-investing">ethical investing</keyword>, sin stocks now often encompass other companies and industries people find objectionable in some way.Some investors shun sin stocks and try to own only investments they consider virtuous or ethical. Other investors favor sin stocks because they tend to perform well in both <a href="https://www.businessinsider.com/what-is-a-bull-market" target="_blank" rel="noopener">bull</a> and bear stock markets, and no matter what <a href="https://www.businessinsider.com/what-is-business-cycle" target="_blank" rel="noopener">phase</a> the economy is in. Let's fall more deeply into sin stocks. <h2>What is a sin stock?</h2>No single standard industry definition exists for sin stocks. But most of the categories could be said to tie into any of the seven deadly sins laid out centuries ago by Pope Gregory I: <ol><li>Pride</li><li>Greed</li><li>Lust</li><li>Envy</li><li>Gluttony</li><li>Wrath</li><li>Sloth</li></ol>It's easy enough to plug most of the sin stock categories into this ancient list: Gluttony could refer to alcohol and <keyword id="2433809" type="PERSON" weightage="60" keywordseo="Tobacco-stocks">tobacco stocks</keyword>, wrath could refer to weapons stocks, and greed could refer to gambling stocks. Adult entertainment companies can also fall under the umbrella of sin stocks, and they fit nicely into the lust category.<h2>Is sin in the eye of the beholder?</h2>Other stocks and sectors can be considered sinful too — depending on your religion, your politics, and your personal moral and ethical values. For example, Islamic investors, following their faith's Shariah law, might shun conventional financial institutions because they charge interest. Shariah principles also prohibit investments in alcohol, tobacco, pork, gambling, media, and pornography and disallow short selling, speculation, and derivatives.Environmentalists might classify oil and coal stocks as sin stocks, considering the companies behind them to be "polluters." Vegans might consider shares of any company that raises animals, sells animal products, or tests on animals to be a sin stock. Some analysts even make a solid argument for Netflix as a sin stock: to binge-watch a show is to indulge in sloth. And if alcohol is sinful, maybe marijuana is, too, if it's being used for recreational and not medicinal purposes. The stock of a company that produces opiates could be considered a sin stock because of all the people who have died or become addicted — though of course, these drugs have enormous benefits too. Even the generally agreed-upon categories can be open to debate. What one person calls a weapons company (unethical) another person might deem a defense company (ethical). Such is the double-edged sword of trying to define what makes a stock sinful.<h2>Sin stock categories and companies</h2>A variety of corporations could be called sin players. The categories include the traditional Big Four of the sin stock sector, along with some newer but commonly cited fields. <ul><li>Alcohol: Anheuser-Busch InBev (BUD), Molson Coors Brewing Company (MCBC), Boston Beer Company (SAM), Constellation Brands (STZ), Diageo (DGEAF), Brown-Forman (BF)</li><li>Defense/Weapons: Boeing (BA), Northrup Gruman (NOC), Aerojet Rocketdyne (AJRD), Raytheon (RTX), Lockheed Martin (LMT), American Outdoor Brands (AOBC), Olin (OLN), Vista Outdoor (VSTO), Sturm, Ruger (RGR)</li><li>Tobacco: Altria (MO), British American Tobacco (BTAFF), Philip Morris (PM)</li><li>Gambling/Adult Entertainment: Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN), Penn National Gaming (PENN), Caesars Entertainment (CZR), Boyd Gaming (BYD), Scientific Games (SGMS), DraftKings (DKNG), RCI Hospitality Holdings (RICK)</li><li>Marijuana/Cannabis: Cronos (CRON), Canopy Growth (CGC), Aurora Cannabis (ACB), Aphria (APHA), Tilray (TLRY), GrowGeneration (GRWG)</li><li>Corrections/Prisons: CoreCivic (CXW), The GEO Group (GEO)</li><li>Payday Lenders: World Acceptance Corp. (WRLD), Enova International (ENVA)</li><li>Energy: Energy Transfer LP (ETP), ExxonMobil (XOM), Kinder Morgan (KMI)</li><li>Meat: Hormel Foods (HRL), Sanderson Farms (SAFM), Tyson Foods (TSN)</li><li>Snacks/Junk Food: Coca-Cola (KO), Mondelez International (MDLZ), Hershey (HSY), PepsiCo (PEP), McDonald's (MCD)</li></ul><h2>What makes sin stocks enticing?</h2>You don't invest in sin stocks just for the thrill of being naughty. Owning them can be an attractive financial strategy. <h3>They're steady performers</h3>Sin stocks are considered "defensive" stocks, meaning they tend to perform well even during an economic downturn or <a href="https://www.businessinsider.com/what-is-a-recession" target="_blank" rel="noopener">recession</a>. People who regularly smoke, drink, or gamble don't stop doing these things when times are bad, whether because they're physically addicted or because they enjoy these activities as a way to escape and unwind, however un healthfully. And of course, they might indulge even more when times are good. <h3>They're cash cows</h3>As a result, sin stocks are known for their stable earnings and income streams. Many companies in sin industries are well-established, have sound financials, and have consistently paid dividends for years. <h3>They've got little competition</h3>The goods and services that sinful companies produce tend to be highly subject to law. Potential competitors may be loath to enter such enterprises, creating more room for the existing players.Even sin stocks' negative connotations can work to their advantage. Certain institutional investors — especially those handling funds for religious or academic groups — often shy away from notorious or controversial businesses. That can lead to a particular sin stock being undervalued and a good bargain.<h2>What are the downsides of sin stocks?</h2>Even if you have no moral or ethical qualms about investing in sin stocks, you should consider their potential financial drawbacks before adding them to your portfolio.<h3>There's high regulatory risk</h3>All companies' fortunes can be contingent on laws, but regulatory risk is a particular concern with sin stocks. Marijuana might become legal at the federal level, but what happens if, instead, U.S. states reverse the legality of medical or recreational marijuana? Defense spending and gun control regulations can change depending on who rules a country, international relations, and terrorist activity.<h3>Taxes can be a problem</h3>All companies have to deal with taxation, but sin stocks often have a fiscal target on their backs. Regulators and voters could decide to increase taxes on the "sinful" items these companies produce; they're often the go-to source when states need money. Higher taxes could reduce demand, dampen profits, and push stock prices down.<h3>Consumer habits can change</h3>You'll also want to consider the effect of changing consumer tastes, like declining alcohol and tobacco consumption. Black swan events can force habits to change, such as a pandemic shutting down casinos and the sporting events people like to bet on.Finally, devoting too much of your portfolio to a single industry or company is always risky, no matter whether that company produces organic vegetables or nuclear warheads.<h2>How to invest in sin stocks </h2>The unique consideration for sin stocks is whether you oppose the product or service a company manufactures or purveyors. Otherwise, whether you should invest in sin stocks boils down to the same questions you would ask yourself with any investment: <ul><li>What is the unique benefit of putting my money in this investment versus a different investment? </li><li>Is the potential reward high enough to choose this investment over the alternatives?</li><li>How does this investment fit into my portfolio and my overall investment strategy?</li><li>How much money do I stand to lose? Can I afford that loss?</li></ul>Of course, as with any investment, you'll have to do the research on any possible sin stock you're considering to make sure the conventional wisdom about it holds true.<h2>The financial takeaway</h2>In a sense, the decision to invest in stocks question touches on the general issue of socially responsible and ethical investing — and whether you feel that your principles should influence your principal.Some investors' attitude toward sin stocks is that it's up to individuals to decide whether they want to smoke, drink, or gamble, despite the risks. Other investors think that the companies producing these products are at least partly to blame for individuals' consumption, especially when that consumption becomes addictive and products are engineered to be addictive. It's up to you whether to base your investment decisions purely on financial considerations or whether to let the ethical questions inform your choices. <h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/personal-finance/why-invest-stock-market" target="_blank" rel="noopener">Why invest in the stock market? Because it can be more dangerous not to</a></h3><h3><a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-stocks-beginners-guide" target="_blank" rel="noopener">How to invest in stocks, even if you're starting from scratch</a></h3><h3><a href="https://www.businessinsider.com/online-poker-casino-games-business-triple-as-casinos-close-2020-8" target="_blank" rel="noopener">Online poker and casino games have tripled their revenue from last year as real-world casinos shut their doors</a></h3><h3><a href="https://www.businessinsider.com/us-cannabis-execs-say-industry-is-heading-for-a-turnaround-2020-9" target="_blank" rel="noopener">Insider Cannabis: US cannabis execs say the industry is heading for a turnaround — Compass Pathways going public — Cannabis users prefer regular old weed</a></h3><h3><a href="https://www.businessinsider.com/pentagon-upholds-microsoft-jedi-contract-amazon-lawsuit-2020-9" target="_blank" rel="noopener">In a blow to Amazon, the Pentagon has upheld its $10 billion JEDI contract with Microsoft</a></h3>

You Searched For "dkng stock price" and got 12 results

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