Weekly Market Recap:
Big Week For Sports Betting
Ahead of Super Bowl Sunday, sports betting stocks such as DraftKings, Flutter, Penn Entertainment, and Caesars are trending higher, with Americans expected to bet a record $23 billion on the game, highlighting its significance in Las Vegas, described as "the ultimate Vegas wedding" by the Washington Post.
S&P 500 Record Week
Technology stocks propelled the S&P 500 to a new record, closing above 5000 points for the first time, driven by economic strength and investor confidence in riskier assets despite high interest rates, with the Nasdaq and Dow also showing significant gains amid a historically strong 15-week rally.
Sports Streaming Continues
Amazon will exclusively stream its first-ever NFL playoff game on Prime Video next season, following the success of NBCUniversal's Peacock, which aired a playoff game attracting 23 million viewers, amidst strategic moves by the NFL to expand its streaming presence and diversify game rights, despite some fan and lawmaker concerns over the shift towards streaming.
NYCB Takes A Hit
New York Community Bancorp's shares plummeted to their lowest since July 2000 following a Fitch downgrade, compounded by a fourth-quarter surprise loss and dividend cut, with a 48% decline since the disclosure, as Fitch cited real estate challenges and regulatory issues from recent acquisitions, impacting broader bank stock indices.
With Super Bowl LVIII coming up and with it being in Las Vegas, sports betting is becoming even more prevalent than it has been in the past. In the weeks between the NFC and the AFC championship games, which was when the Super Bowl participants were chosen, wages had been up by 35% compared to the same time period from last year. Sportsbook operators have been eyeing this game to beat previous betting records and possibly even hit $200 million. On top of that staggering $200 million, it is also predicted that Las Vegas casinos could take in at least $250 million in Super Bowl bets.
Incentives from Sports Books for New Customers:
BetMGM: $158 in bonus bets instantly after wagering $5 or 20% deposit match up to $1,500
FanDuel: $200 in bonus bets for wagering $5
DraftKings: $100 in free wagers with deposit
Caesars: Up to $1,000 on first bet
Next Week:
Notable Earnings:
Tuesday (2/13)
Coca-Cola ($KO)
Shopify ($SHOP)
Airbnb (ABNB)
Marriott ($MAR)
Datadog ($DDOG)
Lyft ($LYFT)
Robinhood ($HOOD)
Wednesday (2/14)
TripAdvisor ($TRIP)
Cisco ($CSCO)
Occidental ($OXY)
Thursday (2/15)
Doordash ($DASH)
Draftkings ($DKNG)
Coinbase ($COIN)
Crocs ($CROX)
Penn Ent. ($PENN)
Roku ($ROKU)
Notable Ex-Dividend Dates
Tuesday (2/13)
Exxon ($XOM) 3.73%
Kenvue ($KVUE) 3.83%
Consolidated Edison ($ED) 3.64%*
Wednesday (2/14)
Eli Lilly & Co. ($LLY) .89%
Microsoft ($MSFT) .78%
Thursday (2/15)
BP ($BP) 4.1%
Chevron ($CVX) 4.28
Ford ($F) 4.7%
3M ($MMM) 6.46%*
Emerson Electric ($EMR) 2.03%*
PPG Industries ($PPG) 1.86%*
Friday (2/16)
UPS ($UPS) 4.13%
Walgreens Boots ($WBA) 3.91%
Johnson & Johnson ($JNJ) 3.04%
