A Good Week for Sports Betting
By Mon, Nov 9, 2020
Hey Scoopers,
The market seemed to be enjoying less uncertainty, at least for now. — More on that in the “Overall Market” section.
Beyond the overall market, investors celebrated the rise of internet TV and punished a stock for a lower than expected forecast. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, the election was a win for sports betting stocks. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: Stock market indices ended Friday in disagreement, although it was a good week for the market overall. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price hovered above the $15,000 level.
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Market Liked Less Uncertainty
Stock market indices ended Friday somewhat flat, and then came the presidential election’s results during the weekend. The question everyone wants to know is where the market is headed next week between now and the inauguration day. Some believe that less uncertainty means a better outcome for the markets. The futures’ market on Sunday indeed showed signs of that. However, there are still too many causes for concern. More than 10 million people are unemployed, and the COVID-19 pandemic and its impact on the economy and society are still around us. For now, it seems the market likes less uncertainty.
Internet TV
So what happened?
Shares of The Trade Desk Inc (Ticker: TTD) were up by more than 26% on Friday. The company’s platform enables brands to run advertisements on the so-called internet TV. The company announced its latest quarterly earnings. It seems digital advertisements beyond Google and social media ads have taken off, and the Trade Desk’s stock price has rallied with it.
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Alteryx Inc
So what happened?
Shares of Alteryx Inc (Ticker: AYX) were down by more than 20% on Friday. The company announced its latest quarterly earnings report. The provider of self-serve analytics software had a stellar quarter. However, its forecast for the next quarter wasn’t as good as its last quarter. In response, investors sent the stock price tumbling. This is not the first time that this has happened. The same thing happened last quarter, and the stock managed to recover from it. It seems Alteryx investors never learn.
Sports Gambling Stocks Won Too
So what happened?
Last week we discussed that the election was a win for several cannabis investors as Arizona, New Jersey, South Dakota, and Montana voters ended their marijuana prohibition. Similarly, the election was a win for sports gambling stocks. Maryland, Louisiana, and South Dakota legalized sports betting, and companies such as DraftKing (Ticker: DKNG) had a good week in response to a more significant market opportunity.
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.
About the Author
The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card
