Penn-ESPN Deal Transforms Sports Betting, 2 Inflation Data Points Send Mixed Signals, Markets Look Ahead To Retail Earnings
Portfolio Pulse from Natan Ponieman
The S&P 500 and Nasdaq Composite saw losses while the Dow Jones gained. July's consumer price index rose to 3.2% in annual inflation, below market expectations. Stifel's Chief Equity Strategist predicts a flat market for the rest of the year. Penn Entertainment Inc announced an exclusive sports betting deal with ESPN, causing a 20% spike in shares, but ended the week with a 4.47% loss. Disney reported a mixed third quarter, with revenue growing 4% annually but below analyst expectations. AMC Entertainment Holdings ended the week 4.37% higher after reporting earnings. Rivian Automotive Inc lost more than 16% of its value this week after reporting losses. Plug Power Inc shares tanked 20.78% despite better-than-expected quarterly results. Canopy Growth, Curaleaf Holdings, and Aurora Cannabis Inc all saw losses after reporting earnings.
August 11, 2023 | 8:37 pm
News sentiment analysis
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POSITIVE IMPACT
AMC Entertainment Holdings ended the week 4.37% higher after reporting earnings.
AMC's positive earnings report likely boosted investor confidence, leading to a rise in the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
Disney reported a mixed third quarter, with revenue growing 4% annually but below analyst expectations.
Disney's mixed results, with revenue growth but below analyst expectations, could lead to uncertainty among investors, potentially keeping the stock price stable.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Penn Entertainment Inc saw a 20% spike in shares after announcing an exclusive sports betting deal with ESPN, but ended the week with a 4.47% loss.
The announcement of the deal with ESPN initially caused a spike in Penn's shares, but the excitement seemed to have worn off by the end of the week, resulting in a net loss.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Plug Power Inc shares tanked 20.78% despite better-than-expected quarterly results.
Despite better-than-expected results, Plug Power's shares tanked, possibly due to other factors such as market sentiment or company-specific news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Rivian Automotive Inc lost more than 16% of its value this week after reporting losses.
Rivian's reported losses likely shook investor confidence, leading to a significant drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100