Streetbeat News

Partnerships

DIS

DKNG

PENN

The Walt Disney Company (NYSE:DIS) reported Q3 revenue of $22.33 billion, up 4% YoY but missing Street consensus estimates. Earnings per share were $1.03, beating estimates of 97 cents. The company reported a $90-million gain on its investment in DraftKings Inc (NASDAQ:DKNG), which it sold in the quarter. Disney also signed a recent partnership with PENN Entertainment (NASDAQ:PENN) for the ESPN Bet brand. Disney+ core subscribers reached 105.7 million.

Portfolio Pulse from Chris Katje

August 09, 2023 | 8:34 pm

MSFT

Microsoft (NASDAQ:MSFT) and Aptos Labs are collaborating to integrate artificial intelligence with blockchain to simplify the transition for users into the Web3 realm using the Microsoft Azure OpenAI Service. Aptos Labs will launch the Aptos Assistant, a secure and user-friendly bridge from Web2 to Web3. The collaboration will explore solutions like asset tokenization, payments and central bank digital currencies to further boost Web3 adoption in the financial sector.

Portfolio Pulse from Murtuza Merchant

August 09, 2023 | 8:08 pm

COIN

Coinbase (NASDAQ:COIN) has launched its own blockchain, Base (CRYPTO: BASE), marking a significant step for public corporations venturing into managing their proprietary distributed networks. The move could generate a substantial revenue stream from applications developed on this platform. Coinbase has also unveiled an 'Onchain Summer' campaign, collaborating with major corporate partners, including Coca-Cola.

Portfolio Pulse from Murtuza Merchant

August 09, 2023 | 7:00 pm

DIS

PENN

Penn Entertainment (NASDAQ:PENN) is selling 100% of Barstool Sports back to its founder, Dave Portnoy, in exchange for certain non-compete and other restrictive covenants. This comes after Penn acquired the remaining stake in Barstool Sports for over $500 million through transactions in 2020 and 2023. The divestiture is part of Penn's partnership with ESPN, which Portnoy has described as a win-win. Penn will receive 50% of any sale proceeds or dividends Barstool Sports pays out.

Portfolio Pulse from Chris Katje

August 09, 2023 | 4:36 pm

GOOGL

NVDA

RXRX

Biotech company Recursion has used artificial intelligence (AI) and supercomputers to predict new possible chemical interactions for drug discovery. The company combined a database of 15,000 human proteins from Google's AI research organization, DeepMind, with another containing 36 billion molecules. The data was processed using a supercomputer and cloud computing power from Nvidia. Recursion, which conducts about 2.2 million experiments per week, has collected 25 petabytes of data. However, the company now faces the challenge of turning AI predictions into physical lab tests and getting them through FDA clinical trials.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 4:36 pm

EXC

ComEd, a subsidiary of Exelon Corporation (EXC), has announced new programs to accelerate the adoption of electric vehicles (EVs) in northern Illinois. The company is investing $231 million in customer programs to remove barriers to electrification, including a new EV Charging Delivery Rate option to incentivize the buildout of an expanded network of EV charging infrastructure. ComEd is also expanding its EV Readiness program, which helps local governments develop policies and programs for EV integration. The initiatives are part of the state's Climate and Equitable Jobs Act, which aims to put 1 million EVs on Illinois roads by 2030.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 3:40 pm

CMCSA

CZR

DIS

DKNG

PENN

Penn Entertainment (NASDAQ:PENN) has announced a partnership with ESPN, along with its Q2 earnings and the divestiture of Barstool Sports. Analysts have mixed views on the deal, with some seeing it as a 'landscape-changing' move, while others are more cautious due to previous failed partnerships in the sector. The deal could lead to more consolidation in the sports betting industry and increase the total addressable market size. Penn is paying $1.5 billion over 10 years, $500 million in warrants, and additional warrants based on market share targets. The impact on DraftKings (NASDAQ:DKNG) is seen as minimal.

Portfolio Pulse from Chris Katje

August 09, 2023 | 3:28 pm

BKSY

RKLB

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares are down 5% on Wednesday and more than 9% over the last five sessions. The company reported Q2 losses of 10 cents per share, missing the analyst consensus estimate. However, it beat sales estimates with $62.05 million, an 11.85% increase YoY. Rocket Lab also announced a purchase agreement with BlackSky Technology, Inc. (NYSE:BKSY) for five launches and a new launch services agreement with a confidential customer for a NASA mission in 2024.

Portfolio Pulse from Erica Kollmann

August 09, 2023 | 2:49 pm

RUM

Rumble, a video platform, has announced that it will be the exclusive GOP livestream partner for the second GOP debate of the 2024 Presidential Primaries.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 2:07 pm

FOX

RUM

The Republican National Committee (RNC) has announced that the second Republican presidential primary debate will be held in partnership with FOX Business, Rumble, Univision, and the Ronald Reagan Presidential Foundation and Institute. The debate will take place at the Ronald Reagan Presidential Library on September 27, 2023. Rumble will be the exclusive RNC livestream provider and the RNC's exclusive online home for the second debate.

Portfolio Pulse from Happy Mohamed

August 09, 2023 | 2:06 pm