DraftKings Up 250% After Posting $146.6 Million in Losses

[Click to view in browser](. Sep 2nd 2020 Dear InvestingChannel Reader, Shares of DraftKings (DKNG) rallied 4% Wednesday after NBA legend Michael Jordan agreed to join the company as an advisor and investor. The Boston-based online gaming company, which reported a stunning loss of $146.6 million on $323.4 million in revenues last year, has now surged more than 250% in 2020. It is not clear when the company will ever reach profitability. Of course, existing profits seem to be a secondary consideration when much of the investor focus is on price action of growth stocks over the next two to three days rather than their prospects over the next two to three decades. The activity in the options market reflects the collective nearsightedness, as 18 of the 20 most actively traded single stock options Wednesday are weekly contracts that expire on Friday: led by Apple (AAPL) Sept. 4th 135 calls, AAPL Sept 4th 130 calls, and Tesla (TSLA) Sept. 4th 500 calls. Total calls traded lead puts more than 2:1 with 13.3 million calls and 6.6 million puts traded hands through midday. Yet, while call options on large cap tech names continue to draw heavy interest, technology and the Nasdaq Composite are notable laggards today. The S&P 500 and Dow are trading higher thanks to gains in consumer staples, healthcare, and telecommunications. Energy is down after crude oil slipped on weekly inventory data. Gold is lower as the dollar rebounds, but bonds are bid after the latest ADP report showed private-sector payrolls increased by just 428,000 in August. Jobs will continue to be the main theme through the second half of the week, with weekly jobless claims due Thursday and monthly payroll numbers Friday morning. Yet, there seems to be little concern that unemployment numbers will derail the stock market's upward momentum into the three-day Labor Day weekend; CBOE Volatility Index (.VIX) is down .26 to 25.86. Meanwhile, here are some other stories that caught our eye: - [Hot September Starts with Walmart, Tech, and “Stay-at-Home” Stocks Leading the Way]( - [U.S. Manufacturing Activity Strongest in Nearly Two Years in August]( - [Private Sector Jobs Increased by 428K in August, Below Consensus]( - [Trump Overtakes Biden as Favorite to Win the Presidential Elections, According to Betfair]( - [Oil Drops, Reversing Earlier Gains as U.S. Gasoline Demand Drops]( - [The Democrats’ $400 Billion Climate Plan Would Burden an Already Gasping Economy]( - [Australia’s Economy Takes the Sharpest Dive Since the 1930s]( - [Macy’s Swings to a Loss in Second Quarter, but Results Top Estimates]( - [Ford to Cut 1,400 Salaried Jobs Through Buyouts by Yearend]( - [AMC Spikes After Top Theater Chain Says 70% of Locations Will Open This Weekend]( [Man Who Predicted 2020 Gold Rally Issues New Call]( Gold expert explains why massive shift happening right now in the financial markets could create biggest opportunity in last 100 years. [Click here to know more]( Sponsored by Stansberry Research The world's largest retailer wants more of your business. [Walmart Introduces Walmart+]( [(StreetInsider)]( It’s a new membership program that brings together in-store and online benefits to save customers time and money. [Click here to read more.]( More companies going public as market averages reach record highs. [IPO Parade Continues as Wish Files, Bumble Eyes Eventual Debut]( [(Hedge Accordingly)]( Last Monday will go down in the books as a historic day for unicorn liquidity, as company after company dropped their IPO filings onto the internet for the world to read. [Click here to read more.]( [Down and Out Millennial Shares the Strategy that Grew his Money to $5 million in 2 years]( Andrew Keene was living with his parents. Two years later, he had $5 million to play with – all because of this one strategy. The crazy thing is you can do it in less than 90 minutes a week. Find out how easy your life could be. [Click here to read more.]( Sponsored by 1450 Club MJ has a well-known history as a gambler. [DraftKings Flies After Michael Jordan Joins as Special Advisor]( [(Benzinga)]( The company has brought in six-time NBA champion and five-time NBA MVP Michael Jordan as a special advisor to the board of directors [Click here to read more.]( Big month for some key biotechnology names. [Attention Biotech Investors: Mark Your Calendar for September PDUFA Dates]( [(Benzinga)]( August was a disappointing month as far as regulatory decisions, as the FDA turned down several applications, citing different reasons. [Click here to read more.]( [Ethereum Slides 14% in 24 Hours, Hints at Steeper Drop Ahead]( by [Barchart]( Few cryptocurrencies have had as explosive growth in 2020 as Ethereum. [Read more.]( [In-Depth Market Analysis Delivered Straight To Your Phone]( Sponsored by [IC]( With Covid-19 completely upending economies and markets it is becoming harder and harder to separate the important updates from the noise. Now with perspectives from our team of experts in equities, forex and commodities you won't have to. Get in-depth analysis on the markets now. Download the FREE app from [Android Play Store]( or [iOS App. Store]( [Euro Retreats After Reaching Critical 1.2000 Against the Dollar]( by [Benzinga]( EUR/USD pair traded as high as 1.2011, its highest since May 2018, trimming daily gains afterwards and turning negative on the day, on the back of upbeat U.S. data. [Read more.]( Copyright 2020, InvestingChannel, All Rights Reserved | [Privacy Policy]( [InvestingChannel, Inc.]( P.O. Box 118 New York, NY 10018. To unsubscribe, [click here]( [Link](