August 10th 2021 – Stock Market Today: Here’s what’s happening.

With more quarterly earnings reports set for this week, AMC Entertainment (AMC) stood out yesterday, with positive insights for the near future. What could this mean for investors?

DraftKings (DKNG) announced its acquisition of Golden Nugget Online Gaming (GNOG) on Monday for a chunk of $1.5 Billion. What is DKNG’s plan moving forward for investors and consumers?

Amid the earnings reports and Wall St. trading, there was very optimistic news Monday from the Labor Department’s Jobs Openings Report. It hit a level that exceeded expectations by a considerable margin. What could this mean for the economic recovery?



DraftKings (DKNG) plans to purchase Golden Nugget Online Gaming for $1.56 billion in an all-stock deal.

The flurry of gaming sector mergers and acquisitions continued Monday, with DraftKings (DKNG) agreeing to buy Golden Nugget Online Gaming (GNOG) for $1.56 billion in shares. Golden Nugget Online stockholders will get 0.365 shares of DKNG stock, representing a 53% premium over the company’s closing price at the end of last week. The news sent GNOG stock up roughly 48%, while DraftKings stock stayed relatively stable following the announcement. The market capitalization of DKNG is currently $20.68 billion.

The agreement provides DKNG access to Golden Nugget Online’s 5 million loyal online casino consumers. Customers who gamble on online casino games are expected to be crucial to the gambling industry’s future revenue development. According to analysts, iGaming clients are worth seven times as much as sports betting customers. On DKNG’s second-quarter earnings call, CEO Jason Robins stated that iGaming allows it to expand its offerings beyond sports seasons. This is despite difficulty attracting clients to its casino gaming platform.

The purchase is expected to save DKNG $300 million in expenditures since it brings the platform and technology in-house, reduces payments to third-party suppliers, and decreases marketing costs. Beyond fantasy sports and sports betting, DKNG has been exploring ways to diversify its earnings. It has formed partnerships with sports bars, created an NFT (Non-Fungible Token) marketplace, and worked with data supplier Genius Sports. DKNG now has access to authentic NFL statistics and a variety of other sports and streaming options.



AMC’s earnings did well against expectations, with the CEO lauding a “Transformative” period for the meme stock.

After-hours trading for AMC Entertainment (AMC) is up after the theater business beat analysts’ projections for the second quarter’s top and bottom lines. AMC reported a 71-cent loss per share, compared to Wall Street expectations of a 94-cent loss per share. For the quarter, revenue increased to $444 million, compared to $382.25 million expected. Compared to the same period last year, when the firm brought in $19 million in sales, the company’s second-quarter performance represents a considerable improvement.

In a statement released Monday along with the company’s quarterly earnings, AMC CEO Adam Aron stated, “AMC’s journey through this pandemic is not finished, and we are not yet out of the woods. However, while there are no guarantees as to what the future will bring in a still infection-impacted world, one must look ahead and envision a happy Hollywood ending to this story.” The CEO also stated on Monday that the firm was obtaining leases for up to ten additional locations. So far, six leases or letters of intent have been signed, he said. Aron also pointed out that AMC expects to have the right technology in place before the end of the year to accept digital currencies for online purchases of movie tickets and snacks.



The Labor Department reported Monday that job openings had surpassed 10 million for the first time.

In June, job openings in the United States reached a new high, and hiring rose as well, indicating that the supply limitations that have slowed the labor market are still there, even as the speed of the recovery accelerates. On the final day of June, job vacancies increased from 590,000 to 10.1 million, according to the Labor Department’s monthly Job Openings and Labor Turnover Survey, or JOLTS report, released on Monday.

Polled economists predicted that job vacancies would grow to 9.28 million by June’s end, well under the reported $10+ million. Job opportunities grew in all four areas, with the percentage rising to 6.5% from 6.1%. Businesses have struggled to rehire personnel quickly enough to keep up with the economy’s rapid recovery after the pandemic, which has disrupted many companies as limitations and concerns of the virus have kept people at home. According to JPMorgan analyst Peter McCrory, despite the reduction in June, the ratio of job openings to actual hiring is at a historic high.

There have been reports of severe labor shortages, notably in the leisure and hospitality industries. Unemployment benefits, childcare problems, and residual fears about the virus have all been cited as reasons why individuals are hesitant to return to work. However, Monday’s data offered a hopeful sign, as hiring rose to 6.7 million in June from 6.0 million in the prior month, the second-largest increase since the government started tracking the statistic in 2000. Economists generally expect a more prominent bump in hiring as schools reopen and pandemic-era unemployment benefits end.

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