Flutter Soars, iRobot Crashes on Amazon Deal Doubt as CE 100 Index Dips 0.6%
The CE 100 Index lost 0.6% as gains from the Have Fun segment were blunted by double-digit plunges from the likes of iRobot — where concerns over the firm’s takeover by Amazon (and possible derailment) sent investors fleeing.
Within the Have Fun group, which got a 3.3% boost, shares of Flutter Entertainment soared 23%.
Flutter Entertainment, which owns FanDuel and PokerStars, among other holdings, said fourth-quarter revenues were up 15% to about $3.3 billion equivalent. CEO Peter Jackson said in tandem with results, “In the U.S., FanDuel consolidated its sports leadership position during the peak quarter for sporting activity, while FanDuel Casino went from strength to strength.” U.S. operations were more than one-third of sales, and revenues from the states were up double-digit percentage points.
Shares of DraftKings leaped 14.2%.
The company said that it launched its online sportsbook in Vermont this month, bringing to 26 the number of states in which it operates.
The DraftKings Sportsbook app is also active in Ontario, Canada, the company said last week. With the DraftKings Sportsbook app, eligible sports fans in Vermont can bet on professional sports and sporting events and access same-game and cross-sport parlays, in-game betting, special odds boosts and other promotions.
Nvidia shares were up 8.7%, driving the Enablers segment higher by 2.4%. Yahoo Finance reported that Nvidia stock hit an all-time high on Friday, “as the AI craze continues to roll on in early 2024,” according to the site. Meta is, according to reports via sites including CNBC, spending billions of dollars to acquire Nvidia chips to help power the Big Tech juggernaut’s AI projects.
iRobot Plummets
But the gains were blunted by iRobot, which gave up 42%, driving the Live group 6% lower.
The Wall Street Journal reported that the European Union’s competition watchdog will seek to block Amazon’s $1.7 billion takeover of the company. According to reports, Amazon met Thursday with representatives from the EU, where they were informed that the deal is likely to be rejected. The deadline for a final decision lies ahead, next month. Amazon missed a deadline last week to submit remedies that would have addressed the EU’s concerns over the competitive impact of the acquisition.
Porch Group gave up 16.3%, also pressuring the Live segment.
The company said earlier this month that it had released RynohVerifi, a new fraud warning product for title and escrow companies.
According to the release. Rynoh’s clients conduct real estate closing by collecting funds from homebuyers and lenders and disbursing funds to sellers, brokers, tax authorities and other stakeholders. The Rynoh software sits “between” the agent’s transaction system and their bank and helps them manage the flow of money into and out of their escrow accounts, as noted in the announcement, and is designed to protect against payment fraud.
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