DraftKings Partners with UFC and Bank of America Gains Amidst Losses 🏦

DraftKings Partners with UFC and Bank of America Gains Amidst Losses

DraftKings

DraftKings is an American daily fantasy sports contest and sports betting operator. The company allows users to enter daily and weekly fantasy sports–related contests and win money.

Yesterday DraftKings announced a partnership with the UFC to offer its sportsbook and daily fantasy in the U.S. and Canada. The UFC or The Ultimate Fighting Championship is an American mixed martial arts promotion company.

In the partnership Draft Kings will also be receiving branding inside the Octagon, something that could help given that mixed martial arts have become one of the fastest-growing sports and is the most popular sport among men ages 25 to 44. Draft Kings stock dropped 5.8% to close at 61.91 on the stock market today.

Bank of America

Bank of America is the nation’s second-largest bank and has gained 15.33% over the past month. Yesterday, however, the stock closed at $36.50 or a +0.22% gain from the previous day. This increase outpaced the S&P 500’s which was in the negative 1.34% for the day.

Wall Street will be looking for positive news from Bank of America as it moves toward its next earnings report date. This is scheduled to be on April 15, 2021. On that day, BAC is projected to report an income of $0.60 per share, which would mean a  50% increase from the prior year.

These gains aren’t coming without a cost because valuation as Bank of America is currently trading at a Forward P/E ratio of 14.67, higher than the industry average of 13.36. This means Bank of America is trading at a premium relative to its competitors in the industry.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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