DraftKings Shares Tank After Short Seller Report and Oracle Shares Fall Before Earnings Beat
On Tuesday, shares of DraftKings fell, closing down 4.17%.
Shares of the American fantasy sports contest and sports betting operator fell after Hindenburg Research released a report, calling the company “a $21 billion SPAC betting it can hide its black-market operations.”
Hindenburg Research issued a report expressing concerns about DraftKings’ merger with SBTech, a Bulgaria-based gaming technology firm reportedly involved in black market activities, money laundering, and organized crime. According to Hindenburg Research, 50% of SBTech’s income originates from areas where gambling is prohibited.
Shares of DraftKings have fallen over 25% in the past three months.
On Tuesday, shares of Oracle fell, closing down 1.19%.
Shares of the American computer software company fell before the company reported an earnings beat after the closing bell.
The company reported earnings of $4.03 billion, or $1.37 a share. Analysts expected earnings of just $1.31 a share. Total quarterly revenue was $11.2 billion, up 8% year over year. Revenues from cloud services and license support increased by 8% to $7.4 billion. Revenues from cloud and on-premise licenses increased by 9% to $2.1 billion.
Shares of Oracle are up over 20% in the past three months.
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.