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Daily's Pre-Market: FanDuel, Oil closes lower, Amazon-iRobot, Hastings selling Netflix, and activists eyeing tech.

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Jan 30, 2024
  • 2 min read

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FanDuel parent Flutter lists on the NYSE, challenging DraftKings as sports-betting pure play

  • FanDuel parent Flutter listed on the New York Stock Exchange, its first U.S. listing, under the ticker symbol FLUT.

  • Flutter expects to give DraftKings competition for earned media and investment capital.

  • Jefferies analysts believe Flutter could get a 20% premium on DraftKings’ valuation.


Oil prices fall as China property crisis overshadows Middle East violence

  • Oil prices fell, shedding earlier gains after missiles launched by Iran-backed militants killed U.S. troops in Jordan and struck a fuel tanker in the Red Sea.

  • Three U.S. service members were killed and many injured in an unmanned aerial drone attack on forces stationed in a northeast Jordan outpost.

  • A court in Hong Kong on Monday ordered the liquidation of China Evergrande, the world’s most indebted property developer.


Amazon terminates iRobot deal, Roomba maker to lay off 31% of staff

  • Amazon and iRobot mutually agreed to call off their planned acquisition, writing that there was “no path” to regulatory approval and sending iRobot shares down sharply.

  • iRobot, which makes the Roomba, said it will lay off around 350 employees and that its founder and CEO Colin Angle would step down.

  • The Amazon-iRobot deal was originally valued at $1.7 billion, but a number of regulatory examinations drove the purchase price down before ultimately killing the deal.


Reed Hastings sells $1.1 billion in Netflix shares

  • Netflix co-founder and executive chairman Reed Hastings has gifted two million shares of the streaming giant, according to a regulatory filing, with a current value of more than $1.1 billion.

  • Hastings has a net worth of $6.6 billion, according to the Bloomberg Billionaires Index, a significant portion of which is Netflix stock.


Activists are eyeing tech stocks ahead of expected M&A rebound after two-year lull

  • Tech, media and telecom deal volume peaked at $856 billion in 2021, and has since plummeted, dropping to $255 billion in 2023, according to PwC.

  • The start to 2024 has been more promising, and that’s likely to bring more activist investors into the market.

  • Many activists take stakes in companies with the hope that they can help push them towards acquisitions at significantly higher prices.



 
 
 

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