DraftKings stock soars on hopes for live sports returning soon – CNN Business

Written by Paul R. La Monica

New York (CNN Business) Investors who took a gamble on DraftKings stock when the company went public in April are sitting on a winning ticket. And the company might be one of the clearest examples of the market’s bet on America — and the world’s return to normalcy following the coronavirus pandemic.

Shares of the money-losing gambling and fantasy sports site have soared nearly 140% since DraftKings began trading on Wall Street after completing its reverse merger with a special-purpose acquisition company.

The stock was trading lower Tuesday, but that follows a six-day winning streak in which shares surged more than 50%. Not too shabby considering that the Covid-19 outbreak has ground many professional sports leagues around the world to a halt.

Read more here.

By Jessica Yap-Chung
Jessica Yap-Chung Profile Picture