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PENN – Up 12% after sports betting deal with ESPN, divestiture of Barstool Sports
EBET – Up over 70% in pre-market in sympathy with PENN, ESPN deal
CELH – Up 16% to new all-time highs after earnings beat
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PENN – Up 12% after sports betting deal with ESPN, divestiture of Barstool Sports
PENN Entertainment (PENN), together with its subsidiaries, provides integrated entertainment, sports content and casino gaming experiences in North America.
After the close yesterday, PENN announced it had secured exclusive rights to ESPN Bet Trademark for OSN in the U.S. for an initial 10-year term. In order to complete the deal, PENN also divested Barstool Sports back to its founder Dave Portnoy in exchange for certain non-compete and other restrictive covenants.
The Sportsbook deal with ESPN has PENN trading up over 12% in pre-market trade.
The $28.20 level was initial support on the first move higher and has since acted as resistance. That will be an important level to watch.
Above targets to the upside are $29, $30, $31, $32 and then the pre-market high at $33.45. Beyond that, $34 and $35 come into play.
Below $28.20, $27 is the first potential support level followed by $26 and then a gap fill to $24.84.
EBET – Up over 70% in pre-market in sympathy with PENN, ESPN deal
EBET, Inc (EBET) develops products and operates platforms to provide a real money online gambling experience focused on casino, sportsbook, and esports events.
The stock is trading higher in sympathy with the PENN and ESPN sportsbook deal. GMBL is also another stock to keep on your radar this morning along with EBET below:
The $0.044 area was resistance in the pre-market and has since acted as support.
Above it targets to the upside are $0.05, and then the pre-market high around $0.055. Beyond that, $0.06, $0.07, $0.09 and $0.1 come into play.
Below $0.044, there is potential support at $0.041, $0.04, $0.035 and a gap to fill at $0.0288.
CELH – Up 16% to new all-time highs after earnings beat
Celsius Holdings, Inc. (CELH) develops, processes, markets, distributes and sells functional drinks and liquid supplements in the United States and internationally.
The company reported earnings in the after hours: GAAP EPS of $0.52 vs $0.29 expected and revenue of $326M vs $274.59M estimate.
The better than expected earnings was enough to send the stock 16% higher to new all-time highs.
The first major target for bulls is the pre-market high at $170.
Beyond that there is blue sky with potential targets at $180, $190 and $200 to start.
Below $170, there is potential support at $165, $161.50, $160, $157, $155, $150 and a gap to fill at $143.36.
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