Shares in DraftKings (DKNG) sank almost 7% in pre-market trading after the U.S. sports betting company announced a public offering to sell its common stock.The stock dropped to $37.80 in early market trading. DraftKings said it has commenced an underwritten public offering of 33 million shares of its Class A common stock, consisting of 14 million shares offered by DraftKings and 19 million shares offered by some of the company’s shareholders.The stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 4.95 million shares of Class A common stock. DraftKings will not receive any proceeds from the sale of Class A common stock offered by the stockholders. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.DraftKings said it intends to use the net proceeds it receives from the offering for...
Shares in Oracle (ORCL) are sinking after the company reported its fiscal fourth quarter earning results. Q4 Non-GAAP EPS of $1.20 beat Street expectations by $0.05, as did GAAP EPS of $0.99 vs the $0.04 consensus. However, revenue of $10.44B missed by $240M, and represented a 6.3% year-over-year decline.Meanwhile cloud services and license support generated revenue of $6.85B, slightly lower than the Street estimated $6.91B. Similarly, cloud license and on-premise license revenue came in at $1.96B falling short of the $2.17B estimate.The board of directors also declared a quarterly cash dividend of $0.24 per share of outstanding common stock.“Our overall business did remarkably well considering the pandemic, but our results would have been even better except for customers in the hardest-hit industries that we serve such as hospitality, retail, and transportation postponing some of their purchases” commented Oracle CEO, Safra Catz.Looking forward, guidance was positive, likely due to pushed-out deals, with F1Q total revenue...
The millions of Americans who have filed for unemployment benefits since the pandemic hit the economy in March face an unwelcome surprise next month....
