Diamonds and Dogs
Eagles finally get a win. DraftKings (DKNG) is up 5% to a new all time high after inking a multiyear deal with the Philadelphia Eagles which includes being the official Daily Fantasy Sports Partner and Official Sports Betting Partner for the team along with naming rights for the field club at the team's stadium. With the stock up six-fold from the March and April lows, getting your name on a stadium or a piece of the stadium may be the kiss of death.
Energy continues to move lower. The price of oil is down 5% on dampening demand and rising OPEC production. ExxonMobil (XOM) is down 3% not far from a 52-week low after updating the third quarter. Valero Energy (VLO) is down 8% to a six-month low on downgrade at Goldman. The yield on Exxon is now 10% while the yield at Valero is 9%.
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