Live Nation, Booking Holdings, DraftKings: Morning Movers
Shares of Live Nation Entertainment (LYV) are moving higher as the company posted its fourth-quarter earnings, revealing revenue that surged 36% from the previous year, citing record ticket sales and concert attendance.
Booking Holdings (BKNG) shares are falling despite posting better-than-expected revenue in its quarterly earnings. The company also announced it would initiate a quarterly cash dividend of $8.75 per share.
Barclays analysts upgraded DraftKings stock (DKNG) from Equal Weight to Overweight, also raising their price target to $50 per share.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Nicholas Jacobino
Video Transcript
BRAD SMITH: Let's take a look at how things are shaping up right now. The S&P 500 hitting a fresh record climbing above 5,100 as Wall Street looks to end this Friday on a happy note.
SEANA SMITH: All right. Let's get to some of our individual movers. We are watching shares of entertainment platform. Live Nation is jumping this morning after another record quarter. It saw revenue surging from the quarter up 36% from 2022 pointing to record attendance ticket sales and sponsorships. Now consumer demand for live concerts was especially high revenue. From that division was up 39% from a year ago.
BRAD SMITH: And Booking Holdings shares are in the red despite reporting a beat on both the top and bottom line in the fourth quarter. Gross travel bookings also beating expectations, the company announcing it would initiate a quarterly cash dividend of $8.75 per share. And Barclays is getting bullish on DraftKings, upgrading the stock to overweight from equal weight and upping the price target by $9 to $50.
The analyst Brent Montoro saying that sports betting has staying power in the everyday life of American sports viewers, and the digital gaming market should see notable growth ahead.
