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Stocks On The Move: DraftKings shares drop, under pressure from investors

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Yahoo Finance's Julie Hyman weighs in on what's moving markets.

Video Transcript

JULIE HYMAN: We want to bring you a couple of stocks on the move here. One of them is DraftKings. Those shares are down sharply by more than 6%. Now, they've rallied more than 250% since their debut back in April. Company and investors, they're selling a combined 32 million shares, 16 million from the company itself, the other half from investors. DraftKings did close at a record high on Friday.

So with this supply coming on the market, and people selling shares, that's why the stock is under pressure. We're also watching a deal here, Bristol Myers Squibb is going to be buying a company called Myocardia for $13.1 billion. It's an all-cash deal, $225 a share, which is a 61% premium to Friday's close for Myocardia. Bristol Myers Squibb has a big cancer-treatment portfolio.

This brings it some diversification into an experimental heart drug that Myocardia is developing. As you might imagine, those Myocardia shares are getting a big lift. We're going to talk more about this deal and its significance in the next hour of On the Move. Stay tuned. We'll be right back.