JHVEPhoto
Listen below or on the go on Apple Podcasts and Spotify
Dave & Buster’s (PLAY) arcade game betting venture sparks youth gambling concerns. (00:25) Rivian (RIVN) lands $827M in state funding to help expand manufacturing plant in Illinois. (01:16) Apple (AAPL) Q2 results top expectations despite iPhone fears; unveils $110B buyback. (02:06)
This is an abridged transcript of the podcast.
Dave & Buster’s Entertainment (NASDAQ:PLAY) is planning to launch online betting on arcade games.
The company this week said it would integrate sports betting platform Lucra’s software into its app, with the launch expected in the next few months.
Dave & Buster’s (PLAY) loyalty members can make small bets of $5-$10 on arcade games through its app.
Its app features games such as Skee-Ball, Hot Shots basketball, Dance Dance Revolution, billiards, and air hockey.
Some fear the new app feature could eventually lead to increased gambling problems among young people.
To note, Lucra doesn’t use the terms “bet” or “wager” on its platform, and instead uses words like “real-money contests.” Its games are not subject to traditional betting rules as they are considered skill-based, not chance-based.
Rivian Automotive (NASDAQ:RIVN) shot higher in afternoon trading on Thursday after the company announced that it has received an incentive package from the State of Illinois.
The $827M package from the State of Illinois Department of Commerce & Economic Opportunity will allow the company to expand operations at its plant in Normal, Illinois.
The money will also provide for improvements in public infrastructure and job training programs for the local workforce.
“The support from the state will allow us to quickly bring our midsize SUV, R2, to market and provide even greater consumer choice for EVs,” highlighted CEO RJ Scaringe.
Rivian Automotive (RIVN) closed 6.7% higher on Thursday.
The company is scheduled to report Q1 earnings on May 7.
Apple (NASDAQ:AAPL) is up 5.7% premarket after closing Thursday 2.2% higher.
The tech giant posted fiscal second-quarter results that were better-than-expected, despite fears about the iPhone in China.
For the period ending March 30, Apple earned $1.53 per share as revenue declined 4.3% year-over-year to $90.8B. Analysts had expected the company to earn $1.50 per share on $90.33B.
Overall products revenue came in at $66.89B, broadly in-line with expectations.
Seeing weakness during the period were the company’s iPad and Wearables businesses.
Revenue from Greater China fell 8.1% year-over-year during the period.
The company also updated its capital return plan, adding $110B to its buyback program and raised its quarterly dividend to $0.25 per share, an increase of 4%.
Other articles on Seeking Alpha:
J.P. Morgan cautious on crypto with retreat by retail investors, dearth of upside drivers
Marijuana opposition group raising money to fight cannabis rescheduling
Sony, Apollo send letter advancing $26B Paramount bid – reports
Catalyst watch:
-
The exclusivity period on the Paramount Global (PARA)-Skydance Media deal ends.
-
The preliminary proxy is due on the Model N (MODN)-Vista Equity Partners deal.
-
Hyatt Hotels (H) will hold a conference call to discuss the company’s segment realignment.
-
Sagimet Biosciences (SGMT) will host a virtual investor and analyst day.
Wall Street ended solidly higher on Thursday.
The Nasdaq (COMP:IND) led the three major averages with a 1.51% increase.
The Dow (DJI) climbed 0.85% and the S&P 500 (SP500) added 0.91%.
Of the 11 S&P sectors, nine ended in the green, led by Tech and Consumer Discretionary.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is down a small fraction at less than $79 per barrel. Bitcoin is up 2.7% but still less than $60,000.
In the world markets, the FTSE 100 is up 0.6% and the DAX is up 0.6%. The markets in China and Japan are closed for a holiday.
The biggest movers for the day premarket: Expedia Group (NASDAQ:EXPE) shares plunged 10% after the online travel company cut its full-year guidance to a range of mid- to high single-digit top line growth with margins relatively in line versus last year due to slowness in Vrbo and the rate of acceleration in business-to-consumer so far.
On today’s economic calendar:
8:30 Nonfarm payrolls: The consensus estimate of 243K new jobs in April indicates a slowdown from 303K added in March, and the unemployment rate is expected to stay unchanged at 3.8%.