HLBZ - Hot Stocks: Online betting merger talk; HLBZ doubles on AMZN deal; LVS MSC set new lows; WMG reaches high
Investors had a hard time making sizable bets on U.S. equities Tuesday in the wake of Monday's sharp sell-off. However, there was some action in one select sector: online gambling and sports betting. A $20B takeover offer in the sector gave a boost to select gambling stocks. Flutter Entertainment (OTCPK:PDYPY), Bally's Corporation (NYSE:BALY) and Rush Street Interactive (NYSE:RSI) all finished higher on the session. However, this strength was far from universal. Gambling stocks with heavy exposure to the Chinese market continued to suffer a downdraft. This included Las Vegas Sands (NYSE:LVS) and Studio City International (NYSE:MSC), which both set 52-week lows on the day. Turning away from gambling stocks, Helbiz (NASDAQ:HLBZ) experienced a massive rally on the session after a deal with Amazon (NASDAQ:AMZN) caused it to nearly double in value. Warner Music Group (NASDAQ:WMG) also posted a notable gain. Strong sentiment built up by upbeat analyst comments and the overseas
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Hot Stocks: Online betting merger talk; HLBZ doubles on AMZN deal; LVS, MSC set new lows; WMG reaches high