DraftKings Stock Surges as Online Betting Company Boosts Revenue Outlook

Text size DraftKings reported revenue of $466 million for the second quarter, beating Wall Street estimates. Scott Eisen/Getty Images for DraftKings DraftKings gave investors a nice surprise Friday. The online sports betting platform lifted its financial forecast, despite a gloomy macro environment and just a few days after rivals Caesars Entertainment and PENN Entertainment reported … Read more

Soros fund doubles down on Rivian bet, buys stakes in Lucid, Nio

Billionaire George Soros’s investment fund has doubled down on its bet on Rivian Automotive Inc. and taken new positions on EV makers Nio Inc. and Lucid Motors Inc., according to a filing late Friday. As disclosed in February, Soros’s fund had bought nearly 20 million shares of Rivian RIVN, +9.88%, worth about $2 billion at … Read more

China’s Nio halts EV production as COVID lockdowns disrupt its supply chain

Nio Inc., the China-based electric-vehicle maker, over the weekend warned of delivery delays after suspending production due to COVID-19 restrictions that have disrupted its supply chain. “There will be a delay in the delivery of vehicles for many customers in the near future, and we ask for your understanding,” Nio NIO, -1.77% said in a … Read more