{"id":322,"date":"2021-06-09T13:20:08","date_gmt":"2021-06-09T10:20:08","guid":{"rendered":"https:\/\/xxbet-company.com\/draftkings-stock-gets-russell-rebalance-lift-caesars-penn-could-see-selling-pressure\/"},"modified":"2021-06-09T13:20:08","modified_gmt":"2021-06-09T10:20:08","slug":"draftkings-stock-gets-russell-rebalance-lift-caesars-penn-could-see-selling-pressure","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/pl\/draftkings-stock-gets-russell-rebalance-lift-caesars-penn-could-see-selling-pressure\/","title":{"rendered":"DraftKings Stock Gets Russell Rebalance Lift, Caesars, Penn Could See Selling Pressure"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Spis tre\u015bci<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/pl\/draftkings-stock-gets-russell-rebalance-lift-caesars-penn-could-see-selling-pressure\/#Why_Its_Important_for_DraftKings_Stock\" title=\"Why It\u2019s Important for DraftKings Stock\">Why It\u2019s Important for DraftKings Stock<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/pl\/draftkings-stock-gets-russell-rebalance-lift-caesars-penn-could-see-selling-pressure\/#More_Impact_for_Gaming_Equities\" title=\"More Impact for Gaming Equities\">More Impact for Gaming Equities<\/a><\/li><\/ul><\/nav><\/div>\n<p>More details are emerging on the looming rebalancing of FTSE Russell equity benchmarks, and there appears to be good news for DraftKings (NASDAQ:DKNG) stock.<\/p>\n<figure aria-describedby=\"caption-attachment-175717\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-175717 lazyload\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-142x95.jpeg?x38396\" data-src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-142x95.jpeg?x38396\" alt=\"DraftKings stock\" width=\"1200\" height=\"800\" data-srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-142x95.jpeg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-1024x683.jpeg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-768x512.jpeg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-1536x1024.jpeg 1536w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-2048x1366.jpeg 2048w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-600x400.jpeg 600w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" data- title=\"\"><img loading=\"lazy\" class=\"wp-image-175717\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-142x95.jpeg?x38396\" alt=\"DraftKings stock\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-142x95.jpeg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-1024x683.jpeg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-768x512.jpeg 768w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-1536x1024.jpeg 1536w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-2048x1366.jpeg 2048w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/NYSE-600x400.jpeg 600w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">Traders on the floor of the New York Stock Exchange. DraftKings stock could benefit from Russell rebalancing. (Image: <em>Reuters<\/em>)<\/figcaption><\/figure>\n<p>Shares of the sportsbook operator are higher by more than four percent in midday trading after Jefferies published research today indicating DraftKings will be one of 10 names to see buying pressure in advance of the Russell rebalance on June 25.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>The one confusing part of the Russell rebalancing is that FTSE Russell determines size and inclusion based on May 7 prices, thus the top and bottom ends of the indexes today reflect appreciation\/depreciation of stocks over the last month,\u201d said Jefferies equity strategist Steven DeSanctis in a note to clients.<\/p>\n<\/blockquote>\n<p>DraftKings stock is lower by 10.41 percent <a href=\"https:\/\/www.casino.org\/news\/draftkings-stock-dinged-by-rising-share-count-from-equity-compensation\/\" rel=\"nofollow noopener\" target=\"_blank\">over the past month<\/a>, and the gaming name shed 29.15 percent from its March highs. Jefferies forecasts a 2.8 percent decline for the consumer discretionary sector \u2014 where DraftKings resides \u2014 in the widely followed Russell 2000 Index. But the research firm estimates nearly $806 million of the shares will be purchased as a result of the index provider\u2019s annual rebalance.<\/p>\n<figure aria-describedby=\"caption-attachment-175723\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-175723 lazyload\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies-142x57.png?x38396\" data-src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies-142x57.png?x38396\" alt=\"Russell rebalance \" width=\"1200\" height=\"478\" data-srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies-142x57.png 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies.png 620w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" data- title=\"\"><img loading=\"lazy\" class=\"wp-image-175723\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies-142x57.png?x38396\" alt=\"Russell rebalance \" width=\"1200\" height=\"478\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies-142x57.png 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies.png 620w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">DraftKings stock could be gobbled up due to Russell rebalancing. (Chart Courtesy: Jefferies)<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_Its_Important_for_DraftKings_Stock\"><\/span>Why It\u2019s Important for DraftKings Stock<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>About 14 months removed from its debut as a freestanding public company, DraftKings is part of an array of active and passive funds, including 66 exchange traded funds (ETFs). B<a href=\"https:\/\/www.casino.org\/news\/russell-rebalancing-could-be-catalyst-for-churchill-draftkings\/\" rel=\"nofollow noopener\" target=\"_blank\">ut the stock isn\u2019t yet part<\/a> of the Russell 2000 or any of the related style indexes, including growth and value.<\/p>\n<div class=\"callout\">\n<p>The gaming equity\u2019s participation in the imminent rebalance is important because, at this time last year, over $9 trillion in global assets were allocated to FTSE Russell equity gauges. Inclusion in the Russell 2000 and the related growth or value benchmarks puts DraftKings into a broader assortment of ETFs and passive funds. It also means the stock will be purchased by a wider audience of institutional investors that track the Russell indexes the shares enter.<\/p>\n<\/div>\n<p>Currently, DraftKings isn\u2019t a member of any of the major domestic equity gauges. But in addition to its potentially imminent debut in the Russell benchmarks, the gaming equity could join the widely observed <a href=\"https:\/\/www.casino.org\/news\/caesars-draftkings-could-join-nasdaq-100-index-next-year\/\" rel=\"nofollow noopener\" target=\"_blank\">Nasdaq-100 Index (NDX)<\/a> when that basket of stocks is reconfigured in December.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"More_Impact_for_Gaming_Equities\"><\/span>More Impact for Gaming Equities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Jefferies identifies DraftKings as the only gaming name that could experience buying pressure as a result of the Russell rebalance. But as the chart below indicates, Caesars Entertainment (NASDAQ:CZR) and Penn National Gaming (NASDAQ:PENN), could be sold off.<\/p>\n<figure aria-describedby=\"caption-attachment-175725\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-175725 lazyload\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies2-142x56.png?x38396\" data-src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies2-142x56.png?x38396\" alt=\"russell rebalance\" width=\"1200\" height=\"471\" data-srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies2-142x56.png 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies2.png 601w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" data- title=\"\"><img loading=\"lazy\" class=\"wp-image-175725\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies2-142x56.png?x38396\" alt=\"russell rebalance\" width=\"1200\" height=\"471\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies2-142x56.png 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/jefferies2.png 601w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" title=\"\"><figcaption class=\"text-description\">Caesars and Penn National could see selling pressure as Russell indexes rebalance. (Chart Courtesy: Jefferies)<\/figcaption><\/figure>\n<p><strong>Currently, that pair are the largest and fifth-largest components, respectively, in the Russell 2000. But due to ascents in their market values and the reduction of consumer discretionary exposure in the index, Caesars and Penn are likely to take on smaller weights in that benchmark.<\/strong><\/p>\n<p>At least for today, investors don\u2019t seem to mind, as both gaming equities are trading higher. Earlier today, Deutsche Bank analyst Carlo Santarelli raised his price target on Caesars to $132 from $126, citing <a href=\"https:\/\/www.casino.org\/news\/caesars-stock-rallies-as-vegas-bookings-margins-surge\/\" rel=\"nofollow noopener\" target=\"_blank\">impressive second-quarter performances<\/a> at the operator\u2019s Las Vegas Strip and regional gaming venues.<\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/draftkings-stock-jumps-as-jefferies-forecasts-russell-rebalance-buying\/\" target=\"_blank\">DraftKings Stock Gets Russell Rebalance Lift, Caesars, Penn Could See Selling Pressure<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>More details are emerging on the looming rebalancing of FTSE Russell equity benchmarks, and there appears to be good news for DraftKings (NASDAQ:DKNG) stock. Traders on the floor of the New York Stock Exchange. DraftKings stock could benefit from Russell rebalancing. (Image: Reuters) Shares of the sportsbook operator are higher by more than four percent <a href=\"https:\/\/xxbet-company.com\/pl\/draftkings-stock-gets-russell-rebalance-lift-caesars-penn-could-see-selling-pressure\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/posts\/322"}],"collection":[{"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/comments?post=322"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/posts\/322\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/media\/323"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/media?parent=322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/categories?post=322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/pl\/wp-json\/wp\/v2\/tags?post=322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}