TLDR

MARKET RECAP → Stocks closed lower on Friday following (another) piece of inflation data in a series of reports this week that continue to whipsaw equities. Hard landing? Soft landing? Let’s be honest, no one seems to know for sure.  

BETTING ON GROWTH → 🎲 Despite missing earnings estimates with $1.23 billion in revenue and a slight loss, DraftKings' (DKNG) aggressive expansion and strategic $750M Jackpocket acquisition signal a high-stakes play for future dominance.

CALL TO ACTION → 🌐 Branson and luminaries urge immediate global action on AI and climate, spotlighting existential threats and the critical need for preemptive safety engineering.

Sean Horgan

Head of Investor Relations @MoneyLion

$shorgan*

Today’s S&P 500 Heatmap

A Message From Our Sponsor

Today’s Top News

BETTING ON GROWTH

📉 Missed the Mark: DraftKings (DKNG) reported a 44% revenue increase to $1.23 billion, yet it fell short of the $1.24 billion Wall Street expectation. The company also posted an unexpected loss of 10 cents per share against the anticipated 8 cents profit.

🚀 Expansion and Efficiency: With its Sportsbook product now in 24 states, DraftKings demonstrated significant operational growth and efficiency, cutting its net loss to $44.6 million from the previous year's $242.7 million. The firm also reported a 37% increase in monthly unique payers, showcasing its expanding customer base.

💡 Strategic Moves: Announcing a bold acquisition of lottery app Jackpocket for approximately $750 million, DraftKings is poised to diversify its offerings. The company has also raised its fiscal year 2024 guidance, signaling confidence in its future performance.

CALL TO ACTION

🌍 Global Leaders Alerted: Richard Branson, Ban Ki-moon, and Charles Oppenheimer rallied for urgent action against the climate crisis, pandemics, nuclear threats, and unregulated AI. Their open letter emphasized the need for long-term strategies, scientific decision-making, and inclusive dialogue to tackle these existential risks.

🔬 Technological Trepidation: Highlighting AI's potential dangers, the letter advocated for preemptive safety measures akin to those in engineering disciplines. It stressed the importance of guiding AI development responsibly to prevent adverse outcomes, drawing parallels with historical technological advancements and their subsequent regulation for safety.

📜 Unified Front: The call for action, backed by The Elders and the Future of Life Institute, aims to influence global governance on AI and climate change. It precedes the Munich Security Conference, signaling a concerted effort to address these challenges on an international stage.

Keep Reading

Nvidia holdings disclosure pumps up shares of small AI companies (CNBC)

Toast will lay off 10% of its workforce, about 550 employees, as growth slows (CNBC)

Starbucks has a new accessible store design. Take a look inside (CNBC)

Jeff Bezos sells more than $2 billion in Amazon stock for third time this month (CNBC)

OpenAI will now let you create videos from verbal cues (CNN)

Jailed Kremlin critic Alexey Navalny dies, prison service says (CNN)

Ex-Goldman Sachs analyst jailed for insider dealing (CNN)

Japan just lost its crown as the world’s third-largest economy (CNN)

Watch SpaceX gracefully release a moon lander into space (Mashable)

Apple fans are starting to return their Vision Pros (The Verge)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)

Our Favorite Tools & Resources

• The Market Ear - Live news, analysis and commentary on what moves markets and trading

• Earnings Whispers - Notable upcoming earnings reports

• Coinmarketcap.com - crypto market data

• Finviz – financial visualizations

• Trading Economics – Economic calendar

• ChatGPT – Large language model-based chatbot powered by generative AI

• CME FedWatch Tool – Market-implied probabilities of future levels of interest rates 

• Vimcal – Lightning-fast calendar and AI scheduling assistant

• Dataroma – Track stock picks and portfolios of legendary value investors such as Warren Buffett

The Bull vs. Bear Merchandise Promotion is a limited time campaign that begins on December 1, 2023 at 12:00 AM ET and ends on the date that there are no more Rewards. This Promotion is available to any registered MoneyLion user who is a legal resident of the 50 United States or the District of Columbia and who has reached the age of majority in their state as of the beginning of the Promotional Period. See terms and conditions here.

This advertising email was sent to you because you have a MoneyLion account. If you would like to unsubscribe, please do so using this link.
We respect your right to privacy. Please do not reply to this email with sensitive information, such as an account number, Social Security number, date of birth, bank account information, PIN, password, or Online ID. The security and confidentiality of your personal information is important to us. If you have any questions or want to read more, please visit our Help Center.

MoneyLion and Pathward do not provide, nor do they guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party’s failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.

The influencer, creator and other content provided in the MoneyLion App (“Content”) is for informational and entertainment purposes only and should not be construed as legal, tax, investment, financial, or other advice. All Content is intended to be of a general nature, does not address the circumstances of any particular individual or entity, and may not constitute a comprehensive or complete statement of the matters discussed. MoneyLion is not a fiduciary by virtue of any person’s use of or reliance on the Content. You should consult an appropriate professional if you require any legal, tax, investment, financial or other advice.