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Serve Robotics stock is on the rise Wednesday after the autonomous delivery robots company announced a new collaboration with Shake Shack .
With this agreement Serve Robotics’ autonomous delivery robots will be used to deliver food from Shake Shack to customers. Also included in this partnership is Uber , which will handle the orders through its Uber Eats platform.
It’s worth highlighting that this delivery partnership is only available for residents ordering from Shake Shack locations in Los Angeles. This builds on the autonomous delivery services that Serve Robotics has offered in the city since 2022.
Touraj Parang, president and Chief Operating Officer of Serve Robotics, said the following about the partnership.
“Today’s announcement highlights the value of Serve’s world-class strategic partnerships as we work to expand our geographic footprint and deploy 2,000 robots across the U.S. in 2025.”
How This Affects SERV Stock Today
News of this partnership is shedding extra light on SERV stock and that brings with it heavy trading. This has more than 32 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 15.8 million shares.
SERV stock is up 19.8% as of Wednesday afternoon.
There are plenty of other stock market stories traders need to know about today!
We have all of the hottest stock market news investors need to know about on Wednesday! A few examples include what’s going on with shares of Flutter Entertainment , Edible Garden and Conduit Pharmaceuticals stock. You can read up on all of these matters at the links below!
More Stock Market News for Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More from InvestorPlace
Flutter Entertainment stock is on the rise Wednesday after the sports betting and gaming company announced its latest earnings results.
The good news for FLUT stock starts with its adjusted earnings per share of $2.61. This is well above the $1.42 per share Wall Street was expecting. It’s also a 56% increase year-over-year from $1.67 per share.
Revenue was also strong at $3.61 billion. That’s another beat compared to analysts’ estimate of $2.65 billion for the quarter. It’s also a 20% increase from the $3 billion reported in the same period of the year prior.
Flutter Entertainment CEO Peter Jackson said the following in the earnings report.
“Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market. We continue to make improvements to our proprietary product offering which drove the proportion of live betting handle to be more than 400 basis points higher than last year during the NBA playoffs, while we also increased our MLB parlay penetration.”
FLUT Stock Jumps on Guidance
Flutter Entertainment also updated its guidance alongside its latest earnings results. It now expects U.S. revenue to increase 3% to $6.2 billion for 2024. It also expects group revenue to jump 20% compared to 2023.
FLUT stock is up 8.2% as of Wednesday afternoon. This brings with it 3.6 million shares traded, as compared to a daily average of about 1.3 million shares.
Investors will want to stick around for even more of the most recent stock market stories on Wednesday!
We are offering up insight into all of the biggest stock market stories today! That includes every going on with Edible Garden , Conduit Pharmaceuticals and Intuitive Machines stock. All of this info is ready to go at the links below!
More Stock Market News for Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More from InvestorPlace
Edible Garden stock is up on Wednesday after the agriculture farming company announced its earnings results for the second quarter of the year.
Edible Garden reported diluted earnings per share of -$1.21 for the quarter. That’s better than the -$4.21 per share that Wall Street was expecting. It’s also a major improvement from the -$4.83 reported in the same period of the year prior.
Unfortunately, its revenue of $4.27 million didn’t fare so well. This is worse than the $4.43 million that analysts were expecting for the quarter. It’s also only a slight change from the $4.22 million reported in the second quarter of 2023.
Jim Kras, CEO of Edible Garden, said the following in the earnings report.
“During the second quarter, we implemented several new proprietary innovations in packaging and shipping to significantly extend the shelf life of our products, reducing spoilage and driving cost savings for our retail partners. These innovations, including our patented self-watering in-store display, differentiate Edible Garden by minimizing waste and ensuring retailers can showcase plants at their peak, aligning with our Zero-Waste Inspired® mission.”
How This Affects EDBL Stock
With this earnings report comes heavy trading of EDBL stock today. That has more than 22 million shares changing hands as of this writing. This is a massive increase over the company’s daily average trading volume of about 714,000 shares.
EDBL stock is up 10.1% as of Wednesday morning.
There are more stock market stories ready to go at the links below!
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More from InvestorPlace
Edible Garden AG just reported results for the second quarter of 2024.
InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
More from InvestorPlace
Conduit Pharmaceuticals stock is up on Wednesday following a shareholder update concerning a major investor in the company.
New filings with the Securities and Exchange Commission (SEC) reveal that Nirland Limited holds a 14.8% stake in CDT stock. This comes from the 12.5 million shares off CDT that the company owns, as well as warrants for another 2 million shares.
Nirland Limited’s stake in Conduit Pharmaceuticals is based on the company’s outstanding shares of CDT stock. That was sitting at 98,004,699 shares at the time of this writing.
Nirland Limited’s stake in Conduit Pharmaceuticals comes from a Senior Secured Promissory Note issued earlier this month. This was part of Conduit Pharmaceuticals’ merger agreement with Murphy Canyon Acquisition Corp.
CDT Stock Movement on Wednesday
Following this news, shares of CDT stock are seeing heavy trading today. This has more than 72 million units changing hands as of this writing. That’s a massive increase compared to the company’s daily average trading volume of about 10 million shares.
CDT stock is up 11.7% as of Wednesday morning. Even so, the clinical-stage specialty biopharmaceutical company’s shares are still down 96.7% since the start of the year.
Investors will want to stick around for even more of the most recent stock market stories on Wednesday!
We have all of the hottest stock market news ready to go today! Among that is what has shares of Intuitive Machines , Nuburu B and Clover Health stock on the move today. You can catch up on all of this at the links below!
More Stock Market News for Wednesday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More from InvestorPlace
Aug 14 (Reuters) - Fast-food chain Shake Shack SHAK.N and Serve Robotics SERV.O are partnering to use autonomous sidewalk robots to deliver orders placed on Uber Eats, the companies said on Wednesday.
The partnership will cover select Shake Shack restaurants in Los Angeles, the companies added.
WHY IT'S IMPORTANT
Uber's UBER.N food delivery arm has been offering Serve's autonomous deliveries in Los Angeles since 2022 and is focused on tapping more geographies across the U.S.
For Serve, the tie-up with Shake Shack would speed up its efforts to achieve its target of deploying up to 2,000 AI-powered sidewalk delivery robots on the Uber platform in 2025.
CONTEXT
Restaurants, retailers and other consumer-facing companies have been ramping up testing and roll-outs of technologies including robots, drones and self-driving cars, in a bid to cut down on delivery costs through automation.
Uber is also investing in autonomous technologies for its ride-sharing and food delivery operations, striking partnerships with companies, including Alphabet's GOOGL.O Waymo, as companies bet on the potential of autonomous driving systems.
MARKET REACTION
Shares of Serve Robotics, spun off from Uber in 2021, jumped nearly 30% in morning trade on Wednesday.
The company, which has partnerships with retailers such as 7-Eleven, late on Tuesday reported a more than seven-fold increase in revenue to $0.47 million for the second quarter ended June 30.
(Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila)
(( DeborahMary.Sophia@thomsonreuters.com ;))
Keywords: SHAKE SHACK-SERVE ROBOTICS/
A decision by DraftKings Inc to place a winning bet surcharge in high-tax states was met with backlash and shares fell further Monday night after rival Flutter Entertainment announced it would not be enacting the same charge.
Analysts examine Flutter's Q2 earnings and a decision by DraftKings to move away from the winning bet surcharge after its rival's earnings report.
The Flutter Analysts:
JMP on Flutter: The sports betting company has its foot on the accelerator, Bender said in a new investor note.
"Best U.S. performance in 2Q goes to FanDuel," Bender said of Flutter's U.S. sports betting platform.
U.S. revenue was up 8% from the first quarter, marking the best quarter-over-quarter growth rate for U.S. online gaming, the analyst said.
"The U.S. operations continue to be impressive despite losing iGaming market share in the quarter."
The analyst said a strong July could help the company "reinvest back into its players" ahead of the NCAA Football and NFL seasons.
Bender also said Flutter has a history of growing operations through mergers and acquisitions in recent years. The analyst thinks Flutter could make a splash with more deals.
"The path for U.S. growth appears in a good place, although not dismissing media-focused agreements, and we see management putting its balance sheet to work towards markets like Brazil, Latin America, and Eastern Europe, setting the stage for multi-year growth opportunities."
Oppenheimer on Flutter: Structural hold advantages and higher parlay penetration could help Flutter's financials, Kelly said.
The analyst highlights that FanDuel's second-quarter revenue growth of 39% and EBITDA of $260 million came in higher than DraftKings' reported totals of +26% and $128 million respectively.
Kelly also mentioned Flutter said it would not be placing a winning bet surcharge on bettors in high-tax states after rival DraftKings had previously said it would enact this practice. DraftKings announced it was reversing course after Flutter's report.
"Next catalysts are state data reports and 9/25 Investor Day, with key debates focusing on U.S. iGaming share, tax contagion, and shareholder returns," Kelly said.
The analyst expects FanDuel bot to maintain its U.S. market share lead.
"We believe FLUT is best positioned to navigate states potentially increasing online wagering taxes based on its International scale, operational experience, and higher unit economics."
Kelly said any further gaming tax rates could accelerate "the duopoly emerging between FD and DraftKings."
Benchmark on Flutter: The sports betting company is calling the right plays, Hickey said in a new investor note.
Hickey highlighted Flutter beating consensus estimates for revenue and profitability in the quarter, along with raising full fiscal year guidance.
"This growth was driven by strong performance in the US, where revenue increased by 39%," Hickey said.
Improved product offerings and expanded player prop markets helped boost U.S. sportsbook growth, the analyst added.
"Additionally, FanDuel's migration to a proprietary technology platform enhanced customer engagement, leading to a 58% increase in direct casino customer acquisition and a significant gain in market share."
Goldman Sachs on Flutter: The sports betting company reported strength for several segments with U.S. sportsbook standing out for Andrews.
"U.S. market share continued to be strong in the quarter, as indicated by our industry trackers, with OSB (online sports betting) market share of 51% on NGR (net gaming revenue), or 47% on GGR (gross gaming revenue), and iGaming GGR market share of 25%," Andrews said.
The analyst said Flutter expects to overcome an Illinois tax increase through optimized promotional and marketing spending, without passing the charges onto consumers.
"We view this as a strong quarter and would expect the print to be received well by investors."
DraftKings Impact: DraftKings shares fell Tuesday after market close with Flutter announcing it would not be enacting a winning bet surcharge to its customers.
Around 6 p.m. ET, DraftKings announced via a post on X, that it was reversing course on its previous surcharge decision.
"We always listen to our customers and after hearing their feedback we have decided not to move forward with the gaming tax surcharge. We are always committed to delivering the best value in the industry to our loyal customers," DraftKings said.
Truist analyst Barry Jonas said the decision to ditch the plan comes after rivals like FanDuel said it would not be doing the same practice.
"The reversal should remove some uncertainty around execution risks, but also raises the question of how DKNG can offset the impact and/or if guidance needs to be tweaked," Jonas said.
The analyst reiterated a Buy rating and $50 price target on DraftKings.
"We'll wait for more color on mitigation, but think recent DKNG stock underperformance may reflect a more bearish view around surcharge risks which now appear N/A."
FLUT, DKNG Price Action: Flutter shares are up 9% to $208.41 on Wednesday, versus a 52-week trading range of $174.03 to $226.40.
DraftKings share are trading flat at $31.43 Wednesday, versus a 52-week trading range of $25.41 to $49.57.
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