CE 100 Index Gains 0.5% as Online Betting Names Pay Out Big

The CE 100 Index was 0.5% higher this past week, boosted by the fortunes of the “Have Fun” group, which jumped 3.3%.

Within that segment, DraftKings surged 7.9% and Flutter Entertainment was 6.2% higher.

DraftKings rebounded from volatile trading seen in recent weeks in the wake of news that online betting sites are facing higher taxes in Illinois, whereas Yahoo Finance noted  New Jersey, Massachusetts and other states have also boosted taxes on the gaming sector.

Flutter’s stock moved on the news that the company has appointed Mark Shaw as its Director of Global Payments Strategy.  He had previously worked at Visa, Barclays, TSB, and Spotify.

Salesforce shares were 5.6% ahead, as the Work segment was 1.1% higher.  The company said it had launched new data and AI solutions for Consumer Goods Cloud that it said unifies customer data and industry market research, “providing account reps with deeper insights on buyer preferences to optimize retail planning and execution.”

Mastercard shares were 2.2% higher through the week.

Mastercard and Thought Machine have expanded their partnership to deliver payments and core banking capabilities to financial institutions worldwide.

This collaboration brings together Mastercard’s global network and digital solutions and Thought Machine’s cloud-native core banking and payments platform, the companies said.

According to the release, the companies aim to help financial institutions shift from legacy core banking and payment technologies to cloud-native ones.

Shop Segment Declines

Walmart shares gained 1.3% .  As reported earlier in the month, Walmart will relaunch its private-label fashion brand No Boundaries in stores and online July 16.

Aimed at young adults, the No Boundaries brand has been refreshed by a Generation Z-focused design team, the retailer said. The design team hired by Walmart to refresh No Boundaries is the first team that the retailer has dedicated to the brand, according to the release.

The line includes 130 size-inclusive pieces with style rooted in casual trends and weekend wear, the release said. Eighty percent of the items are priced under $15, and many are available for $5.

However, Walmart’s gains were overtaken by Ocado’s 13.1% slide, and the Shop pillar of the CE 100 Index lost 2%.  News outlets, including Bloomberg, reported that its Canadian partner temporarily halted the planned launch of an automated warehouse in Vancouver.  The newswire also reported that Empire Company Ltd.’s subsidiary, Sobeys and Ocado, are also ending their exclusivity agreement.

Porch Group shares lost 9.9%.  The U.S. Department of Labor said in a press releasethis past week that it has ordered American Home Protect LLC in Plano and its parent company, Porch Group Inc., to reinstate and pay back wages and compensatory damages to an employee who was fired in June 2023 after informing upper management about deceptive business practices.

“A whistleblower investigation by the department’s Occupational Safety and Health Administration found the employee alerted American Home Protect and Porch Group management that customer refunds, after cancelling services, were not issued in a timely manner to hundreds of customers because the companies required them to complete unnecessary steps in the cancellation process,” said the Labor Department.

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