U.S. Stock Market Midday Update: Bitcoin market confidence shaken, SharpLink Gaming stock price plummets 10.31%

U.S. Stock Market Midday Update

SharpLink Gaming fell 10.31%. Based on recent news,

1. On December 1, Phong Le, CEO of Strategy Inc., stated in a podcast that the company might sell Bitcoin to pay dividends, leading to a decline in market confidence in companies holding Bitcoin. The mNAV ratio of Strategy Inc. has dropped to 1.19, further exacerbating market concerns. Source: Golden Finance

2. On December 1, S&P Global Ratings downgraded the stability assessment of USDT, warning that a decline in Bitcoin value could lead to insufficient collateral for the tokens, increasing pressure on the cryptocurrency market. Source: Golden Finance

3. On November 30, the liquidation of leverage intensified the decline in Bitcoin, with the internal leverage structure of the market leading to the liquidation of long positions, further dragging down Bitcoin prices. Source: Golden Finance. The cryptocurrency market is facing macroeconomic pressures.

Top Stocks by Industry Trading Volume

Flutter Entertainment fell 0.49%. Based on recent key news:

1. On December 1, Flutter Entertainment plc announced the total voting rights as of November 30. The total number of ordinary shares issued by the company is 175,181,114, with one voting right per share, nominal value of €0.09. This announcement complies with the regulations of the UK Financial Conduct Authority and may affect investor interest calculations.

2. On December 1, shareholders of Flutter Entertainment plc used the latest voting rights data for interest notification calculations, which may lead to a reassessment of the company's equity structure in the market.

3. On December 1, the disclosures from Flutter Entertainment plc comply with the rules of the UK Financial Conduct Authority, ensuring transparency, which may impact the stock price. The overall industry performance is stable, with significant capital inflow.

DraftKings rose 2.72%. Based on recent key news:

1. On December 1, analysts expect DraftKings' EBITDA to reach $1.07 billion next year, with revenue of $7.33 billion. CEO Jason Robins stated in last month's earnings call that he believes the predicted market will be a "powerful lever" for driving the legalization of online sports betting in various states. This optimistic outlook boosted market confidence and drove the stock price up.

2. On December 1, a FactSet survey showed that out of 38 analysts, 30 rated DraftKings as "buy," with a target price of $44.54. The positive ratings from analysts further enhanced investor confidence, propelling the stock price upward.

3. On December 1, DraftKings was added to the "Best Ideas" list but failed to help the stock price rise on Monday. Nevertheless, the market's optimistic sentiment regarding its long-term growth potential still supported the increase in stock price Support for online gambling policies in the U.S. market has strengthened.

Wynn Resorts rose 4.08%. Based on recent key news:

1. On December 1, Wynn Resorts announced that the main tower of its UAE Wynn Al Marjan Island project is nearing completion, with an expected opening in early 2027. The project has an investment amount of $5.1 billion, is progressing smoothly, and the completion rate of structural accommodation units has reached 99.7%. This news boosted investor confidence and drove the stock price up.

2. On December 1, analysts expect that Macau casinos will benefit from the strengthening of the Renminbi in 2026, with gaming revenue growth reaching the mid-to-high single digits. The government budget forecast is relatively conservative, but recent performance is close to analyst consensus, which is favorable for Macau-related casino stocks, including Wynn Resorts.

3. On November 29, Wynn Resorts announced that it will hold an analyst and investor market tour on December 4 to discuss the expected financial performance of the UAE market and the Wynn Al Marjan Island integrated resort. This event is limited to institutional investors and analysts, further attracting market attention. Macau casinos benefit from the strengthening of the Renminbi, with an optimistic outlook.

Stocks ranked among the top in industry market capitalization

Las Vegas Sands rose 3.19%. Based on recent key news:

1. On November 29, Las Vegas Sands' Chief Financial Officer Randy Hyzak sold 57,545 shares of common stock, with a total transaction amount of $3,823,646. This insider trading may raise market concerns about the confidence of the company's management, leading to stock price fluctuations.

2. On December 1, Argus Research raised the target price for Las Vegas Sands from $65 to $80. This positive analyst rating has enhanced market expectations for the company's future performance, driving the stock price up.

3. On November 28, Las Vegas Sands filed Form 4 with the U.S. Securities and Exchange Commission, disclosing details of insider trading. The public disclosure of this information may affect investors' views on the company's stock, leading to stock price fluctuations. The gaming industry has performed strongly recently, with significant capital inflows