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S&P 500 bets on Penn National Gaming Inc. and Caesar’s Entertainment Inc. amid increasing legalization of sports betting in the United States
Penn PENN,
and CZR of Caesar,
were announced as new members of the S&P 500 SPX Index,
Friday afternoon, alongside semiconductor maker NXP Semiconductors NV NXPI and Generac Holdings Inc. GNRC, which sells equipment used to generate electricity. Flowserve Corp. FLS, SL Green Realty Corp. SLG, Xerox Holdings Corp. XRX and Vontier Corp VNT will upgrade to S&P MidCap 400 to make room. The changes are expected to take place before trading begins on March 22.
Penn has seen its stock increase by almost 750% over the past year amid further legalization of sports betting and its investment in popular sports website Barstool. Penn uses Barstool’s brand on its gambling platform, which competes with Flutter Entertainment PLC FLTR
DraftKings DKNG,
William Hill WMH,
Caesar’s and others as US states legalize sports gambling. Michigan became the 15th state to allow online sports betting earlier this year.
Barstool founder Dave Portnoy has spoken often about the stock while investing publicly during the COVID-19 pandemic. Penn stock closed at an all-time high of $ 130.47 on Friday, then gained around 7% after-hours trading after the announcement.
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Caesar’s is in the process of teaming up with William Hill to create a bigger rival for online sports betting in the United States, and the title has seen big gains over the past year, after falling in late February and early March last year due to fears of the impending pandemic increased. Caesar’s shares have gained 550% in the past 12 months, and prices have risen more than 5% after hours.
NXP’s stock nearly doubled last year, amid semiconductor shortages that hit automakers hard, a key segment for NXP, and shares rose more than 5% in the extended session. . Generac has risen nearly 250% in the past 12 months and is gaining about 4% at the end of trading.
Read more: Global chip shortage expected to last into next year, and that’s good news for semiconductor stocks
Xerox stock has struggled despite investor Carl Icahn pushing for change at the printing giant while owning more than 15% of the shares. The stock plunged after a hostile takeover attempt of HP Inc. HPQ,
failed early last year and has gained 12.6% in the past 12 months, with the S&P 500 adding 58.8%. Xerox shares fell less than 2% on Friday after hours. Shares of SL Green and Vontier also fell less than 2% on Friday after-hours, while Flowserve was flat.
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