Stocks to Watch: Draftkings, General Electric, Tesla, and Snowflake

Possible Steals into Long Term Holds:

Draftkings (DKNG)

Wednesday was a huge turn for Draftkings. The highly anticipated spike has finally happened. After Michael Jordan signed on as an investor, the stock jumped, but not as much as it should have. The final price on September 1st was $36.93, but with Jordan, the stock increased over the next 12 days to $41.46. Then, Draftkings announced a multi-year deal with media giant Disney. With this deal, the company could become a co-exclusive sportsbook, while possibly revolutionizing the industry. Upon announcement, the deal shot Draftkings from a share price of $40.82 to a yearly high at $53.18. With a great potential already, the continued legalization of sports betting will only bolster Draftkings and the industry further.

General Electric (GE)

General Electric is not necessarily doing well at the moment due to the company’s involvement in the aviation industry, which practically collapsed because of the coronavirus. However, as of yesterday, GE reported that they expect a positive cash flow in the second half of 2020, meaning General Electric’s liquid assets have increased, making it an interesting company to keep an eye on in the future.

Is it too late?

Tesla (TSLA)

The hottest stock of 2020. When everyone thinks Tesla is going to slip, Elon Musk somehow finds a way to raise the share price. Before the stock split, Tesla hit a low of $350 but managed to raise the price back above $2000. This share price was unreasonably high for most investors, so on August 31st, the company made headlines when Tesla split its stock 5–1. Now the hardest decision people are having is deciding whether they completely missed Tesla’s window, or if there is still a chance to flip the stock into a long term profit maker. The stock has gone up $80 in the past week; however, because of the unpredictable nature of the stock, it is possible the share price will drop before the end of the year.

Dark Horse of the Week:

Snowflake (SNOW)

After announcing the company is going public this week, Snowflake started with an initial price of $120 and saw its stock climb to over $300 for 150% gain. The company sold 3.4 million shares and raised 3.4 million from the IPO. This sudden increase resulted in Snowflake becoming the largest software IPO ever.