DraftKing's New Price Target: Top Stories, Sports and Business News — Oct. 1

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These are the stories shaping sports and business for Thursday, October 1st., 2020.

Coronavirus Update

According to Johns Hopkins, There are over 34 million cases of the virus worldwide, with over one million deaths.

The U.S. has surpassed 7.2 million cases with 207,000 deaths.

Treasury Secretary Steven Mnuchin said he and House Speaker Nancy Pelosi “made a lot of progress in a lot of areas” in talks they held Wednesday. Pelosi said the two “found areas where we are seeking further clarification,” but added that talks with the Treasury secretary would continue.

The House is expected to vote on its slimmed-down $2.2 trllion aid proposal later Thursday, though the legislation has little chance of passing in the Senate.

American is furloughing 19,000 workers, while United is laying off 13,000 workers due to lack of stimulus. Goldman is laying off 400 positions.

Moderna’s vaccine candidate won't be ready before the Nov. 3 presidential election, CEO Stephane Bancel told the Financial Times.

Bancel told the Financial Times that Moderna wouldn't seek emergency use authorization from the Food and Drug Administration before Nov. 25 at the earliest, and added he doesn't expect to receive full approval to distribute the drug in the U.S. until next spring.

DraftKings Wall Street High Price Target

Shares of DFS company DraftKings were up 5 and a half percent Thursday after receiving a Wall Street high $70 price target in bullish initiation from analysts at Needham.

The stock was trading at about $62 at last check

Needham estimates an opportunity size of up to $58 billion long term for online sports betting, which has taken off in recent years since the U.S. Supreme Court struck down the 1992 federal law banning sports betting. Since the court’s decision in 2018, a number of states have legalized sports betting.

"We expect the regulatory tailwind to persist and believe online providers' access to data creates a structurally better user experience vs. brick and mortar," analyst Needham Brad Erickson said.

In September, the NFL announced a partnership that made DraftKings the official sports betting company for the league.

DraftKings has also announced a partnership with ESPN, which has helped propel the stock more than 200% year to date.

Teams in states that have legalized gambling like the New Jersey-based Giants and Jets and the Philadelphia Eagles have recently announced their own partnerships with DraftKings. 

TheStreet's Tony Owusu and Sports Illustrated's Robin Lundberg contributed to this report.

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