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Today in the Market (3/28/2024)

Good Morning! On Thursday, U.S. stocks were mixed on the last trading day of the quarter, with the S&P 500 inching higher and hitting a new high. The S&P 500 and Dow Jones both increased by around 0.12%, while the NASDAQ did the opposite and fell 0.12%.

DON'T GIVE UP YET!

The home furnishings firm RH (RH) (previously known as Restoration Hardware) saw a boost in its share price after the release of its fourth-quarter earnings report, which revealed grim results. However, the company also provided better-than-expected projections for 2024, suggesting that growth had resumed.

  • Revenue: $738.8 Million vs. $777.5 Millon Expected
  • Operating Margin: 8.7% vs. 14.5% a year ago
  • Adjusted Earnings Per Share: $0.72 vs. $1.67 Expected

All hope is not lost! The positive outlook of management about 2024 has contributed to the increase in the stock’s value, as the business is intensifying its efforts in marketing new goods in anticipation of a rebound in demand. Also, RH has been actively repurchasing shares to capitalize on its undervalued stock price. The company saw a decrease in the number of shares outstanding by over 20% in the previous year and 35% in the preceding two years.

PROP BETTING

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In a statement, NCAA President Charlie Baker urged states to outlaw prop betting on collegiate sports, citing risks for student-athlete safety and game integrity. But what is prop betting? Prop betting lets gamblers place side bets on events or occurrences that don’t directly affect the outcome of the game.  For instance, bets on individual player statistics, Gatorade color, first team to score, etc.

Why would this be a problem? Since taking over as NCAA president last year, Baker has been against collegiate prop betting. According to him, college athletes are under more stress as a result of regulated sports betting. On top of that, prop bettors have been harassing certain student-athletes since they haven’t been able to turn a profit.

Where are we now? Only Kansas, Louisiana, Michigan, Wyoming, and Washington, D.C., allow prop bets on college sports, which made up only 1.4% of all DraftKings (DKNG) wagers placed last year. However, in the last year, betting scandals have been linked to Temple University, Iowa State, and the University of Alabama.

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