What's Going On With DraftKings Stock?

DraftKings Inc DKNG shares are trading lower Thursday amid overall market weakness as traders continue to digest Wednesday's Fed rate hike announcement.

The Federal Reserve raised rates by 50 basis points on Wednesday, its first rate hike of at least half a percentage point in more than 20 years. Stocks surged following the announcement, but have pulled back significantly on Thursday.

DraftKings on Thursday announced the completion of its acquisition of Golden Nugget Online Gaming. 

"We anticipate that this acquisition will provide meaningful revenue uplift," said Jason Robins, chairman and CEO of DraftKings.

DraftKings is set to announce its first-quarter financial results before the market opens on Friday. 

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DKNG 52-Week Range: $13.05 - $64.58

The stock was down 11% at $14 at press time, according to data from Benzinga Pro.

Photo: courtesy of DraftKings.