Athletic Shares Soar to 3.5-Year Peak, Propelled by Rush Street and Rogers
In the world of sports business, July 2022 saw some significant movements in the stock market. One of the most notable developments was the advancement of the Sportico Sports Stock Index, which rose nearly 2% to reach its highest level since late 2021.
The Sportico Sports Stock Index, a basket of 40 stocks that rely on sports for a significant portion of future growth, includes companies such as Rush Street Interactive (RSI), Ferrari (RACE), TopGolf Callaway Brands (MODG), and Rogers Communications (RCI), among others.
Rush Street Interactive leapt 26% in July, finishing at $20.20, its highest level since the end of 2021. This impressive performance catapulted RSI to the top of the index's performers for the month.
However, not all stocks in the index fared as well. Ferrari (RACE) lost 11% in July due to a plunge on Thursday after announcing earnings. The Italian luxury car manufacturer's slow sales in July caused concern among investors.
On a positive note, TopGolf Callaway Brands (MODG) gained 15% in July. The surge in interest on social media and chatboards was attributed to retail investors anticipating the spinoff of TopGolf.
Rogers Communications (RCI) also saw a significant increase, advancing 13% in July. Management sounded a bullish note on revenue from the Toronto Blue Jays, and CEO Tony Staffieri mentioned potential value creation from the acquisition of the majority of Maple Leaf Sports and Entertainment.
It's worth noting that the index is equal weighted and reset every three months. To be included, stocks must be traded in the U.S. with sufficient daily volume and a market capitalization greater than $50 million.
The S&P 500 and the tech-heavy Nasdaq Composite index also rallied in July, with the S&P 500 gaining more than 2% and the Nasdaq Composite index nearly 4%.
Despite thorough research, the top performing stocks in the Sportico Sports Stock Index for July 2022, beyond Rush Street Interactive, could not be definitively identified from the available sources. Further investigation using specialized financial or sports business databases or historical index reports would be necessary to confirm the exact rankings.
Meanwhile, Vivid Seats (SEAT) lost 10% of its value in July and is expected to see a 16% decline in revenue by 2025. The shares closed July at $1.51, close to its all-time low.
In conclusion, while the overall sports stock market showed positive trends in July, individual performance within the Sportico Sports Stock Index varied significantly. With Rush Street Interactive leading the way, investors will be eager to see how these stocks continue to perform in the coming months.
- The Sportico Sports Stock Index, which is a basket of 40 stocks, includes companies from various sectors such as Rush Street Interactive, Ferrari, TopGolf Callaway Brands, and Rogers Communications, all of which have a significant portion of future growth relying on sports.
- While Rush Street Interactive leapt 26% in July and Ferrari lost 11%, TopGolf Callaway Brands gained 15% due to retail investors anticipating the spinoff of TopGolf, and Rogers Communications advanced 13% as management sounded a bullish note on revenue from the Toronto Blue Jays.
- The S&P 500 and the tech-heavy Nasdaq Composite index also rallied in July, with the S&P 500 gaining more than 2% and the Nasdaq Composite index nearly 4%, indicating a positive trend in the broader stock-market landscape.
