Tapestry soars as fashion house stitches together an earnings beat and raises guidance

Shares of Trump Media & Technology Group are up after the company announced that it will be making prediction markets available on its Truth Social platform through its partnership with Crypto.com.

Users “will be able to trade prediction contracts related to major events and milestones, such as political elections, interest and inflation rate changes, commodity prices on gold and crude oil, events across all major sports leagues, and more,” per the press release. Beta testing is to begin “in the near future,” followed by a full US launch with designs on a global rollout.

Speech is free and talk is cheap — until you put your money where your mouth is. Prediction markets are a booming business, with Piper Sandler estimating that volumes at Kalshi and Polymarket are poised to be up 91% month on month in October, driven in part by interest into contracts tied to the outcomes of sporting events.

The ascension of prediction markets has been viewed as negative for the “traditional” domains for online sports betting, with the likes of DraftKings and Flutter Entertainment suffering as prediction market activity linked to sports picks up steam. Both these firms, which are looking to increase their footprints in the event contracts space, are selling off this morning as this new entrant also threatens to eat away at market share.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. Event contracts trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the CFTC.)

Shares of Cameco Corp are surging in premarket trading after the Canada-based uranium company announced that it and Brookfield Asset Management have signed a binding term sheet with the US government to build nuclear reactors in the US via their jointly owned Westinghouse Electric business.

(Brookfield and Cameco acquired 51% and 49% of Westinghouse Electric, respectively, in a 2023 deal.)

As a uranium provider to nuclear power plants, Cameco has the opportunity to benefit not just through its Westinghouse exposure, but also by having a bigger market to supply.

Shares of no-revenue nuclear company Oklo as well as Nuscale both popped on this news, but since pared gains.

The aggregate investment value of these new projects is “at least” $80 billion, per the press release. The US government will take care of arranging financing, permitting, and approvals, and Westinghouse will construct nuclear facilities which “are expected to generate reliable and secure power for the American grid, including powering significant data center and compute capacity to drive growth in artificial intelligence in the United States.”

The agreement will see the US government get a 20% share of any cash distributions tied to this project in excess of $17.5 billion. If that milestone has been hit on or prior to January 2029 and the valuation of Westinghouse is expected to be $30 billion or higher, the US government can demand an IPO of this division and the ability to accumulate a 20% stake in this entity.