Core Insights - Empat has launched Empat School, an online program aimed at training aspiring full-stack and Flutter developers, starting on January 5, 2026 [1][4] - The program is complimentary and targets students in their 2nd year or higher in IT-related fields, combining expert-led lectures, hands-on assignments, and mentorship [3][4] - Top-performing students will have the opportunity to secure trainee positions at Empat, creating a direct link between education and employment [5] Program Structure - Empat School's curriculum includes backend architecture, database management, responsive frontend design, and mobile app development with Flutter [4] - The program emphasizes real-world tasks typically handled by professional development teams, providing practical experience [3][4] Company Background - Empat is a leading custom software and mobile app development agency with successful projects across 17 countries [6] - The company focuses on transforming ideas into impactful digital products through deep research and empathy-driven design [6]

Core Viewpoint - Vektor Medical has received FDA 510(k) clearance for its next-generation vMap® technology, enhancing its capabilities in cardiac arrhythmia care [1] Group 1: Product Enhancements - The vMap technology now includes non-invasive mapping capabilities with several major enhancements [1] - New features include atrial flutter mapping and direct ECG and data streaming with electroanatomic mapping systems [1] - The technology allows for 3D model import and visualization, and it can be converted into a Software as a Medical Device (SaMD) [1]

Core Viewpoint - DraftKings is seen as a potential rebound investment for 2026, but its success will depend on the execution of prediction markets and achieving sustainable profitability [1]. Financial Performance - DraftKings stock has rallied 21% in the last month but is still down 8% year-to-date [1]. - The company faced downward revisions of its 2025 guidance due to bettors' success in football, which impacted financial results [4]. Prediction Markets - Prediction markets, particularly Kalshi, have created significant headline risk for DraftKings and its competitors in 2025, leading to a decrease in market capitalization [5]. - DraftKings plans to launch its DraftKings Predictions mobile app following its acquisition of Railbird Technologies, which could influence its stock performance in 2026 [7]. Competitive Landscape - DraftKings is entering the event contracts space, which may offer shorter payback periods and better margins compared to traditional sports wagering [9]. - The company aims to reduce customer acquisition costs in the event contracts market, potentially enhancing profitability [9]. Pricing Strategy - DraftKings must execute effectively in the prediction markets by offering competitive products compared to Kalshi [10]. - The company has been able to provide better odds than prediction markets during the NFL season, which could benefit its event contracts platform [12].

Core Insights - FanDuel has launched an exclusive partnership with ITV Studios to introduce the first slot game based on the reality franchise Love Island, named "Love Island Reel Vibes" [1][2] - This collaboration aims to enhance FanDuel's entertainment offerings by leveraging Love Island's content to create immersive gaming experiences [1][4] - The partnership is expected to roll out additional Love Island-themed titles through 2026 and beyond, establishing FanDuel Casino as an official partner of Love Island gaming [2][4] Company Overview - FanDuel is recognized as the premier mobile gaming company in the United States, with a diverse portfolio that includes sports betting, iGaming, horse racing, and daily fantasy sports [7] - The company operates across all 50 states, serving approximately 17 million customers and maintaining 25 retail locations [7] - FanDuel is a subsidiary of Flutter Entertainment, which is the world's largest sports betting and gaming operator [8] Industry Context - Love Island has emerged as a cultural phenomenon with a highly engaged, mobile-native fanbase, making it an ideal partner for gaming collaborations [3][4] - The franchise continues to rank as one of the top reality programs globally, generating significant social engagement and attracting millions of viewers [4] - The introduction of the "POWER COMBO™" mechanic in the new slot game offers players enhanced features, aligning with industry trends towards innovative gaming experiences [5]

Core Insights - Caledonia (Private) Investments increased its stake in Coursera by purchasing 1,935,803 additional shares, raising its total position value to approximately $109.06 million as of the end of the third quarter 2025 [1][2] - Coursera's shares were priced at $8.41 as of December 4, 2025, remaining flat over the prior year and underperforming the S&P 500 by 13 percentage points [3][4] - The company has a market capitalization of $1.4 billion and reported trailing twelve months (TTM) revenue of $739.78 million, with a net income loss of $45.81 million [4] Investment Position - Caledonia's investment in Coursera now represents 1.8% of its 13F reportable assets under management (AUM) [3] - The fund's total position value increased from $64.63 million in the previous quarter to $109.06 million [2] Company Performance - Coursera has experienced a five-year revenue compound annual growth rate (CAGR) of 30%, but its sales growth rate has slowed to a 10% increase in the latest quarter [3][9] - The company operates an online educational platform that connects learners, educators, and organizations, offering a wide range of courses and professional certificates [5][8] Market Context - The investment by Caledonia is seen as a significant bet against the potential disruption of the online learning industry by artificial intelligence (AI) [9][11] - Despite the stock trading near its 52-week high at the time of purchase, it has since declined approximately 30%, potentially making it an attractive investment opportunity [10]

Core Viewpoint - DraftKings has significantly underperformed in the stock market, losing 36.95% over the past five years despite growth in the U.S. sports wagering industry [1][2]. Industry Overview - The U.S. sports betting industry is expanding, with legal sports betting available in 39 states, Puerto Rico, and Washington, D.C. [2] - The domestic sports betting industry generated $13.71 billion in sales last year, up from $11.04 billion in 2023, with total bets expected to reach $172.55 billion this year, increasing from $113.85 billion in 2023 [2]. Company Performance - DraftKings has faced challenges such as slowing revenue growth and consistent operating losses, highlighted by disappointing third-quarter results that fell below Wall Street forecasts [4]. - The company has struggled with unfavorable outcomes for bettors in the NFL and NCAA tournaments, which negatively impacted its financial performance [5]. Tax Environment - DraftKings and its competitors are facing increased taxation, with seven tax increases announced in six states since the start of 2024, including a graduated tax scheme in Illinois that imposes higher rates on larger operators [7][8]. Future Outlook - The emergence of prediction markets presents both challenges and opportunities for DraftKings. Analysts believe the company has been overly punished by market sentiment [9]. - DraftKings Predictions, a new product expected to launch soon, could tap into a $5 billion total addressable market in U.S. prediction markets, potentially generating $176 million in EBITDA for the company within three years [10]. - While prediction markets are not a complete solution to DraftKings' issues, successful execution could lead to long-term growth and recovery from past disappointments [12].

Core Viewpoint - DraftKings faces significant challenges as its business model is being questioned, particularly in light of emerging competition from prediction markets, leading to a bearish sentiment among retail traders [1][2]. Company Performance - DraftKings shares are down 4.9% year to date, currently priced at $34.50, despite a recent 23.6% increase over the past month [1]. - The company reported a net loss of $256.8 million in Q3 2025, with revenues of $1.14 billion, resulting in negative operating margins of -23.8% [3]. - Marketing expenses remain high at $1.09 billion in Q3, although customer acquisition efficiency improved by 20% year over year [4]. Competitive Landscape - Analysts have reduced DraftKings' price targets by 18% to 22% due to increasing competition from prediction markets like Polymarket and Kalshi, which offer lower fees and decentralized infrastructure [5]. - The bearish sentiment is fueled by concerns that DraftKings cannot compete with the liquidity and efficiency of decentralized prediction markets, which may render traditional sportsbooks obsolete [2][3]. Market Sentiment - Sentiment on platforms like Reddit and X has turned bearish, with a sentiment score of 22, following a viral post questioning DraftKings' viability [1]. - The post has gained traction with over 600 upvotes, drawing comparisons between DraftKings and the taxi industry before the advent of Uber [2].

Core Insights - The sports betting industry in the U.S. has seen significant growth since the Supreme Court allowed states to legalize it, with 38 states and Washington, D.C. legalizing sports betting in some form [1] Company Analysis - Penn Entertainment has experienced a decline in stock value, down approximately 57% over the past three years, while DraftKings has seen an increase of around 122% in the same period [3] - DraftKings operates a diversified ecosystem that includes sports betting, daily fantasy sports, iGaming, and lottery, allowing it to acquire and retain customers through multiple channels [4][5] - DraftKings has an asset-light business model focused on software, which enables easier scalability and reduces reliance on debt compared to traditional physical casinos [9] Financial Performance - DraftKings reported an adjusted EBITDA loss of over $700 million in 2022 but expects a turnaround to between $450 million and $550 million in the current year, indicating a potential improvement of $1.15 billion to $1.25 billion over three years [10]

Group 1: Analyst Ratings Adjustments - JPMorgan has significantly reduced its price target for Evoke PLC (EVOK) from 66p to 34p, indicating a nearly 50% decrease in outlook for the company [3][10] - The price target for Flutter Entertainment (FLTR, FLUT) has been lowered from 27,100p to 25,300p, reflecting cautious sentiment in the entertainment and gaming sector [4][10] - For EPR Properties (EPR), JPMorgan adjusted its target price down to $58 from $65, following a previous increase in September 2025 [5][10] - Daiwa Capital Markets has made a minor adjustment to Deere & Co (DE), lowering its target from $530 to $520 amid mixed analyst sentiments [8][10] Group 2: Geopolitical Concerns - A Taiwanese minister has warned that the ongoing tensions between China and Japan could last for another year, which may impact regional stability and trade [7][10]

Core Insights - Flutter Entertainment plc (NYSE:FLUT) is recognized as one of the best consumer cyclical stocks, primarily due to its leading online betting service, FanDuel, which has over 12 million users in the US [1] Analyst Recommendations - As of November 28th, 19 out of 27 analysts recommend buying Flutter Entertainment plc shares, with 6 ratings as Strong Buy and 2 as Hold. The average price target is set at $307.59 [2] Recent Analyst Reports - A recent report from Citi on November 29th lowered the price target for Flutter Entertainment plc from $340 to $320 while maintaining a Buy rating. This adjustment was influenced by the UK government's announcement to increase the online gaming tax from 21% to 40% [3] - UBS also revised its price target for Flutter Entertainment plc from $360 to $340 on November 20th, indicating that the stock could re-rate following the tax announcement as focus shifts back to its fundamentals [3] Earnings Call Insights - During the third-quarter earnings call, Flutter Entertainment's CFO discussed the impact of wager fees in Illinois, noting a reduction in the number of bets but an increase in handle per bet. The company is closely monitoring market data to assess future implications [4] - The CFO expressed optimism about potential regulatory developments that could help mitigate tax impacts in high-tax jurisdictions [4]