Why DraftKings Stock Dropped 7.3% on Monday
Shares of online betting company DraftKings (NASDAQ: DKNG) fell as much as 7.3% in trading on Monday as investors quickly exited growth stocks. Shares closed the day down 5.7% after a late-day recovery.
The biggest reason for the drop at DraftKings was the market's sell-off in general. Fear of the financial markets breaking down are high after issues at China Evergrande Group made global headlines over the weekend. The company might not be a household name, but it's a huge real estate company with $300 billion in liabilities, so a default this week could have a wide-ranging impact.
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Source Fool.com
