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Home Blog Page 8556

NBA2K News: NBA 2K League prez Brendan Donohue stepping down

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Brendan Donohue is stepping down as president of the NBA 2K League.

He will stay on through the end of October to assist with the transition to new leadership.

Donohue became the NBA 2K League’s first president in 2017 and has overseen its substantial growth through six seasons. The esports league has expanded to 25 teams from its original 17, including 22 NBA-affiliated franchises and teams based in Australia, China and Mexico.

“We thank Brendan for all of his efforts in overseeing the launch and expansion of an entirely new league,” said Salvatore LaRocca, NBA president of global partnerships. “Under his leadership, the NBA 2K League has built a strong global following and presence in the esports community, and we see more opportunities for growth in the coming years given the enormous popularity and interest in the NBA 2K franchise.”

This past season, the league saw more than a 50 percent increase in average minutes watched on the YouTube and Twitch platforms.

“It has been an incredible privilege to lead the NBA 2K League and witness its evolution over these past six years,” Donohue said. “Working and engaging with talented colleagues, the very best NBA 2K players in the world and a growing community of passionate fans has been such a rewarding experience. I am proud of what we accomplished together and look forward to taking on my next challenge in the sports industry.”

Donohue joined the NBA league office in 2009 and worked in marketing and business operations before taking on the position with the NBA 2K League.

–Field Level Media

SoundHound AI Stock Expected to Grow Over 200 percent

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DA Davidson analysts began covering a stock in the artificial intelligence (AI) sector that they believe is currently undervalued due to its past status as a special purpose acquisition company (SPAC). SPACs, much like initial public offerings (IPOs), are created specifically to take private companies public. However, they have recently faced skepticism due to some high-profile failures. Nonetheless, DA Davidson analysts think this former SPAC has the potential to surge by more than 200%.
DA Davidson initiated coverage on SoundHound AI (NASDAQ:SOUN), a company focused on developing a voice AI platform for creating voice-enabled experiences. They gave it a Buy rating and set a price target of $5. SoundHound AI’s closing share price was $1.60 the previous day, implying a significant upside of over 200% based on the price target. Following this initiation report, shares rose more than 7% pre-market today.
DA Davidson’s analysts believe that the market isn’t fully recognizing SoundHound’s growth prospects and view the long-term opportunities as highly attractive and available for the taking. They explained that SoundHound’s innovative and independent Voice AI platform is expected to become the industry standard for performance. With improvements in its financial model and the expansion of its sales team, the analysts believe the company is well-positioned to capture a substantial market share and sustain strong growth over the long term.

Squarespace Stock a Buy at BofA Securities

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BofA Securities analysts reiterated their Buy rating on Squarespace (NYSE:SQSP) with a price target of $35.00. The analysts believe that Squarespace is well-positioned to capture a larger share of the website building and hosting market, particularly as a design-focused platform targeting “prosumers” – service professionals who are building websites for their small businesses.
The analysts pointed out that the extensive total addressable market (TAM) is highlighted by the diverse range of “prosumers” across various categories, from barbers to wedding photographers.
Furthermore, Squarespace’s pricing structure, starting at $24 per month for the base package, provides room for expansion of services while catering to a wide range of potential customers. This strategy sets Squarespace apart from its competitors in the higher-end market, such as Shopify, Wix, and GoDaddy.

Deutsche Bank Lowers Tesla Q3 Delivery Estimates

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Deutsche Bank analysts suggested that Tesla (NASDAQ:TSLA) may fall short of Street expectations in Q3 for deliveries and production figures, primarily due to global plant downtime associated with upgrades and Project Highland.
The analysts revised Q3 delivery estimates downward to 440,000 units, marking a 6% decline compared to the previous estimate of 455,000 units. Looking ahead to 2024, they noted significant downside risk to earnings forecasts, citing a much lower volume outlook than what the market anticipates.
Deutsche Bank envisions Tesla guiding for approximately 2.1 million deliveries next year, which is considerably lower than the market consensus of 2.3 million deliveries.
However, the analysts also highlighted a potential positive aspect: with Tesla not aggressively pursuing higher volumes, there might be reduced pricing pressure in the coming year.

TD Cowen Positive on Levi’s Long Term Growth

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TD Cowen analysts started coverage on Levi Strauss (NYSE:LEVI) with an Outperform rating and set a price target of $16 per share. As a result, shares gained nearly 3% intra-day today.
The analysts encouraged investors to embrace the potential for global growth as Levi, a renowned denim icon, undergoes a transformation. With its top-ranking brand recognition and market share, Levi’s is well-positioned to expand its direct-to-consumer engagement, international presence, and diversify its product offerings beyond denim.
The analysts believe that Levi’s is at the beginning of a promising trend in the denim industry, driven by new fits and styles catering to younger and fashion-forward consumers.
TD Cowen anticipates achievable long-term EPS growth of over 12%, supported by more than 6% annual revenue growth and consistent gross margin expansion.

Costco Reports Better Than Expected Q4 Earnings

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Costco (NASDAQ:COST) posted Q4 earnings per share (EPS) of $4.86, surpassing the Street forecast of $4.78. The quarterly revenue stood at $78.94 billion, exceeding the Street estimate of $77.72 billion.
The beat was driven by a surge in consumer visits to its stores seeking affordable groceries and essential items. This helped offset the weak demand for high-priced discretionary products.
The members-only retailer has achieved substantial sales growth by offering highly competitive prices on essential products and maintaining a loyal customer base. These factors have contributed to its market share growth despite challenging economic conditions.
While demand for non-essential items like sports equipment and home goods has been sluggish, strong sales in consumables such as fresh foods and candy have bolstered Costco’s performance.

Memphis G Mikey Williams away from team after arrest


Memphis guard Mikey Williams remains away from the team after his arrest in April on felony weapons charges.

The school said Wednesday that the five-star freshman won’t rejoin the Tigers until his legal process is complete.

“The process to assess and determine his status with the team will be initiated at that time,” the school said.

Coach Penny Hardaway’s squad held its first practice Tuesday and opens the season Nov. 6 against Jackson State.

Williams, a top-50 recruit from California’s San Ysidro High School, is enrolled in online classes. He is on the roster but does not have access to team facilities or activities.

Williams has a preliminary hearing scheduled for Oct. 10 for multiple felony charges related to a shooting at his San Diego home in April. According to police, he allegedly fired a gun at a carload of people who had just left his residence.

–Field Level Media

Clippers open camp with Kawhi Leonard, Paul George healthy


Kawhi Leonard and Paul George are healthy and intent on participating without restriction when the Los Angeles Clippers open training camp next week.

Leonard (knee) was knocked out of the playoff series with the Phoenix Suns with an injury and George missed the postseason and final month of the regular season with hyperextended knee.

Clippers vice president Lawrence Frank said Wednesday the franchise is discussing new contracts with both players, labeling them as motivated entering the 2023-24 season.

“We all have something to prove. We’re all disappointed with how last season ended,” Frank said.

When the season begins, the Clippers are one of the teams fans will be watching to gauge the impact of the new rest restriction rules rolled out by the league and applicable to the All-Star tandem.

“When our guys are healthy, they play. And that’s the bottom line,” Frank said, adding that “there’s a difference between being injured and the ‘load management.’ When they’re healthy, they play. When they’re unhealthy, then they don’t.”

Leonard is planning to “attack everything,” Frank said, and is driven to get back to where he was when another knee injury sent him to the sideline against the Suns.

“It’s such a shame that he got injured at the worst possible time. His last 35 games, he was on an unbelievable tear,” Frank said.

The Clippers got 56 games out of George and 52 from Leonard during the 2022-23 regular season. George missed the final nine games of the season and the full series against Phoenix and Leonard was absent for the final three games of the series after tearing the meniscus in his right knee.

Leonard, who missed all of the 2021-22 season after undergoing offseason surgery to repair a torn right ACL, has not played more than 57 games in a season since coming to Los Angeles in 2019.

George’s 56 games last season were a personal best in his four years with the team.

–Field Level Media

Bucks favored to win title after deal for Damian Lillard


The Milwaukee Bucks’ acquisition of Portland Trail Blazers All-Star Damian Lillard in a trade also involving the Phoenix Suns served to shake up the NBA futures betting landscape.

The Bucks, who had been third or fourth among teams with the best chance to win the 2023-24 championship, moved to the top of the list at most sportsbooks.

BetMGM, which had the Bucks tied for third at +650 with the Suns prior to the trade, moved Milwaukee to +400 Wednesday afternoon. The defending champion Denver Nuggets are now second at +475 with the Boston Celtics third at +500.

Phoenix, at +650 before the trade, remained at that number when the new odds were released. Following the Suns were the Lakers (+1200) and the Golden State Warriors (+1400).

DraftKings moved the Bucks from +850 to +400 favorites with the Nuggets (+475), Celtics (+500) and Suns (+650) next. Later Wednesday afternoon, the Bucks moved to +390 at DraftKings.

At PointsBet, the Bucks are at the top with +400 odds. The Suns remained at +700 while Portland moved from +15000 to +20000.

The Miami Heat, who had been strongly in contention to acquire Lillard, fell from +1000 to +3000 at BetMGM and +2800 at DraftKings.

In the trade, according to multiple reports, Milwaukee acquired Lillard while the Suns received Jusuf Nurkic, Grayson Allen, Nassir Little and Keon Johnson.

The Blazers receive Jrue Holiday, Deandre Ayton, rookie Toumani Camara, the Bucks’ 2029 unprotected first-round draft choice along with unprotected Milwaukee swap rights in 2028 and 2030. The Blazers are expected to trade Holiday.

–Field Level Media

Reports: Bucks acquiring Damian Lillard in 3-team trade


The Milwaukee Bucks are acquiring seven-time All-Star guard Damian Lillard from the Portland Trail Blazers as part of a three-team trade, multiple media outlets reported Wednesday.

The Trail Blazers are picking up guard Jrue Holiday, center Deandre Ayton, rookie forward Toumani Camara, Milwaukee’s unprotected first-round pick in 2029 and swapped rights with the Bucks on first-round picks in 2028 and 2030.

The Phoenix Suns, in turn, will acquire center Jusuf Nurkic, guard Grayson Allen, small forward Nassir Little and guard Keon Johnson.

Lillard, 33, has played his entire 11-year career with Portland, which selected him with the sixth overall pick of the 2012 NBA Draft. Now, Lillard will join forces with two-time NBA MVP Giannis Antetokounmpo in Milwaukee.

“The casuals won’t be addressed but the trailblazers fans and city of Portland that I love truly will be … and they will be addressed truthfully. Stay tuned,” Lillard wrote on Twitter. “Excited for my next chapter!”

Lillard won’t have long to wait to face his former team. The Trail Blazers visit Milwaukee on Nov. 26, and the teams will reconvene in Portland on Jan. 31.

Lillard averaged a franchise-record 32.2 points per game in 2022-23, the third-highest clip in the league, but the Trail Blazers finished 33-49 and missed the playoffs for the second straight season.

Named one of the NBA’s 75 greatest players of all-time in 2021, Lillard won Rookie of the Year honors in 2012-13 and has made All-NBA teams seven times. He is Portland’s career leader in points (19,376) and 3-point field goals (2,387).

While Lillard is on his way to Milwaukee, multiple media outlets reported the Trail Blazers are expected to immediately begin trade talks to move Holiday to a contending team. Portland reportedly is committed to its young group of guards.

Holiday, 33, has a $36.8 million cap hit in the final guaranteed season of a four-year, $134,997,333 contract with a player option for 2024-25.

Holiday averaged 19.3 points, 7.4 assists and a career-best 5.1 rebounds in 67 games (65 starts) last season with the Bucks.

Ayton, 25, contributed 18.0 points and 10.0 rebounds in 67 games (all starts) last season with the Suns. He was selected by Phoenix with the top overall pick of the 2018 NBA Draft.

Camara, 23, was selected by Portland in the second round of the 2023 NBA Draft out of Dayton.

Nurkic, 29, chipped in 13.3 points and 9.1 rebounds in 52 games (all starts) in 2022-23 with the Trail Blazers.

Allen, 27, averaged 10.4 points, 3.3 rebounds and a career-best 2.3 assists in 72 games (70 starts) last season with the Bucks.

Little, 23, contributed 6.6 points, 2.6 rebounds and 0.9 assists in 54 games (four starts) in 2022-23 with Portland.

Johnson, 21, chipped in 4.7 points and 1.1 rebounds in 40 games off the bench last season with the Trail Blazers.

–Field Level Media