Why Is fuboTV (FUBO) Stock Soaring Today
What Happened:
Shares of live sports and TV streaming service fuboTV (NYSE:FUBO) jumped 35.5% in the morning session after the company won a preliminary injunction against the launch of the Venu Sports joint venture between The Walt Disney Company, FOX Corp., and Warner Bros. Discovery. Fubo argued that the JV would have monopolized 60%-80% of live broadcast sports content, reducing competition and increasing prices for consumers. David Gandler, co-founder and CEO, Fubo, commented: "Today's ruling is a victory not only for Fubo but also for consumers. This decision will help ensure that consumers have access to a more competitive marketplace with multiple sports streaming options."
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What is the market telling us:
fuboTV’s shares are very volatile and over the last year have had 70 moves greater than 5%. But moves this big are very rare even for fuboTV and that is indicating to us that this news had a significant impact on the market’s perception of the business.
fuboTV is down 39.8% since the beginning of the year, and at $1.90 per share it is trading 46.8% below its 52-week high of $3.56 from December 2023. Investors who bought $1,000 worth of fuboTV’s shares 5 years ago would now be looking at an investment worth $236.84.
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