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UTLA says it is at an impasse with the Los Angeles Unified School District over a new contract for its 31,000 teachers. ; Credit: File photo by Letsdance Tonightaway/Flickr Creative Commons

The United Teachers Los Angeles declared an impasse Wednesday in its talks with the Los Angeles Unified School District.

The action opens the way for a mediator to be brought in to help bring about a settlement.

Contract talks have been ongoing since July, UTLA said on its website.

"There is still a significant gap between the two sides on compensation," the union stated. UTLA is seeking an 8.5 percent, one-year increase; LAUSD has offered a 5 percent increase. 

The union said the district is "refusing to bargain in good faith on student learning conditions, and threatening educator layoffs as a scare tactic."

LAUSD Superintendent Ramon Cortines said in a statement that the district agrees the talks are at an impasse.

"I've been disappointed and frustrated by the lack of progress toward an agreement," he said. "It's my hope that the appointment of a mediator will lead to an expeditious settlement that ultimately supports our students and the District at large."

UTLA represents 31,000 members, including teachers and health and human service professionals.

The differences between the two sides amount to more than $800 million, the district said in its statement. Cortines has maintained that the district is facing a deficit. The union insists the district has money.

Other issues dividing the two sides include class room size and teacher evaluations.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Parents of students at Miramonte Elementary School escort children out of school on Feb. 6, 2012.; Credit: Grant Slater/KPCC

A lawyer representing 58 students who settled a lawsuit related to the Miramonte sex abuse scandal two years ago said his clients are owed more money because another group of students who settled their lawsuit last fall for $139 million may be paid more, and that violates the terms of the first group's settlement. 

A total of more than 100 students and parents sued the district after former Miramonte Elementary School teacher Mark Berndt was charged with 23 counts of committing lewd acts, including feeding students cookies laced with semen. Berndt is serving 25 years in prison. 

Attorney Paul Kiesel's clients were among the first group of students who settled in 2013 for $470,000 each, a total of $30 million. In a claim submitted to the district on Feb. 6, Keisel argues that settlement prohibits other students from receiving more than his clients.

The settlement for Kiesel's group states that it is the intent of the parties that any future Miramonte-related settlements pay less per plaintiff than the $470,000 figure.  In the case of the suit that was settled for $139 million, a judge is deciding how much each plaintiff will receive; it is expected that some of the students will receive more than $470,000.

Kiesel's complaint seeks the difference between what his clients were paid and the highest amount awarded to students in the second group.

The $139 million settlement was the largest of its kind in Los Angeles Unified School District history. 

If Kiesel's clients prevail, the district's overall tab for the Miramonte case could significantly increase from the $170 million in settlements awarded so far. 

The school district has yet to respond to the claim and declined to comment for this story. 

Kiesel would not discuss the claim in greater detail, but attorney Raymond Boucher, who also represented students in the initial settlement, characterized its language limiting the size of future settlements as a "fairness clause.

"We are talking about a number of young children and you want to make sure they are all treated fairly and equally," Boucher told KPCC. 

Attorney Vince William Finaldi, who represented some of the students in the group that settled for $139 million last November, argued that the earlier settlement would need to include a "most favored nation clause" to prevail in court. 

"It needs to have two elements," Finaldi said. "The first element is a statement by the settling party that 'we agree not to pay anyone else more than X amount.' It also needs a second clause which states, 'in the event we do pay someone more than X amount, then we'll pay you Y amount," Finaldi said. 

The settlement for Kiesel and Boucher's clients does not include language stipulating what would happen if a future settlement pays out more money per plaintiff.

If L.A. Unified rejects Kiesel's claim, then he could ask a mediator or a court to resolve the dispute.

This content is from Southern California Public Radio. View the original story at SCPR.org.

File: California school employees can now take their required training to spot child abuse and neglect by going online.; Credit: Cayoup/Flickr

Public school employees can take their required annual training to spot child abuse or neglect online, California State Superintendent of Public Instruction Tom Torlakson announced Monday.

“Nothing is more important than the safety of our students,” Torlakson said in a written statement. “The new online training lessons will help school employees carry out their responsibilities to protect children and take action if they suspect abuse or neglect.”

A new California law requires school employees, including teachers, teacher aides, and substitute teachers, to show proof to their employers that they’ve taken the training.

“We were hearing anecdotally that there may have been suspicions of abuse and neglect that was not always reported and we wanted to do something about that issue,” said Stephanie Papas, a California Department of Education consultant.

Recent high-profile cases, such as that of former Miramonte Elementary teacher Mark Berndt, revealed that school employees failed to report allegations of abuse. Los Angeles Unified agreed to pay a record $140 million to settle claims filed by one group of students in the case and $30 million to a second group. Berndt is serving a 25-year sentence after pleading no contest to the charges of committing lewd acts on children.

Papas, who helped create the new two-hour online training, said the course will help employees tell if a child has been hurt from abuse or from an accident, for example.

“We have photos that are examples of, say, a welt that is in the shape of a belt buckle or a slap on a child’s cheek that’s left a hand imprint,” she said.

In-person trainings are more effective, she said, but they’re more expensive than online trainings. That pushed the Department of Education to provide the free online training for school districts still under budget constraints.

She said current employees have until this fall to show their school districts proof that they’ve taken the training.

This content is from Southern California Public Radio. View the original story at SCPR.org.

File photo: LAUSD Superintendent Ramon Cortines faces a suit brought by a school district employee, who has sued him twice before.; Credit: David McNew/Getty Images

A Los Angeles Unified School District employee filed suit Wednesday accusing Superintendent Ramon Cortines of sexual harassment and retaliation, and alleging officials failed to intervene when told of the situation.

The lawsuit is the third one filed by Scot Graham, LAUSD's real estate director, who has made similar charges in previous complaints. The suit was filed in Los Angeles County Superior Court.

LAUSD General Counsel David Holmquist issued a statement Tuesday saying the courts have previously ruled on the case and the district is not aware of any new charges. "This is simply a frivolous refiling of the same allegations," he stated.

The latest suit alleges Cortines made sexual advances to Graham in 2000 soon after Cortines helped Graham get a job with the school district’s real estate leasing operations. Cortines left the school district that same year and Graham didn’t report what allegedly happened, according to the suit.

Graham claims that Cortines made additional sexual advances in 2010, the year the school board hired Cortines a second time to run the school district. The sexual advances were made at Cortines’ second home in Kern County, the suit alleges.

“Cortines’ advance shocked and disturbed Graham, who feared that declining Cortines’ request for sex would lead to unwarranted retaliatory consequences,” according to the lawsuit.

Graham said he notified his boss John Creer, and his boss’ boss James Sohn, but the school district conducted no investigation. Then in an October 2010 meeting, the suit claims General Counsel Holmquist “discouraged Graham from pursuing his claims, and suggested, in an intimidating and patronizing manner, that the incidents at the Ranch and Cortines’ unsolicited phone call were better left unreported.”

In May 2012, the district announced that it would pay $200,000 to Graham to settle his sexual harassment claims against Cortines, who by then had left the post. In the announcement, the district said Cortines denied sexually harassing Graham, but acknowledged they had a consensual relationship.

Graham later declined to sign off on the settlement. He filed one lawsuit in 2013 that was dismissed on a legal technicality and then a second one that was withdrawn in May 2014.

Five months later, the LAUSD school board rehired Cortines as an interim superintendent after the resignation of his predecessor, John Deasy. Cortines is expected to serve until a permanent replacement is chosen by the board later this year.

“What makes this different and new is the school board has rehired Ramon Cortines despite documented history of sexual harassment and sexual assault against Scot Graham,” said Rob Hennig, Graham’s lawyer.

By failing to investigate whether there was any merit to Graham’s allegations, the lawsuit argues, the school district failed in its duty to protect an employee from potential sexual harassment.

“Cortines shouldn’t have been rehired by the school board,” Hennig said.

In his statement, Holmquist said the district intends to "seek reimbursement for the taxpayers' dollars that are having to be expended in attorney's fees and costs" in dealing with Graham's allegations. The district said it spent about $240,000 defending itself against Graham's first two lawsuits.

Graham said in an interview Tuesday that he has been on leave since late last year because he’s developed a type of seizure disorder that prevents him from driving long distances.

He said he filed the latest lawsuit after the school board rehired Cortines and he was running into him in the workplace. Graham also said he felt his allegations were swept under the rug.

“No one came to talk to me…it was like being in a fraternity house,” he said.

The suit does not say how much in damages Graham is seeking, but it asks among other items for back pay, future pay, benefits, and compensation for medical treatment. It also seeks an investigation into Graham's accusations against the superintendent.

This content is from Southern California Public Radio. View the original story at SCPR.org.

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Changing lifestyles are causing city workers to ignore the positive experiences of urban green spaces during their working week. A recent study suggests city planners could do more to promote the benefits of going outdoors to city dwellers.

Congestion charging in Stockholm has become more successful over time, according to a study by Swedish researchers. Although the total cost of a journey that enters the congestion charge zone has fallen in real terms since the charges were first introduced in 2006, there has consistently been around 29% less traffic within the zone, compared with levels in 2005.

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Needle pricks not your thing? A team of National Science Foundation-funded scientists is developing wearable skin sensors that can detect what's in your sweat. They hope that one day, monitoring perspiration could bypass the need for more invasive procedures like blood draws, and provide real-time updates on health problems such as dehydration or fatigue. In a new paper, the team describes a new sensor design that can be rapidly manufactured using a "roll-to-roll" processing technique that essentially prints the sensors onto a sheet of plastic like words on a newspaper. They used the sensors to monitor the sweat rate, and the electrolytes and metabolites in sweat, from volunteers who were exercising, and others who were experiencing chemically induced perspiration. The new sensors contain a spiraling microscopic tube, or microfluidic, that wicks sweat from the skin. By tracking how fast the sweat moves through the microfluidic, the sensors can report how much a person is sweating, or their sweat rate. The microfluidics are also outfitted with chemical sensors that can detect concentrations of electrolytes like potassium and sodium, and metabolites like glucose.

Image credit: Bizen Maskey/Sunchon National University

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After 16 years of dedicated planning and engineering, scientists at the U.S. Department of Energy's (DOE) Brookhaven National Laboratory have completed a 3.2 gigapixel sensor array for the camera that will be used in the Large Synoptic Survey Telescope (LSST), a massive telescope that will observe the universe like never before. The digital sensor array is composed of about 200 16-megapixel sensors, divided into 21 modules called "rafts." Each raft can function on its own, but when combined, they will view an area of sky that can fit more than 40 full moons in a single image. Researchers will stitch these images together to create a time-lapse movie of the complete visible universe accessible from Chile. Currently under construction on a mountaintop in Chile, LSST is designed to capture the most complete images of our universe that have ever been achieved. The project to build the telescope facility and camera is a collaborative effort among more than 30 institutions from around the world, and it is primarily funded by DOE's Office of Science and the National Science Foundation.

Image credit: SLAC National Accelerator Laboratory

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Many wild southern sea otters in California are infected with the parasite Toxoplasma gondii, yet the infection is fatal for only a fraction of sea otters, which has long puzzled the scientific community. A National Science Foundation-funded study identifies the parasite's specific strains that are killing southern sea otters, tracing them back to a bobcat and feral domestic cats from nearby watersheds. The study marks the first time a genetic link has been clearly established between the Toxoplasma strains in felid hosts and parasites causing fatal disease in marine wildlife. The study's results highlight how infectious agents like Toxoplasma can spread from cat feces on land to the sea, leading to detrimental impacts on marine wildlife.

Image credit: Trina Wood/UC Davis

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Machine learning algorithms can sometimes do a great job with a little help from human expertise, at least in the field of materials science. In many specialized areas of science, engineering and medicine, researchers are turning to machine learning algorithms to analyze data sets that have grown too large for humans to understand. In materials science, success with this effort could accelerate the design of next-generation advanced functional materials, where development now usually depends on old-fashioned trial and error. By themselves, however, data analytics techniques borrowed from other research areas often fail to provide the insights needed to help materials scientists and engineers choose which of many variables to adjust -- and the techniques can't account for dramatic changes such as the introduction of a new chemical compound into the process. In a new study, researchers explain a technique known as dimensional stacking, which shows that human experience still has a role to play in the age of machine intelligence. The machines gain an edge at solving a challenge when the data to be analyzed are intelligently organized based on human knowledge of what factors are likely to be important and related. "When your machine accepts strings of data, it really does matter how you are putting those strings together," said Nazanin Bassiri-Gharb, the paper's corresponding author and a scientist at the Georgia Institute of Technology. "We must be mindful that the organization of data before it goes to the algorithm makes a difference. If you don't plug the information in correctly, you will get a result that isn't necessarily correlated with the reality of the physics and chemistry that govern the materials."

Image credit: Rob Felt/Georgia Tech

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A new study shows that the West Antarctic Peninsula is experiencing some of the most rapid climate change on Earth, featuring dramatic increases in temperatures, retreats in glaciers and declines in sea ice. The Southern Ocean absorbs nearly half of the carbon dioxide -- the key greenhouse gas linked to climate change -- that is absorbed by all the world's oceans. The study tapped an unprecedented 25 years of oceanographic measurements in the Southern Ocean and highlights the need for more monitoring in the region. The research revealed that carbon dioxide absorption by surface waters off the West Antarctic Peninsula is linked to the stability of the upper ocean, along with the amount and type of algae present. A stable upper ocean provides algae with ideal growing conditions. During photosynthesis, algae remove carbon dioxide from the surface ocean, which in turn draws carbon dioxide out of the atmosphere. From 1993 to 2017, changes in sea ice dynamics off the West Antarctic Peninsula stabilized the upper ocean, resulting in greater algal concentrations and a shift in the mix of algal species. That's led to a nearly five-fold increase in carbon dioxide absorption during the summertime. The research also found a strong north-south difference in the trend of carbon dioxide absorption. The southern portion of the peninsula, which to date has been less impacted by climate change, experienced the most dramatic increase in carbon dioxide absorption, demonstrating the poleward progression of climate change in the region.

Image credit: Drew Spacht/The Ohio State University

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National Science Foundation (NSF)-funded researchers from North Carolina State and Elon universities have developed a technique that allows them to remotely control the movement of soft robots, lock them into position for as long as needed and later reconfigure the robots into new shapes. The technique relies on light and magnetic fields. "By engineering the properties of the material, we can control the soft robot's movement remotely; we can get it to hold a given shape; we can then return the robot to its original shape or further modify its movement; and we can do this repeatedly. All of those things are valuable, in terms of this technology's utility in biomedical or aerospace applications," says Joe Tracy, a professor of materials science and engineering at NC State and corresponding author of a paper on the work. In experimental testing, the researchers demonstrated that the soft robots could be used to form "grabbers" for lifting and transporting objects. The soft robots could also be used as cantilevers or folded into "flowers" with petals that bend in different directions. "We are not limited to binary configurations, such as a grabber being either open or closed," says Jessica Liu, first author of the paper and a Ph.D. student at NC State. "We can control the light to ensure that a robot will hold its shape at any point."

Image credit: Jessica A.C. Liu

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How do galaxies such as our Milky Way come into existence? How do they grow and change over time? The science behind galaxy formation has long been a puzzle, but a University of Arizona-led team of scientists is one step closer to finding answers, thanks to supercomputer simulations. Observing real galaxies in space can only provide snapshots in time, so researchers who study how galaxies evolve over billions of years need to use computer simulations. Traditionally, astronomers have used simulations to invent theories of galaxy formation and test them, but they have had to proceed one galaxy at a time. Peter Behroozi of the university's Steward Observatory and colleagues overcame this hurdle by generating millions of different universes on a supercomputer, each according to different physical theories for how galaxies form. The findings challenge fundamental ideas about the role dark matter plays in galaxy formation, the evolution of galaxies over time and the birth of stars. The study is the first to create self-consistent universes that are exact replicas of the real ones -- computer simulations that each represent a sizeable chunk of the actual cosmos, containing 12 million galaxies and spanning the time from 400 million years after the Big Bang to the present day. The results from the "UniverseMachine," as the authors call their approach, have helped resolve the long-standing paradox of why galaxies cease to form new stars even when they retain plenty of hydrogen gas, the raw material from which stars are forged. The research is partially funded by NSF's Division of Physics through grants to UC Santa Barbara's Kavli Institute for Theoretical Physics and the Aspen Center for Physics.

Image credit: NASA/ESA/J. Lotz and the HFF Team/STScI

Source: Clive Maund for Streetwise Reports   05/04/2020

Notwithstanding the Fed's seemingly limitless ability to create money to throw at the stock market, which has caused it to rally in recent weeks in the face of a dead economy and apocalyptic jobs data and earnings, etc., all the charts we are going to look at here point to another severe downleg soon.

My attention was drawn to a bearish Rising Wedge completing in the London FTSE index by a colleague in England. So I took a look at it, and sure enough it is. So, I thought I'd take a look at a couple of other European indices, the CAC 40 in France and the German DAX Composite, which showed a very similar picture. Their charts are shown below and as you will see, they are both very bearish, and point to a break lower soon leading to a severe decline.

You will recall that we were thrown somewhat a week or two ago, when the main U.S. indices, the Dow Jones Industrials and the S&P500 index, broke down from their bearish Rising Wedges but then didn't follow through, and instead rose to new highs for the rally from the March lows, which caused us to dump our Puts and then bide our time to see what transpired. The sharp drop at the end of the month—this past Friday—jolted me into action and prompted me to hunt around in a quest for greater clarity regarding what is going on, and it has turned out to be a rewarding search.

While it's not exactly clear what is going on with the main U.S. indices, the picture becomes much clearer when we look at the broader but much less used Wilshire 5000 index. Take a look at this first of all—it's a 5-month chart for the Wilshire 5000 that reveals that it didn't break down from its Rising Wedge about 10 days ago, unlike the Dow Industrials and the S&P500 index, but it did last Friday, which happened to be the end of the month, by a significant margin. This is regarded as an ominous development that probably marks the start of the second major downleg of this bear market. We can also see that the countertrend rally got stopped by the important resistance level shown.

Now take a look at this. The following chart shows that the breakdown from the Wedge happened just two days after the Wilshire 5000 had arrived at an upper range Fibonacci target at a retracement level of 61.8% of the preceding first leg down of the bear market. This is normally as far as a retracement following the first leg down of a bear market gets, and the same happened following the Tech bubble peak in 2000 and the start of the 2007–2008 meltdown.

If we now compare the Wilshire charts above with the S&P500 index chart we realize that the breakdown by the latter about 10 days ago was a false breakdown, inasmuch as, as we have just seen, the Wilshire did not break down at that time.

If we see another heavy drop in the broad stock market shortly, it is of course reasonable to presume that it will coincide with a strong rally in the dollar, so how does that look now? On the following 5-month chart for the dollar index, which has the S&P500 index placed above and gold below for direct comparison, there are several very important points to observe. The first is that when the market tanked into mid-March, the dollar soared just as we would expect it to and as happened in 2008. Then it dropped back sharply later in March as the market rebounded, but it has since been tracking sideways in a trading range marking time as the stock market continued to ascend to complete its relief rally. Right now it is at the support at the bottom of this range where a doji candle formed on Friday suggesting that it is about to start higher again. If the market now proceeds to tank in a second major downwave then we can expect the dollar to soar again, bust out of the top of the current range and probably exceed its mid-March highs.

If the dollar soars then commodities are likely to take another broadside, just as in the first half of March, and just as in 2008, and gold and silver are unlikely to be spared—the Gold Miners Bullish Percent Index is now at an extreme reading of 92% bullish. Copper in particular looks like it will get crushed by another downwave that should take it to new bear market lows by a wide margin.

Originally posted on CliveMaund.com at 4.35 pm EDT on 2nd May 2020.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

Disclosure:
1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Charts provided by the author.

CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

Source: Streetwise Reports   05/06/2020

Biopharmaceutical company Horizon Therapeutics Inc. (HZNP:NASDAQ), which focuses on developing and commercializing medicines for treatment of rare and rheumatic diseases, today announced its Q1/20 financial results for the period ending March 31, 2020. The firm began by advising that it is raising its FY/20 net sales guidance and revised its adjusted EBITDA guidance.

For Q1/20 the company reported that net sales increased by 27% to $355.9 million over Q1/19. The firm provided a breakdown of revenue by business unit and listed that in Q1/20 compared with Q1/19, its Orphan segment net sales increased 47% to $245.4 Million, KRYSTEXXA® net sales rose by 78% to $93.3 million and TEPEZZA (teprotumumab-trbw) net sales were $23.5 million, which exceeded expectations.

The firm advised that it is increasing FY/20 net sales guidance to $1.40-1.45 billion driven primarily by significantly higher TEPEZZA net sales and reflecting anticipated impacts from COVID-19. The company also presented revised FY/20 adjusted EBITDA guidance of $450-500 million, which reflects increased TEPEZZA program investment to support higher-than-expected demand.

The firm indicated that in Q1/20 it posted a GAAP net loss of $13.6 million with adjusted EBITDA of $107.2 million and non-GAAP net income of $83.2 million.

The company's Chairman, President and CEO Timothy Walbert commented, "We had a very strong start to 2020, highlighted by the early approval and rapid uptake of TEPEZZA, which significantly exceeded expectations, excellent KRYSTEXXA growth and our recent acquisition of HZN-825...We are increasing our full-year net sales guidance to account for significantly higher TEPEZZA net sales that more than offset the expected impact from COVID-19 this year, and we are widening both our net sales and adjusted EBITDA guidance ranges to account for future uncertainty. The fundamentals of our business are strong, including a robust cash position, and we continue to be very well positioned for the long term."

The company noted that it received FDA approval for TEPEZZA for the treatment of thyroid eye disease (TED) earlier this year in January. The firm described TED as "a rare, serious, progressive and vision-threatening autoimmune disease, and is associated with proptosis (eye bulging), diplopia (double vision), blurred vision, pain and facial disfigurement." The company further s explained that "TEPEZZA, a fully human monoclonal antibody insulin-like growth factor-1 receptor (IGF-1R) inhibitor, is the first and only FDA-approved medicine for the treatment of TED."

Horizon Therapeutics is a biopharmaceutical company headquartered in Dublin, Ireland. The firm researches, develops and commercializes medicines for treatment of rare and rheumatic diseases.

Horizon has a market capitalization of around $7.1 billion with approximately 190.2 million shares outstanding and a short interest of about 4.9%. HZNP shares opened 10% higher today at $44.19 (+$3.81, +10.19%) over yesterday's $37.38 closing price and reached a new 52-week high price this morning of $43.57. The stock has traded today between $40.00 and $43.90 per share and is currently trading at $42.95 (+$5.57, +14.90%).

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

Source: Knox Henderson for Streetwise Reports   05/07/2020

A quick update since FansUnite Entertainment Inc. (FANS:CSE) went live on Tuesday, May 5, because big things are happening in the industry, thus showing there is an enormous appetite for this kind of technology especially now, as we (very slowly) emerge out of this COVID pandemic.

On the sports front, Germany announced that its Bundesliga soccer will resume games in May, yet with tight restrictions and no fans. This is followed by the Turkish soccer league, which plans to resume playing on June 12. The Ultimate Fighting Championship (UFC), with a huge draw to the masses—the UFC 246 prelims averaged 1.767 million viewers on ESPN—will return at VyStar Veterans Memorial Arena in Jacksonville, Fla., on May 9, again featuring no live fans. So as more sports emerge in our "new reality," where will those fans be? Online, of course! In a fanless sports environment we're going to see a lot of online engagement no matter what sport or activity that may be. That's going to spawn even more online attention, which will likely hold firm even after we emerge from our home quarantine.

The industry is rapidly consolidating. On Tuesday we alluded to The Stars Group Inc. (formerly Amaya), which, according to Bloomberg, "saw record revenue in its first quarter as COVID-19 led to an increase in online activity starting in March. Indeed TSGI.T has had a great run from $18 mid-March to a high of $40 on May 1 after it confirmed shareholder approval of a friendly takeover by UK based Flutter Entertainment plc. (LSE:FLTR.L - News). The two create a £10 billion (US$12 billion) giant, according to Racing Post, and combine for more than 13 million customers, US$4.6 billion in revenue and US$1.7 billion in EBITDA.

Investors are getting on board

In our previous note we referred to DraftKings (NASDAQ:DKNG), which launched as recently as April 23, in the thick of this stay-at-home pandemic. After completing a merger with Diamond Eagle, a special purpose acquisition company, and back-end technology provider SBTech, its stock soared. DraftKings' stock jumped 14% in its first day of trading before closing up 10.38% at $19.35. The company was also able to add another half a billion dollars on the balance sheet at a time when it's not easy to raise money. That company currently has a $17 billion market capitalization.

Meanwhile there's been a noticeable correlation of trading activity in the industry from mid-March to the end of April:

• Prior to the merger with Canadian The Stars Group, Dublin, Ireland-based Flutter, trading as OTC:PDYPY in the U.S., had a good run of its own. Since mid-March it doubled from $31 to $64 by the end of April, despite any global sport-killing pandemic.

• UK-based GVC Holdings PLC (LSE:GVC) gained 23% in the last month, from $611 to $750, reaching a US$4.3 billion market capitalization.

• After falling from February highs of $30, Scientific Games (NASDAQ:SGMS) more than tripled from a $4 low mid-march to $13 by the end of April to again reach a $1 billion market valuation.

• Penn National Gaming (NASDAQ:PENN), now at a US$1.8 billion market capitalization, has a chart that mirrors SGMS. After February highs of $38, PENN rebounded through the COVID crisis. It also more than tripled from a low of $4.50 mid-March to a $17.80 high by the end of April.

• Score Media and Gaming (SCR.V,) with a market capitalization of $185 million, during that same period, ran from $0.32 to $0.42 mid-march to April 29, gaining 31%

• (are you starting to a pattern here?)

On the regulatory front, Colorado, became the next state to legalize sports bargaining following New Jersey, Nevada, Delaware and Pennsylvania. The state is poised to generate $6 billion in annual wagers and an estimated $400 million in revenue once the industry matures, according to Dustin Gouker, chief analyst for PlayColorado.com. According to the Denver Post, Colorado fans will have their pick of 17 digital sportsbooks currently licensed to operate in the state.

FansUnite Is at a Small-Cap Entry Point with Tremendous Upside.

It is in this environment that FansUnite launched on the Canadian Securities Exchange on May 5. "We are just getting started," said CEO Darius Eghdami. "We've bought a great asset in McBookie and will be continuing to focus on M&A." McBookie, the company's first acquisition, is a white-label sportsbook in the UK, focusing on the Scottish market. It offers 200,000 members active in sports and virtual games, and boasts over $100 million turnover cumulatively the last three years. "We want to be active in finding that next 'McBookie' operating in a niche market, looking at Esports assets and also creative ways to get into the U.S. market. "

After a financing at $0.35, the now-trading company rests slightly above that as a relatively new and unknown entity—so far—which is why now is great opportunity participate in a smaller scale, yet leveraged, consolidation play. "We have a great opportunity to use our stock as currency, and then grow and scale companies through our team and resources," says Eghdami.

"We also have great investors and support, a very experienced board and management team and a clear vision of how we want to be that next gaming giant. The path has been shown by other Canadian gaming companies such as Amaya, and we want to follow that path and execute on our vision."

It's an ambitious plan: a CA$25 million market-cap company, $2 million in the bank, with a consolidation plan to attack a $1 trillion online industry. Yet FansUnite comes out of the gate with strong financial backing led by board member Shafin Diamond, CEO of Victory Square since 2015, a venture builder that builds start-ups in web, mobile, gaming, AI and AR/VR. Diamond has launched 40 start-ups in 24 countries, employed more than 350 people, and has generated over $100 million in annual revenues.

Eghdami says the immediate plan is to strengthen its UK presence with McBookie and focus on M&A activity, while continuing to develop its software platform.

The games are just beginning.

Knox Henderson is a journalist and capital markets communications consultant. He has advised for a broad range of small cap companies in the resource, life sciences and technology sectors for more than 25 years.

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