The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1020 ET - DraftKings is on pace for higher 2Q revenue thanks in part to growth in its iGaming segment, Oppenheimer says in a report. U.S. iGaming gross gaming revenue is on track to be up 25% year-over-year, the analysts say. Record June holds are also driving favorable sport outcomes, and the analysts' math implies an 11% hold in the second quarter. State data shows some handle deceleration, but the analysts say they are encouraged by newer cohorts driving much of that slowdown, which they believe is reflective of lower promotional activity, greater parlay mix and a shift towards higher lifetime value bettors. (katherine.hamilton@wsj.com)

0816 ET - Tesla's latest pay package for CEO Elon Musk will keep him in the role at least until 2030 and removes an overhang on the stock, Wedbush analysts say in a research note. Tesla's board approved a stock award for Musk that it tentatively valued at $23.7 billion, the latest effort to compensate him after earlier pay packages were struck down by a Delaware judge. "While the groundwork is now in place for the next few years, it will be critical for the Tesla board of directors to get this long-term compensation strategy in place prior to the company's November 6th shareholder meeting which would address the elephant in the room and remove a significant overhang on the stock," say the analysts. Tesla is up 2% premarket. (denny.jacob@wsj.com; @pennedbyden)

0748 ET - Wayfair unexpectedly turned a profit in 2Q by bringing in more revenue from a smaller base of active customers. The online furniture retailer says active customers totaled 21 million for the quarter, down 4.5% from a year earlier and below analyst estimates for 21.5 million, according to FactSet. But revenue climbed 5%, higher than analysts had predicted. As of June 30, trailing 12-month revenue per active customer was $572, up 5.9%. Orders per customer were higher too, keeping Wayfair's tally of orders delivered flat year-over-year at 10 million. Average order value in 2Q was $328, up from $313 a year earlier. Shares continue their upswing this year with a 13% gain premarket. (dean.seal@wsj.com)

0714 ET - French telecommunications companies' recent price hikes offer hopes for potential stabilization in industry trends through the second half, JP Morgan analysts Akhil Dattani and Ankur Baheti write in a note. The French telco market has long been highly promotional, they say. However, a wave of aggressive price cuts, which began in March, led to softer-than-expected second-quarter domestic revenue trends for both Orange and Bouygues, they add. The analysts caution investors against over-extrapolating the effects of these price changes, noting the continuing competitive dynamics should be considered in the broader context of French consolidation discussions, they add. Orange shares are down 0.4% at 13.77 euros.(najat.kantouar@wsj.com)

0547 ET - Tele2 is approaching a positive inflection in service revenue growth in Sweden and is delivering exceptional efficiencies, UBS analyst Ondrej Cabejsek writes. The company offers the highest growth in underlying earnings before interest, taxes, depreciation, amortization and the cost of leased assets, or Ebitdaal, and equity free cash flow within the telecom sector. The company still trades at a discount to top peers, among which the bank thinks it now belongs. UBS thinks Tele2's upgraded guidance is still conservative, believing the company can deliver around 12.5% Ebitdaal growth in 2025 and 8.6% in 2026. It upgrades Tele2's stock rating to buy from sell and lifts its price target to 186 Swedish kronor from 102 kronor. Shares rise 2.2% to 155.80 kronor. (dominic.chopping@wsj.com)

0533 ET - Cellnex is likely to benefit from a potential consolidation in France between mobile-network operators, Equita analyst Milo Silvestre writes in a note. The Spanish telecommunications-infrastructure company recently renewed contracts with secondary tenants, with the first expiring in 2034, and secured all-or-nothing clauses within its agreements. Therefore, concerns about possible revisions of contracts are excessive, given the presence of the all-or-nothing clauses, he adds. The potential consolidation is an opportunity rather than a risk, in the analyst's view. Shares are down 1.3% at 30.97 euros. (najat.kantouar@wsj.com)

0503 ET - PPF's bid for ProsiebenSat.1 Media ensures immediate value certainty unlike MFE proposal, Equita analyst Milo Silvestre writes in a note. The Czech investor's offer is entirely in cash, he notes. Meanwhile, the Netherlands-based media broadcasting group's mixed bid combines 1.3 newly-issued MFE A shares for each ProSiebenSat.1 share and a cash component of 4.48 euros a share, offering less liquidity and relying on synergies. Despite this, MFE's proposal remains more competitive, he adds. PPF's activities align with MFE's strategy to consolidate the European TV broadcasting market, he says. MFE and ProSiebenSat.1 shares are up 2.1% and 1%, respectively. (najat.kantouar@wsj.com)

2309 ET - Strong enthusiasm at China's latest games exhibition suggests a sustainable revival of China's games industry, Citi analysts say after attending ChinaJoy 2025 in Shanghai. With China's normalized regulatory environment, stable competitive landscape and improving game content quality, there was more traffic and greater gamer enthusiasm at this year's event than last year's, they say. NetEase highlighted new game reveals including "Sea of Remnants" and "Destiny: Rising," which could suggest an accelerated launch schedule into 2H, the analysts say. Meanwhile, Tencent's "Valorant Mobile" could have a successful launch later this month given its popularity at the exhibition, they say. (sherry.qin@wsj.com)

2120 ET - Inari Amertron's acquisition of a 25.5% stake in Netherlands-based Lumileds should support long-term growth, TA Securities analyst Chan Mun Chun says in a note. The Lumileds partnership with China's Sanan Optoelectronics could diversify Inari's product portfolio and customer base, and help reduce its reliance on a major smartphone client, he says. While Lumileds is currently loss-making, management is confident it can turn around the business through operational improvements, he adds. TA cuts Inari's rating to sell from hold with an unchanged target price of MYR2.11, citing limited upside after the stock's recent rally. Shares are 6.1% lower at MYR2.00. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

August 04, 2025 12:20 ET (16:20 GMT)

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