FuboTV Inc. (FUBO) saw its stock rise by 5.59% to close at $1.70 on December 2nd, up from the previous close of $1.61. The stock opened at $1.63 and reached an intraday high of $1.80, with a low of $1.62, indicating strong upward momentum throughout the day. The trading volume was significantly high at 20,110,971 shares, more than double the average volume, reflecting heightened investor interest.
The price surge was primarily driven by FuboTV's extension of its Cyber Monday deals, which now offer $30 off the first month's subscription until the end of December, surpassing competitors whose deals ended on December 2nd. This move is expected to attract new subscribers and boost revenue. Additionally, former subscribers can reactivate their accounts with a $25 discount per month for six months, totaling $150 in savings, which is particularly appealing during the peak sports season.
Further supporting the stock's rise, the U.S. Justice Department and 16 states have filed briefs backing FuboTV in its legal battle against a competing sports streaming venture backed by major media companies. This legal support has likely bolstered investor confidence in FuboTV's market position.