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Hey there weekday warriors,
B. Riley investors, you might want to sit down. Plus WW3 update.
Enjoy the next 4 minutes and 2 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
+ US stocks “closed mixed on Monday as Wall Street braced for a week full of key economic data signals.” (Yahoo! Finance)
+ The 10-year Treasury yield was “lower on Monday as investors looked ahead to the latest inflation prints and other key economic data slated for the week.” (CNBC)
+ Oil “jumped by more than 3% on Monday, rising for a fifth consecutive session on expectations of a widening Middle Eastern conflict that could tighten global crude oil supplies.” (Reuters)
+ Bitcoin “fell on Monday, extending a sell-off seen over the weekend as sentiment towards crypto markets remained frail following a deep rout over the past month.” (Investing)
+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Nvidia +4.0% 2) Tesla -1.2% 3) Trump Media -5.0%
The market moves you need to know about…
+ One of the simple joys in life is when Monday.com reports… on a Monday. The software player had itself a day, reporting a beat and a raise (its second guidance hike of the year). The stock rose 14.7% on the day.
– You know that guy who always sends you 7 emails a day with the hottest stock tips? Yeah, well he just stepped down as CEO of MarketWise. Porter Stansberry resigned in a blaze of glory over a dispute to sell his company (Porter & Co.) to MarketWise. Shares of MKTW get rekt, falling 27.5% to below $1.
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It could B. Worse
Source: Giphy
I don’t know who needs to hear this but don’t name your company after yourself.
Just ask Bryant Riley.
Boutique investment bank B. Riley (spoiler: the B stands for Bryant) (-51.9%) is having its Lehman moment. The institution of higher finance erased more than half of its market cap yesterday.
Why?
Welp, it suspended its dividend (which is the investing equivalent of taking someone’s mother out for a nice seafood dinner and never calling her again) and said it’s expecting a quarterly loss of between $433M and $475M, most of which can be directly attributed to a $330M-$370M write-down.
Why the yuge write-down?
B. Riley made a series of unfortunate decisions that left it with a f*ck ton of exposure to the Franchise Group (no relation to Dem Franchize Boyz), which buys up once-great mediocre franchises (see: Vitamin Shoppe).
Not only is it writing down losses related to its investment in FRG, but it’s also on the wrong end of a massive loan that’s primarily collateralized by FRG equity. Woof.
WTF is going on over there?
It’s not entirely clear, but all roads lead back to one dude: Brian Kahn, the former CEO of FRG. He’s BFFs with Bryant Riley. And is currently the main character in a handful of SEC investigations related to FRG.
Did I mention that his fund Prophecy Asset Management went tits up? And that Kahn’s co-founder pleaded guilty to a $294M fraud case… and is “cooperating” with the Feds (spoiler: he’s snitching on Kahn)?
Unsurprisingly B. Riley has become a very popular short bet on the Street. If it looks like a steaming pile of sh*t, swims like a steaming pile of sh*t, and quacks like a steaming pile of sh*t, it’s probably B. Riley…
+ Probably nothing, but…
The US is sending more forces to the Middle East and WW3 might be about to pop off, you guys. You see, over the weekend, Iran said it’s planning to punish Israel for killing a Hamas leader in Tehran last month. To be fair, it’s said that a few times…
But the US appears to be taking the threats seriously (see: things that go boom heading to the Middle East).
Oil spiked on the news, jumping the most since October (see: October 7th attacks) to above $80 per barrel.
+ Hindenburg Research has zero chill.
Apparently erasing more than $150B of the Adani Group’s market cap just wasn’t enough for the the US-based short seller. It went for the jugular (again) this weekend and decided to drag the entire country of India down with it.
On Saturday Hindenburg claimed that Madhabi Puri Buch, the chair of the Securities and Exchange Board of India (SEBI) (think: India’s Gary Gensler) had “conflicts of interest in the Adani matter.”
Shares sold off in a major way. At one point more than 3% of the total market cap of the Adani companies had been erased before recovering to close down a collective 1%.
Probably just a coincidence that Adani Enterprises is looking to launch a $1B stock stale next month. Spoiler: it’s the same stock sale they tried to do in 2022 right before the first Hindenburg bomb dropped…
+ You know your friend with a trust fund that uses words like “wintering”… but still Venmo requests you $4 for a cup of coffee? Yeah, that’s basically what Equinox is to Blink Fitness…
Blink, which is owned by high-end fitness club Equinox (don’t you dare call it a gym, you peasant), filed for bankruptcy yesterday. The poor man’s Equinox has been on the struggle bus post-pandemic.
But, have no fear, Blink members, the company has secured new financing and is hoping to sell itself vs. shut its doors.
Oh, and…
+ Starbucks and activist Elliott met last week to discuss settlement, sources say. Read: Elliott bent Starbucks over and showed it the 50 states.
+ Looking to pay down debt? Check out this credit card. *Dave Ramsey has entered the chat*
+ The era of freeloading is officially over. The only way things could get worse is if parents started kicking adult children out of their basements…
+ Harvard grad and Olympic gold medalist: The top 3 lessons I’ve learned about resilience and success. #1: Be genetically gifted. #2: Have a higher IQ than most other people. #3: Have a trust fund just in case.
+ Showing up to work early and staying late won’t get you ahead—here’s what will, says career expert of 30 years. Wow, I can’t believe this Career Coach is condoning sleeping with your boss…
FYI, TWC might be compensated if you click on the links above. So, what are you waiting for? Start clicking.
⏪ Yesterday, Barrick Gold and Monday.com reported before the bell. Rumble dropped earnings after hours.
⏩ Today we’re keeping an eye on…
+ Home Depot, Sea Limited, On Holding, and MSG Sports report this AM
+ Google holds its Pixel hardware event, and all 3 Pixel fans are presumably VERY excited
+ Super Micro Computer's Fourth Annual Open Storage Summit gets underway
+ EA’s Madden '25 launches, not that anyone cares since College Football '25 exists
+ The July Producer Price Index report drops
Yesterday, I asked, “What's the best map app in the game?”
Google Maps
Waze
Apple Maps
Here’s what some of you guys had to say (and my thoughts in italics)…
MapQuest: “lol just kidding it’s Google”
Waze: “No one else lets me know when it’s not safe to do 90 in a 55”
Waze: "Fun fact. I have lived at my house for over 5 years and Apple Maps STILL sends you to a random house with a similar address about half a mile away. We are now on a first-name basis with the other homeowners as they get food deliveries and random packages of ours constantly. đź–•Apple Maps."
Google Maps: "If you think anything apart from Google is the best, you’re an inbred."
Write-in: "maps.me was the og offline map that saved me during irresponsible trips abroad in my 20s"
Google Maps: "If you use Apple Maps, lose my #"
Here’s today’s question…
It has recently come to my attention that Gatorade’s latest innovation is… water. So…
You can only drink one name-brand (no tap) water for the rest of your life. Which is it?BTW, it's free, this is purely based on taste/preference. |
Oh, and one more thing…
What did you think about today's newsletter? |
Does this look like the face of a guy you should take financial advice from?
No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...
This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.