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- 💦 Disney got its swagger back
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Hey there weekday warriors,
It appears the magic is back at Disney. And the latest mind-boggling stat about Warren Buffett’s cash pile.
Enjoy the next 4 minutes and 11 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
+ US stocks “slid on Wednesday, failing to extend Tuesday's rebound that snapped a three-day losing streak for the major averages.” (Yahoo! Finance)
+ The 10-year Treasury yield “continued its recovery Wednesday as global markets reverse course from a dramatic equity sell-off to start the week.” (CNBC)
+ Oil “gained more than 2% on Wednesday, bouncing back from multi-month lows, after data showed a bigger-than-expected draw in U.S. crude stockpiles, even as worries about weak oil demand in China persisted.” (Reuters)
+ Bitcoin remains on the struggle bus…
+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Nvidia -5.0% 2) Supermicro -20.1% 3) Robinhood -0.5% // +2.2% after hours
The market moves you need to know about…
– What’s that? You thought losing out on broadcast rights to the NBA was the biggest L Warner Bros. Discovery took in the last month? Think again. Shares got bodied after the media giant reported an earnings miss thanks to ~$9B goodwill impairment. The stonk fell 10.5% after hours.
+ The Pookie and Jett effect is real. Revolve’s earnings report was looking absolutely fire. The huge beat sent shares up 32.7% on the day.
– Today I learned that Solo Stove and Chubbies are owned by the same publicly traded company. I also learned that it had an absolutely horrific quarter. Shares of Solo Brands (ticker symbol is DTC… which is top tier) plummeted 46.0% on the day.
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That’s showbiz, baby…
Source: Giphy
You remember that French Olympic pole vaulter who went viral because his huge member got caught on the crossbar, causing him to come up short (…but earning him an offer to star in an adult film)?
Well, that’s pretty much how Disney CEO Bob Iger’s Wednesday went. Except his failure was shares of Disney selling off after the company reported. And his consolation prize was being the hero that’s going to bring the magic back to Disney.
So, how’d they do?
Disney (-4.4%) beat the Street’s top and bottom line expectations.
And it’s got the streaming biz to thank. Disney’s combined family of streaming platforms (Disney+, Hulu, and ESPN+) turned a profit for the first time ever. Sure, it was less than it costs a family of 4 to visit Disney World ($47M), but it’s a huge turnaround vs. the year-ago period (a $512M loss).
Disney+ subscribers also ticked up 1% to 118M, despite the House of Mouse predicting a flat quarter. Netflix (nearly 280M subs) be like “You gotta pump those numbers up, those are rookie numbers in this racket…”
And Bob is confident that the streaming platform’s profit is going to be thicker than the average Pixar mom in the coming years. DIS raised prices earlier this week. Plus, its planned crackdown on password sharing gets underway next month. Friendly reminder: when Netflix started cracking down on deadbeats, it saw a major spike in subscriptions.
Oh, and Disney’s lineup (and pipeline) of IP is stacked, which could help boost streaming numbers. Thanks, ‘Deadpool & Wolverine.’
Of course, none of this explains why shares fell on the day…
So what went wrong?
Well, things haven’t been this bad at its theme parks since that cast member disrupted a marriage proposal. US parks saw a significant slowdown that the company expects to continue…
+ “Look at me… I’m the captain now.” - Warren Buffett to J-Poww
Listen, it isn’t a contest, but if it was, Warren Buffett would be winning. Berkshire Hathaway (+1.1%) now owns more Treasury bills than the US Federal Reserve. The current score? $234.6B to $195.3B.
To be fair, it’s not exactly surprising, since the Fed has been letting debt run off its balance sheet following a huge buying spree during the pandemic (think: quantitative tightening).
The real story here is that the Oracle of Omaha is out here hoarding cash like your doomsday-prepping uncle is stacking ammo and MREs. Warren sold nearly $75B of equities in the most recent quarter, a large chunk of which was his biggest holding, Apple.
+ Shopify (+17.8%) out here putting the economy on its back like its Greg Jennings…
While Amazon, Etsy, and pretty much every other e-comm brand were pointing fingers at consumers (think: “stop being poor”), SHOP was busy spinning up stores for everyone who ever got drunk and said, “Dude, we should start a t-shirt business.”
The e-comm platform builder beat on the top and bottom lines, citing a “very diverse set of businesses” using its platform.
+ Goodnight, sweet price (again). Zillow’s (-1.5% // +11.7% after hours) co-founder and 2x CEO Rich Barton plans to step down from his role atop the real estate p*rn platform. COO Jerry Wacksman will take over.
Barton will be remembered for helping pioneer the Zestimate as well as innovating Zillow’s business model to become a lead-gen engine. Unfortunately, he also oversaw the company’s failed attempt to break into the iBuying game.
Oh, and…
+ Michael Saylor's Personal Bitcoin Holdings Near $1B, Continues To Invest Heavily. Satoshi, that you?
+ NASA has about a week to decide on returning Boeing’s Starliner with crew or empty. And you’re out here getting butt hurt about your flight to Boca getting delayed 2 hours…
+ The salary you need to buy a home in the 15 most expensive U.S. housing markets. NYC = $6,500,000 (and your firstborn child).
+ Here’s how much more you can expect to spend on back-to-school shopping amid sticky inflation. Lisa Frank and Trapper Keeper are getting out of control…
+ Inside the hard-partying, big-spending world of Wall Street’s summer interns. Spoiler: a bunch of 21-year-olds with too much money drink excessively and make questionable decisions in NYC.
+ Home valuations are rising faster than incomes. Here’s why that could hurt homeowners’ wallets. Don’t say I didn’t warn you…
🔥 Scott Galloway reveals the two simple lifestyle changes younger Americans should make to get rich quick. #2: Make your coffee at home.
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FYI, TWC might be compensated if you click on the links above. So, what are you waiting for? Start clicking.
⏪ Yesterday, Novo Nordisk, Disney, Sony, CVS Health, Shopify, Hilton, New York Times, Icahn Enterprises, Lyft, and Aurora Cannabis reported before the bell.
And McKesson, Monster, Occidental, HUBSPOT, Warner Bros. Discovery, Robinhood, Zillow, Duolingo, Joby Aviation, Dutch Bros., Oddity, Sonos, Beyond Meat, and Virgin Galactic shared results after hours.
⏩ Today we’re keeping an eye on…
+ Eli Lilly, Datadog, Yeti, Under Armour, Penn Entertainment, and Papa John's report in the morning
+ Gilead, Paramount, Dropbox, Sweetgreen, Rocket Lab, and Archer Aviation drop earnings after the bell
+ MicroStrategy begins trading post 10-for-1 stock split
Yesterday, I asked, “You can only have ONE Taco Bell item for the rest of your life. All others must go. Which is it?”
Crunchwrap Supreme
Cheesy Gordita Crunch
Burrito Supreme
Here’s what some of you guys had to say (and my thoughts in italics)…
Crunchwrap Supreme: "The fact that they have removed and brought back the Meximelt multiple times is the reason I have PTTNS (Post Traumatic Taco Neck Syndrome). Shaq's finest work aside from his cameo in Freddy Got Fingered."
Quesarito: "BRING BACK MY BABY!"
Write-in: "Chalupas all the way"
Mexican Pizza: "Easiest decision by far. It should win in a landslide being that the Bell had to bring it back when they got rid of it."
Burrito Supreme: "With NO TOMATOES, God help you if I find your plastic a** tomatoes in my burrito!"
Write-in: "Bean Tostada - they already killed it a couple years ago but that was a grande mistake."
Write-in: "Breakfast, sausage egg and cheese crunchwrap with the Cinnabon bites. Truly unreal"
Write-in: "The regular tacos, simplicity at its best, I can eat 10"
Here’s today’s question…
It’s been a minute, so…
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.