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Hey there weekday warriors,

Today, we’re previewing the legal battle brewing between the NBA and Warner Bros. Discovery. Oh, and don’t freak out, but the Nasdaq just had its worst day in 2 years.

Enjoy the next 4 minutes and 44 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

- tyler

+ US stocks “sold off Wednesday, weighed down by underwhelming reports from two mega cap tech companies, leading the S&P 500 and the Nasdaq Composite to post their worst session since 2022.” (CNBC)

+ The 10-year Treasury yield “slipped on Wednesday as investors looked ahead to a fresh batch of economic data and considered the outlook for the U.S. economy." (CNBC)

+ Oil “settled higher on Wednesday, supported by large declines in U.S. crude and fuel stocks, but hovered close to their lowest level in six weeks due to concerns over weak global demand.” (Reuters)

+ Bitcoin “remained flat on Wednesday, steadying after incurring losses this week as weak risk appetite-amid uncertainty over the U.S. political outlook-kept traders averse towards crypto.” (Investing)

+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Tesla -12.3% 2) Nvidia -6.8% 3) Visa -4.0%

The market moves you need to know about…

– Listen, AMC CEO Adam Aron isn’t an excuse guy, but if he was, he’d definitely blame the lack of blockbusters for what’s going to be a pretty sh*tty quarter. The movie chain got out in front of a bad quarter by announcing it expects to swing to a loss. The stonk dropped 7.6%.

+ Great ticker symbol. Better Q2. AT&T (ticker symbol: T) surprised the Street with a big beat on the number of phone subs added. Shares rose 5.2%.

– Tesla is back on its bullsh*t. And I mean that in the worst way possible. Shares had their worst day since January, falling 11% after reporting piss-poor earnings that even Cathie Wood couldn't love…

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Inside the NBA

“You better lawyer up, a**hole…” - Warner Bros. Discovery to the NBA

You might recall on Monday, Warner Bros. Discovery (-1.7%) told the NBA it plans to match Amazon’s $1.8B deal to stream NBA games for 11 years beginning after next season.

Welp, the NBA responded on Wednesday, and it looks like we’re about to get the Malice in the Palace 2.0, just instead of Ron Artest and Pistons’ fans going at it, it’s going to be overpaid lawyers…

Quick history lesson…

TNT, which is owned by Warner Bros. Discovery, has aired NBA games for more than 40 years. Its most recent contract is set to come to an end after the upcoming 2024-2025 season. So the NBA did what any money-hungry sports league would do: give its streaming rights to the highest bidder…

Amazon won the streaming rights bidding war. But at the 11th hour, Warner Bros. Discovery pointed to the fine print in its current contract that allows it to match any competing offer and retain its broadcast privileges.

And on Monday it did exactly that.

Fast-forward to yesterday…

On Wednesday, the NBA went all Dikembe Mutombo to Warner Bros.'s plan to take back what it believes is rightfully theirs.

The NBA rejected WBD’s offer (as if the home of Max could be down any worse) and sent the DocuSign to Amazon.

The Association claims that the language in Warner Bros.’ contract doesn’t extend to an all-streaming package. Oh, and Amazon (along with the other partners it awarded TV rights to) offered up “substantial resources to promote the league.”

So what does this all mean?

Warner Bros. called bullsh*t (obviously) and plans to lawyer up. This means, if we’re lucky, the US Supreme Court will be deciding if Charles Barkley and Shaq stay on TNT or not…

+ “Hey, there’s a bubble…”

The stock market just did its best March 2020 impression. Markets cratered thanks to a retreat from big tech after earnings from Tesla and Google raised red flags.

The Nasdaq had its worst day since the year of our lord 2022. Nvidia fell 6.8% and Microsoft cratered 3.5%, pulling the tech-heavy index down with it.

+ Things at Ford are ‘OJ and Al Cowlings driving down the Santa Ana Freeway in a white Ford Bronco’ bad…

Ford (-1.1% // -11.8% after hours) reported a legendary earnings miss on Wednesday. The company that allows the Mustang to identify as an SUV (it’s 2024, who am I to judge?) missed earnings estimates by a f*ck ton (47 cents vs. 68 cents expected). On the bright side, it beat on the top line…

The big miss is related to quality issues that have been plaguing the company for years. It added a f*ck ton to its warranty reserves to pay for repairs on a whole bunch of vehicles 2021 and older.

+ There are only two certainties in life: death and catching a bout of diarrhea at Chipotle Chipotle smashing earnings estimates…

The king of slop bowls just did it again. Chipotle (-1.4% // +4.3% after hours), beat on the top and bottom lines in Q2.

But probably the most impressive feat from its most recent quarter was the 8.7% increase in traffic. You see, Chipotle has been dealing with its biggest PR nightmare since it gave everyone norovirus…

Rumors began to spread online that Chipotle was skimping on fillings in its burritos. This prompted the worst kind of mouth-breathing dude-bros to start filming Chipotle employees making their food in hopes of serving-size shaming them into fatter bowls and burritos.

Oh, and…

+ Meta removes 63,000 Instagram accounts in Nigeria over 'sextortion' scams. Zuck really went to war with the Nigerian princes…

+ Informa to buy Cannes Lions owner Ascential for $1.6 billion. Congratulations, you’re the proud new owner of Davos for right-brained people…

+ $1 million hypothetical portfolios: How kids from wealthy families at an elite Swiss school learn about money. Even their paper trading accounts have more zeroes…

+ Why It’s Time to Put Your Savings Into a High-Yield Account. It’s so f*cking big.

+ Inflation, $2,000 camps are creating a summer crisis for working parents: ‘It is complete chaos’. This is why I taught my 4-year-old son how to care for his 2-year-old sister. Follow me for more parenting tips.

🔥 The salary you need to be considered middle class in the 25 largest U.S. cities. Spoiler: don’t move to SF or NYC…

FYI, TWC might be compensated if you make a purchase in one of the links above. So, what are you waiting for? Start clicking.

⏪ Yesterday, we were keeping an eye on Thermo Fisher, AT&T, Boston Scientific, Fiserv, and General Dynamics reporting before the bell and IBM, ServiceNow, KLA, Waste Management, Chipotle, and Ford dropping earnings after the close.

⏩ Today we’re keeping an eye on…

+ Abbvie, AstraZeneca, Union Pacific, Unilever, Honeywell, Raytheon, Northrop Grumman, Carrier, Stellantis, Royal Caribbean, Southwest Airlines, Hasbro, and American Airlines report before the bell

+ Digital Realty Trust, L3Harris, Deckers Outdoor, and Texas Roadhouse drop earnings after the close

+ Q2 GDP data

+ The three-day Bitcoin 2024 conference gets underway. Satoshi President Trump is expected to speak.

Yesterday, I asked, “Are you taking insider information on stocks for 1 year or on sports gambling for the rest of your life?”

Probably shouldn’t be too shocked by this one… 71.5% of you went with the gambling insider info, mostly because it would make life a lot more fun. And this is why I f*cking love you guys.

Here’s today’s question…

+ This out-of-office message is legendary…

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Oh, and one more thing…

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.