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Hey there weekday warriors,
Here’s what’s on tap today… the Trumps host a Mar-a-Lago crypto party, the US is stacking military assets in the Middle East (again), and Figma is *double checks notes* winning again, kind of.
Enjoy the next 3 minutes and 35 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
Crypto house rules
Like this, but decentralized.
The rich and powerful (by crypto standards) are gathered in Mar-a-Lago for the World Liberty Forum, and you just know this Lil Bubble banger is on repeat…
World Liberty Financial (think: the Jr. Trumps’ family crypto venture) is hosting 400 guests in Palm Beach to console each other about Bitcoin’s price dump.
The Trump bros. kicked the conference off with a W. The World Liberty Financial token $WLFI jumped 18% yesterday. Surely that’ll last forever…
So it’s just a bunch of guys that look like SBF not talking to women at Mar-a-Lago?
Not exactly. There are some heavy hitters in the room, like Goldman’s $GS ( ▲ 1.12% ) DJ D-Sol and the CEO of Nasdaq.
Yesterday, David Solomon revealed that he owns “very, very limited” amounts of Bitcoin, which is still probably more than your entire net worth. Friendly reminder that Davey Diamond Hands was a longtime skeptic of crypto.
Solomon also proposed crypto regulation in the US (read the room, Dave…): “If there are people who think we are going to operate in this environment without rules, they are probably wrong, and they should move to El Salvador.”
Professional Bitcoin price predictor Scottie Pippen even got in on the $BTC ( ▼ 0.71% ) rally hopium yesterday from afar…
And I’ll just leave this right here in case you missed it back in August…
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+ Define “sell high.”
For those of you with a trust fund (and daddy issues), I’ve got some good news: an NFL franchise is on the market. Paul Allen's (not that one) estate (friendly reminder: the Microsoft cofounder died in 2018) just put the Super Bowl Champion Seattle Seahawks up for sale.
Before the Super Bowl dub, the Seahawks were valued at roughly $7B. Imagine telling a Jets fan in 2019 that Sam Darnold could help make a franchise worth an extra billion or so…
+ Babe, wake up, we’ve gotta go fight another war in Greenland the Middle East…
The US military sure seems to be sending a lot of warships and aircraft to the Middle East as #47 stalls out on making a deal with Iran… and no one, and I mean NO ONE, is as amped right now as Miami-Alex Karp…
Oil prices jumped 4% yesterday after VP Elon Musk JD Vance went all, “We do have a very powerful military, the president has shown a willingness to use it.” Which, comforting.
+ Suck it, Adobe.
Figma $FIG ( ▲ 10.83% ) shares mooned after hours yesterday (think: +15%) after dropping a solid earnings report. Temu Photoshop reported a beat on the top and bottom lines, with revenue up 40% YoY in Q4.
The new vibe-designers also called for $315-317M in Q1 revenue, which would be 38% growth. Because, math.
+ Wendy? I haven’t heard that name in years…
Activist investor Nelson Peltz may be betting big on the world’s largest redhead burger brand. Peltz claims that Wendy’s $WEN ( ▼ 0.52% ) stock is undervalued and that his Trian Fund Management has spoken with financiers about potential deals (think: acquisition).
Friendly reminder that Nelson considered a takeover bid for the home of finger chili back in 2022 but dropped the idea. Shares popped 15% on the news. 2nd time’s the charm, Nelson…
Your next vacation is already paid for. You just haven’t claimed it yet.
There’s a travel rewards card right now handing out a $250 travel credit + 75,000 bonus miles (worth about $1,000 toward flights and hotels). No points gymnastics. No “one weird trick.” Just real travel value.
This is the card travel nerds won’t shut the f*ck up about. See the card everyone’s using to travel for less…
Spoiler: TWC might be compensated if you click on the links above. Hint, hint.
> Fed officials split on where interest rates should go, minutes say (CNBC) // Pretty awkward in that $2.5B Fed HQ breakroom…
> JPMorgan Opened a Bar for Employees. If Only They Could Get In. (WSJ) // A bar in the office is the stuff of HR’s nightmares.
> Etsy stock pops 17% on sale of Depop to eBay for $1.2 billion (CNBC) // Bought for $1.62B, sold for $1.2B… ouch.
> Stop acquiring HVAC companies and start acquiring repo towing companies…
Yesterday, I asked, “The (latest) California exodus has got me wondering... Where do you see the biggest growth happening in the US over the next decade? (Think: companies, people, and money flowing in) Defend your choice.”
42.6% of you said, “Southeast.” Miami’s having a moment, sure.
Here’s what some of you guys had to say (and my response in italics)…
Southwest (includes California): “The only people leaving are the owners, and they don't do anything but schedule meetings anyway.” You sure about that?
Deep South (includes Texas): “Individuals are moving to Florida, their companies are building in the deep south.”
Southeast: “Good old fashioned values, business friendly governments, cheap labor and housing, and genuine people. Granted, not as good looking as many Californians, but depth of character versus shallow.” Ah, yes, the character depth of Miami girls is well documented.
Other (write-in): “Wherever builds the most houses.” If you build it, they may come… unless it’s Huntsville, AL.
Other (write-in): “The Mountain Time Zone. There's a higher birth rate (thank you, Mormons), a higher relocation rate (people fleeing political extremes), and the perfect blend of cities (SLC, Denver, Phoenix) and world class outdoors (a bajillion national parks, skiing, camping, etc.).” Knew the mountain people would show up…
Here’s today’s question(s)…
Surely, I'm not the only one following the story of Punch the baby macaque monkey, right? Made me wonder... which of these is the GOATed internet animal?
+ US stocks “were higher after the close on Wednesday, as gains in the Oil & Gas, Basic Materials and Technology sectors led shares higher.” (Investing.com)
+ The 10-year yield “ticked higher on Wednesday after the Federal Reserve meeting minutes showed division on the future of monetary policy.” (CNBC)
+ Oil “prices settled more than 4% higher on Wednesday as traders priced in potential supply disruptions amid concerns of conflict between the U.S. and Iran, and after talks between Ukraine and Russia in Geneva ended without a breakthrough.” (Reuters)
+ The “smart” money (prediction markets) thinks that there’s a 70% chance the US takes home the 2nd most gold medals (you know, the silver medal of gold medals). (Polymarket)
⏪ Yesterday…
+ Moody's, Analog Devices, Garmin, Fiverr, Wingstop, Global-E Online, and SolarEdge Technologies reported before the bell
+ Occidental Petroleum, DoorDash, Carvana, Coca-Cola, Figma, Booking Holdings, eBay, and The Cheesecake Factory dropped earnings after the bell
+ The Federal Reserve released the minutes from its last meeting
⏩ Today we’re keeping an eye on…
+ Walmart, Lemonade, Deere & Company, Etsy, Wayfair, Southern Company, and YETI Holdings report before the opening bell
+ Opendoor Technologies, Copart, Newmont Goldcorp, Sprouts, Comfort Systems, Texas Roadhouse, Indie Semiconductor, and Dropbox report after the bell
Oh, and one more thing…
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