Hey there weekday warrior,
Here’s what’s on tap today… Fox just showed everyone its big ol’ mainstream media hog, who does Iran think they are, and Applovin just proved physics (what goes up must get rekt).
Now, enjoy the next 3 minutes and 17 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
PS… thanks in advance for doing your part in helping keep TWC like the Fed (think: free and independent) by checking out today’s advertising partner.
Legacy (deez nuts) media
Bah gawd, that’s Rupert Lachlan Murdoch’s music…
Real life Kendall Roy just reminded everyone that TV is still king.
Fox Corp $FOX ( ▲ 6.07% ) dropped its latest earnings yesterday, and it turns out, some people really do watch soccer (lol).
Lamestream media revenue was up 28% compared with the same quarter last year, due mostly to the efforts of Gianni Infantino Lionel Messi.
Fox’s ad revenue jumped 78% to $1.9B, primarily from World Cup ad sales.
Matter of fact, the futbol games brought in an average of 7.7M viewers with the final match hitting 39M viewers…
“Adorable.” - the NFL, probably
Friendly reminder: Fox is still in the process of closing on Roku $ROKU ( ▲ 2.12% ) for $22B to deliver more quality content make you watch more ads than it already forces on you with Tubi.
The big swingin’ ‘doch also said Fox has zero intention of renegotiating its NFL media rights deal until it has to (think: 2030) because f*ck Goodell that’s why.
But Fox wasn’t the only one doing too much winning yesterday…
Versant Media Group $VSNT ( ▲ 6.79% ) (think: Comcast’s $CMCSA ( ▲ 1.7% ) ex-redheaded stepchild) reported an earnings beat of their own and raised guidance on the success of its digital winners Fandango and GolfNow.
Fox and Versant shares both closed up yuge on the day.
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+ Iran: *offers new (terrible) deal*
Donny Deals:
The big brains in Tehran started dropping deets on a new deal for the Strait, and it was pretty, pretty bad…
Turns out Iran was down to clown (read: block all US and Israeli ships from passing through Hormuz). Oh, and they wanted to slap 20% penalties on any cargo violating their terms.
But apparently the whole thing was more of an Iranian pipe dream than a real offer. The US went all “I know what I got.” Per a U.S. official: “The Strait of Hormuz is an international waterway and no party controls the lanes or the ability to transit through them.”
*Oil prices go brrrr*
+ “They let you pick any name you want when you get down there.”
Applovin $APP ( ▼ 19.66% ) shares got absolutely rekt yesterday after delivering a Q2 revenue miss. Earnings came in on target at $3.76 per share, but Mclovin missed on the top line by a mere $20M…
Meanwhile, revenue was up 53% YoY, but clearly, stonkhodlers went all “that don’t impress me much…”
Shares tumbled 19.6% on the day.
There’s a new leader in the burgerhouse right about now…
Burger King (parent co. Restaurant Brands Intl $QSR ( ▼ 2.11% )) reported a whopping 8.5% same-store sales growth in its latest quarter, which, impressive.
But the real flex was how much BK just dunked on the clown…
Ronald McDonald’s $MCD ( ▲ 0.83% ) earnings report on Tuesday revealed only a US same-store sales growth of 0.8%. Small bite of the market amirite, Chris K?
> SpaceX faces test as shares unlock allowing early investors cash out // SpaceX employees be like...
> Eli Lilly, Novo Nordisk earnings show widening divide in GLP-1 market // Sucks to suck (think: not be an ’merican company).
> (Wednesday) Activist investor Starboard takes stake in Shake Shack, source says // … so you guys gonna shake things up, huh?
> (Wednesday) Flutter misses on earnings, replaces CEO in another leadership change // I hear you could bet on this happening on Polymarket...
> (Wednesday) Meta debuts Muse Code to take on Anthropic and OpenAI // Cute.
> (Wednesday) Google chief scientist Jeff Dean leaving in AI reshuffle after 27 years at company // “Reshuffled” is a great code word for FUBAR.
> (Wednesday) Disney earnings boosted by ‘Toy Story 5,’ theme parks and new CEO strikes deal with TikTok // Bob Iger coulda never...
On Tuesday, I asked, “Which of these things is MOST likely to happen today?”
37% of you said, “SpaceX misses earnings, stonk dips.” Well, well, well…
Here’s what some of you guys had to say (and my response in italics)…
Misses, stonk dips: “When was the last time there was a launch? How much sh*t do we really need to take to space?” The question everyone is asking.
Misses, stonk still rips: “Can’t wait for it to crash so I can load up.” Big brain time.
Iran peace deal: “I had to vote for the humorous entry.” Office funny guy.
Misses, stonk still rips: “Elon BONK.” -said no one ever.
Other (write-in): “SpaceX misses earnings, VP Musk announces 2 additional children out of wedlock, AMC stonk rips.” 3-way parlay.
Here’s today’s question(s)…
Sound off: Whopper or Big Mac?
+ US stocks ripped Tuesday (S&P 500: +1.8%) to a second straight Dow record on strong earnings and falling oil after Bessent floated a Strait of Hormuz deal, then eased back Wednesday (S&P 500: -0.2%) and again Thursday (S&P 500: -0.2%) as a broad pullback offset chip and energy gains. I’m nauseous.
+ The 10-year yield slipped Tuesday alongside oil on the Hormuz optimism, held steady Wednesday despite a soft ADP print and Kashkari calling for hikes, then rose more than 4 basis points Thursday as rate worries crept back.
+ Oil fell sharply Tuesday to a three-week low on Bessent’s deal talk, sat little changed Wednesday as the US, Iran, and Oman worked the details, then jumped Thursday after Iran’s draft plan came loaded with restrictions. No way Hormuz.
+ The “smart” money (prediction markets) thinks there’s a 13% chance Drake attends Cristiano Ronaldo’s wedding (because you degens can bet on just about anything). (Polymarket)
Oh, and one more thing…
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