The Rundown - Bitcoin Crosses $50K, Bezos Dumps $2B in Amazon Stock

Episode Date: February 12, 2024

Stock market update for February 12, 2024. The content of the podcast is for general and informational purposes only. All views presented in this show reflect the opinions of the guest and the host. You should not take a mention of any asset, be it cryptocurrency or a publicly traded security as a recommendation to buy, sell or hold that cryptocurrency or security. Guests and hosts are not affiliated with or endorsed by Public Holdings or its subsidiaries. You should make your own financial and investment decisions or consult respective professionals. Full disclosures are in the channel description. Learn more at Public.com/disclosures. Past performance is not a guarantee of future results. There is a possibility of loss with any investment. Historical or hypothetical performance results, if mentioned, are presented for illustrative purposes only. Do not infer or assume that any securities, sectors or markets described in the videos were or will be profitable. Any statements of future expectations and other forward-looking statements are strictly based on the current views, opinion, or assumptions of the person presenting them, and should not be taken as an indicator of performance nor should be relied upon as an investment advice.The content of the podcast is for general and informational purposes only. All views presented in this show reflect the opinions of the guest and the host. You should not take a mention of any asset, be it cryptocurrency or a publicly traded security as a recommendation to buy, sell or hold that cryptocurrency or security. Guests and hosts are not affiliated with or endorsed by Public Holdings or its subsidiaries. You should make your own financial and investment decisions or consult respective professionals. Full disclosures are in the channel description. Learn more at Public.com/disclosures. Past performance is not a guarantee of future results. There is a possibility of loss with any investment. Historical or hypothetical performance results, if mentioned, are presented for illustrative purposes only. Do not infer or assume that any securities, sectors or markets described in the videos were or will be profitable. Any statements of future expectations and other forward-looking statements are strictly based on the current views, opinion, or assumptions of the person presenting them, and should not be taken as an indicator of performance nor should be relied upon as an investment advice.

Welcome to the Rundown, your daily market update in under five minutes. My name is Zaid Admani, and today is Monday, February 12th. And today's episode of the rundown, we talked some football. Yes, the Super Bowl just wrapped up. Shout out to the Kansas City Chiefs. But we already have some news about next season. We also discussed the real reason that Jeff Bezos moved out to Miami. It's not just because of the weather.

And we also discussed some winners and losers in the stock market today, like Bitcoin making a strong run lately. All right, let's get started. Let's start off for the quick recap. Guys, the stock market hit another milestone. on last week. The S&P 500 finally broke above 5,000 for the first time ever. The stock market continues to be on a heater. It's kind of like Patrick Mahomes right now. No matter how many people counted out, it is resilient under pressure. And just like Patrick Mahomes, it's achieving new heights and breaking records. That might be enough football analogies for this episode. Markets have now

been up for five weeks in a row and up for 14 of the last 15 weeks. And markets seem to be off to a great start today. All three major indices are in the green at the time of this recording, around p.m. Eastern. We got a lot of stuff going on this week. January's CPI report comes out on Tuesday morning, so we're going to see where inflation is at. And we're also getting earnings from a lot of big companies, like Airbnb, Shopify, Draft Kings, and Coinbase, just to name a few. All right, let's run through some headlines. The Super Bowl has just wrapped up, and two things seem to be clear. Patrick Mahomes might be the greatest quarterback of all time, and we're going to get more exclusive playoff games on streaming next year. You know how earlier in the year, every football fan has to download

peacock and sign up just to watch an exclusive playoff game between the Chiefs and the Dolphins? Yeah, we're going to get more of that next season as well. But this time, the exclusive playoff game will be on Amazon Prime Video. I expect this to happen every year at this point, because the NFL is getting nine figures from these streaming companies just for their rights to stream one playoff game. It's hard for the NFL to turn that money down. And as for us football fans, we're going to sign up for the streaming service. The NFL knows that. In fact, the playoff game that was on Peacock this year was the highest streamed event ever in U.S. history. And I wouldn't be surprised if next year's game breaks that record. Amazon being the exclusive streamer makes a ton of sense here. They already

pay the NFL $1 billion a year for the rights to broadcast Thursday night football exclusively. So what's an extra $100 million plus for an exclusive playoff game? I wonder if at some point like 10 years into the future, every single playoff game is going to be on a streaming service soon. I really hope that's not the case, but if any league can get away with it, it's the NFL. Speaking of Amazon, Jeff Bezos, the founder of Amazon, made some news last week. Jeff E.B. sold $2 billion of Amazon stock last week. And I think now we know why Jeff Bezos really moved to Miami last year. It wasn't just because of the weather or spending more time on his yacht, even though I'm sure he's doing a lot of that right now. No, it's because moving to

Miami saved him about $140 million in taxes compared to if he was still living in Seattle. The state of Washington has a 7% capital gains tax. The state of Florida does not. So it's easy to see why billionaires like Jeff Bezos and Ken Griffin have moved to Miami over the last year. I mean, the weather in South Florida is pretty nice too, minus the hurricanes. I used to live there. All right, let's talk about some stocks making moves today. One of the big winners today is Diamond Back Energy. The stock is up more than 10% at the time of this recording around 1 p.m. Eastern after announcing a $26 billion deal to buy oil and gas company Endeavour Energy. Endeavor Energy is a privately owned company.

The combined company will be the third largest oil and gas company in the Permian Basin, only behind Exxon and Chevron. We've seen a lot of oil and gas acquisitions and mergers over the last year or so, and that doesn't seem to be stopping anytime soon. Investors are loving this deal for Diamondback Energy, and it's one of the reasons why the stock is a big winner for today. Another big winner is Bitcoin. Bitcoin crossed $50,000 at the time of this recording for the first time.

since December of 2021. You know, Bitcoin has quietly been on a run over the last week or so. The price is up more than 13% over the last week. You know, it's funny, after the launch of the Bitcoin ETF a month ago, the price dipped to below $40,000. But it's had a nice bounce back. Things do feel a little differently right now in the world of crypto. I don't have the same uncles and coworkers hitting me up about crypto like previous bull runs. And yet we got Bitcoin crossing $50,000 and creeping up in price to its all-time high of $69,000. Just feels a bit different. All right, let's talk about a company that's a big loser for today. That would be Big Lots. Big Lots stock is down more than 30% at the time of this recording around 1 p.m.

Eastern after reports that Big Lots is looking to raise more money because of ongoing losses. The company has been struggling over the last couple of years. They've posted 10 straight quarters of same store sales decline, and now investors are worried about the future of this company. I'm not going to lie, not only have I not been in a Big Lots over the last three years, I don't even think I've seen any. Like, I didn't even know they were still around. All right, let's wrap up the show with a fun fact. Today's fun fact is that more than six 16 million people are expected to not show up to work today because of the Super Bowl. And millions more are expected to, quote unquote, work remotely today.

All in all, about 14% of U.S. employees plan to miss at least some part of the workday today. I bet that number in Kansas City is a lot higher. I think at this point, can we all sign a petition or something that moves the Super Bowl to a Saturday? Or at least makes the Monday after the Super Bowl a federal holiday. Because, yeah, it is brutal working the Monday after the Super Bowl. It has to be top five least productive days of the year. All right, guys, that's all I got for you guys today. Thank you guys so much for listening.

Remember, we have another action-pack week, so make sure you tune in every single day this week. We'll see you guys back here tomorrow. This is Public Live, your real-time resource for news events and trends in the markets. All views presented in this show reflect the opinions of the guests. You should not take any mention of a publicly traded security as recommendation to buy, sell, or hold that security. Public Live hosts are not financial advisors and are not affiliated with public holdings

or its subsidiaries. You should make your own financial and investment decisions or consult. Respective professionals. Learn more at public.com slash disclosures. In paid partnership with Zayid Admani, brokerage services for U.S. listed, registered securities are offered by Open to the Public Investing Incorporated, member FINRA and SIPC.