The Rundown - Netflix Gets in the Ring with WWE, 3M Stock Drops

Episode Date: January 23, 2024

Netflix to stream WWE’s Raw starting next year (Netflix) United CEO casts doubt on 737 Max 10 order after Boeing’s recent problems (CNBC) 'The Rock' appointed to UFC, WWE's TKO Group board of directors (ESPN) 3M stocks slides after full-year guidance disappoints (Yahoo Finance) Walmart Is Boosting the Average Store Manager’s Salary to $128,000 (Bloomberg) 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 Zadadmani, and today is Tuesday, January 23rd. In today's show, we're going to be talking about Netflix jumping into the live sports world, drama between United Airlines and Boeing and Bitcoin dropping below $40,000. We also end this show with a fun fact about how much money Walmart managers make. They recently got a raise, and the number might surprise you. All right, let's get into it. Let's start at the show with a quick recap of how the markets did on Monday.

Dow both set records again on Monday, building on the positive momentum from last week. The Dow crossed 38,000 for the first time ever. The stock market is now officially in a bull market, which started back in October of 2023, which is right around the time the show started. So we'll take some credit for this bull run. The markets today have been pretty up and down. Right now, the Dow is in the red, while the S&P and NASDAQ are slightly higher at the time of this recording, around 1.30 Eastern. All right, let's run through some headlines. Guys, Netflix is jumping into live entertainment. On Tuesday morning, Netflix announced that starting in 2025, they're going to start streaming WWE Raw. Netflix is paying over $5 billion over 10 years for these rights. WWE is very popular. Their events attract

tens of millions of viewers. And this would be Netflix's first major live sporting event, something they've kind of shied away from in the past. Netflix has done a ton of sports documentaries like we the most famous one being Drive to Survive, which some people say is the reason that F1 is popular in the United States. They also had that quarterback show last summer, but this is kind of a game changer because Netflix, for the first time ever, will be streaming live sports on their platform, which just goes to show that Netflix has not stopped making moves, despite the fact that some people have crowned them the winners of the winnings of the streaming wars. And I got a feeling that this is just the start of Netflix going into live sports. Don't be surprised if they make more announcements down the line. By the way, Netflix is also reporting earnings after the bell today.

It might have already come out by the time you're listening to this episode. I'll recap those earnings in tomorrow's episode, so be sure to tune in. Speaking of drama, there seems to be some drama brewing between United Airlines and Boeing. United Airlines reported Q4 earnings on Monday, beating Wall Street expectations. The revenues of $13.6 billion and revenues of $2 a share were both higher than expected. But United Airlines said they expect to make a loss in Q1 in large part to the grounding of the Boeing 737 Max 9s. United Airlines has 79 of these airplanes, most of any other carrier. And the CEO, Scott Kirby, seems kind of frustrated with the whole thing.

He went as far to say that United is looking at alternatives to the Boeing 737 Max 10s, which they put in order for a while ago, but they've been delayed since. The CEO said that 737 Max 9 groundings is the straw that broke the camel's back. So that's not great to hear if you're Boeing. Investors did react positively to the earnings beat. United Airlines stock is up more than 6% at the time of this recording, around 130 Eastern, making it the top performing stock in the S&P 500 today. That's a great transition to talk about more stocks that are making moves today.

TKO Group is another big winner. That's the parent company of WWE, which is up more than 13% today at the time of this recording because of their deal with Netflix, which we just talked about. So let's talk about some losers today. 3M is a big loser today. The stock is down more than 12% after issuing disappointing guidance in Q1, making it the worst performing stock in the S&P 500 today. And another loser has to be Bitcoin. The price of Bitcoin dropped below $40,000 today, which is down more than 20% from its spike a couple weeks ago to $49,000. That's when the Bitcoin ETF got approved and everyone was hyped.

Gotta say my crypto group chats have been kind of quiet this past week. All right, guys, let's wrap up the show with an interesting fact of the day where I share something that I thought was kind of interesting. Today's fun fact, Walmart is raising the average salary of in-store managers to $128,000 per year. Which I'm not going to lie is more than what I thought an average Walmart manager made. And I am happy for it because it seems like a tough job. Walmart is also going to be adjusting the bonus structure to allowing managers to earn more. Walmart and other retailers have had to continue to raise wages because it's a tight labor market. The unemployment rate is still below 4%.

I'm going to leave you with another fun fact. 75% of store managers at Walmart started off as hourly employees, according to Walmart. All right, guys, that's all I got for you guys today. Thank you guys so much for listening, and I'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 Zaid Admani, brokerage services for U.S. listed, registered securities are offered by Open to the Public Investing Incorporated, member FINRA and SIPC.