The Rundown - Spotify Subscriber Beat, Palantir Bullish On Chaos

Episode Date: February 6, 2024

Stock market update for February 6, 2024. Palantir Stock Soars After Earnings. The CEO Sees a World of 'Increasing Chaos and Danger.' Spotify (SPOT) Subscribers Beat Forecast Thanks to International Growth DocuSign to Cut 6% of Its Workforce as Sale Talks Stall Sphere Entertainment Reports $314M Revenue in Q2 Earnings – Sportico.com 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 Zadadmani, and today is Tuesday, February 6th. In today's episode, we talk about Adam Newman's plan to buy back Wii work. We also recap some of the major earnings from this week, including Palantir and Spotify. And then we end the show with a fun fact about the Las Vegas sphere. All right, let's get started. Let's start with a quick recap of the stock market on Monday. It was a pretty tough start to the week.

The Dow, S&P, and NASDAQ were all down yesterday, and we can, probably blamed Jerome Powell for this one. Jerome Powell went on 60 minutes over the weekend, and he said that he's in no rush to cut interest rates. And, you know, investors just didn't love that. Now, speaking of the Federal Reserve, four members of the Federal Reserve are going to be speaking today. Now, these four members aren't as famous or influential as Jerome Powell, but I'm sure the markets will still be listing, you know, for clues on rate cuts or other hints of policy changes. If anything crazy comes out of those speeches, I'll fill you guys in in tomorrow's episode. As for stocks today, looks to be a mixed bag.

The Dow and S&P are flashing green while the NASDAQ is in the round. at the time of this recording, around 1130 Eastern. All right, let's run through some headlines. Guys, Adam Newman wants to buy back WeWork. When I got this notification on my phone this morning, I literally laughed out loud and immediately clicked it to read the whole story. So Adam Newman was one of the founders of WeWork. It's the co-working office-based company that many people know.

And this company was once valued at $47 billion, which is kind of crazy to think about because now the company is filing for bankruptcy. More on that in a bit. As the company prepared to go public back in 2019, Adam Newman was removed as CEO. because of chaotic leadership, to put it lightly. There's a huge backstory on everything that went down when Adam Neumann was in charge of WeWork.

There's even a show that was made called WeCrash that I highly recommend watching. So we're not going to get into the whole thing now. But the important thing to know is that Adam Newman was removed to CEO and he walked away with $1.5 billion. Fast forward to recent times. Late last year, WeWork filed for bankruptcy. Business wasn't doing so high.

So now Adam Newman is coming in and wants to buy the company out of bankruptcy. Adam Newman's lawyers sent a letter to WeWork saying that Adam wants to buy the company and he's working with hedge fund third point to finance the purchase. So he's got the money to do it. I mean, at this point, I just wanted to happen for content reasons. Now, there's been no comment from WeWork on the offer just yet.

The story is just getting started, and I can't wait to see where it goes. All right, let's dive into some earnings that we've gotten so far this week. Starting with Eli Lilly, the biggest pharma company in the world, Eli Lilly reported better than expected Q4 earnings. Their revenues and profits both came in higher than expected. Eli did $9.35 billion in revenue and $2.19 billion in profits. Analysts were keeping an eye on Eli Lilly because of their new weight loss drug Zepbound. Zetbound got approval from U.S. regulators back in November of last year, and it had pretty strong

numbers. Also, their other weight loss drug, Manjaro, saw strong numbers as well. These drugs are Eli Lilly's version of the popular drug OZempec. In fact, Eli Lilly saw such strong demand that they even raised the price of Manjaro, which helped to bring in more revenue last year. But despite the strong earnings, the stock is actually down 1% at the time of this recording, around noon Eastern. So maybe investors were looking for more juice there. A couple of stocks that investors love, though, Palantir and Spotify.

Both of these stocks are big winners for today. Palantir stock is up more than 20% at the time of this recording around noon eastern after reporting better than expected earnings. Palantir did revenues of $608 million, which was up more than 20%. And that was hired than what Wall Street was estimating. Palantir saw their strongest growth in their commercial business. Palantir's CEO says that he sees a world of increasing chaos and danger, which I guess is good for their business.

Kind of spooky, but I guess, yeah, investors like to. to hear that. That's why Palantir stock is one of the top movers for today. Another company's seeing strong moves today is Spotify. The stock is up more than 7% after reporting strong subscriber growth in their latest earnings report. Spotify now has over 236 million premium subscribers. That's higher than what Wall Street was estimating. And their total monthly users is now over 602 million, which is up 23%. Now, Spotify, just like every tech company these days, has been cutting costs and raising prices to boost profitability. They raised prices of Spotify premium last year, and they also cut around 1,500 jobs in December. And investors are liking the progress from the company.

A stock not doing so hot today, Doc is signed. The stock is down more than 5% at the time of this recording around noon Eastern after they announced that they were cutting 6% of their workforce, mostly in the sales and marketing team. But I think another reason the stock might be down because of reports that DocuSign might not be able to find a buyer. See, late last year, there was reports that DocuSign was looking for someone to buy the company. And those talks seem to have stalled. So now DocuSine is just planning to restructure the company and hit their All right, let's wrap up the show with a fun fact. Today's fun fact is about the Las Vegas sphere.

The sphere is actually owned by a publicly traded company. And they also reported earnings recently. And we found out that the sphere in Q4 made $168 million in revenue. It's not bad. But overall, though, the sphere is still losing money. Mostly because the company had to write off about $116 million because they abandoned plans to build a sphere in London. Nobody in London wanted a giant glowing globe in their neighborhood.

And honestly, I don't really blame. them. This seems like a very vaguest thing. All right. That's all I got for you guys today. Thank you guys so much for listening and 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

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