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Netflix shares slide after it loses 200,000 subscribers [CBS News]
Netflix's stock price plunged more than 37% to $219.50 in early trading on Wednesday as investors fretted about the company's slowing growth and mounting competition…. The decline in subscribers is the first since Netflix became available throughout most of the world outside of China six years ago. The drop this year stemmed in part from Netflix's decision to withdraw from Russia to protest the war against Ukraine, resulting in a loss of 700,000 subscribers.
Even so, Netflix acknowledged its problems are deep-rooted by projecting a loss of another 2 million subscribers during the April-June period.

Elon Musk Hints at Twitter Tender Offer With Cryptic Tweet [WSJ]
Mr. Musk, Tesla Inc.’s chief executive, tweeted a blank space followed by the words “is the Night,” late Tuesday Eastern time. Speculation grew that the message was a veiled reference to the F. Scott Fitzgerald novel “Tender Is the Night” and implied the world’s richest man planned to approach Twitter shareholders directly to buy their stock at a specific price over a defined period.
Mr. Musk’s latest tweet is his second in less than a week to suggest the possibility of a pending tender offer for Twitter. Over the weekend, he tweeted “Love Me Tender,” the title of an Elvis Presley song.

Just Eat Takeaway is exploring a sale of Grubhub barely a year after buying the company [CNBC]
Just Eat completed its acquisition of the U.S. food ordering platform for $7.3 billion barely a year ago, pipping Uber and Germany’s Delivery Hero to a deal after a heated takeover battle.
In October, activist investor Cat Rock Capital called on Just Eat to sell Grubhub and “refocus its business on Europe….” Alex Captain, founder and managing partner of Cat Rock, said Just Eat’s share price has been “deeply depressed,” leaving the company “vulnerable to takeover bids well below its long-term intrinsic value.”

Rising Rates Threaten Companies Acquired in LBO Boom [WSJ]
Higher costs on the loans could also have a chilling effect on the buyout boom that hit a record of about $1 trillion last year and that investment bankers hoped would carry over into 2022. The private-equity firms behind most of those deals paid for them primarily with leveraged loans borrowed by the companies they acquired…. The benchmark rates that most leveraged loans are priced off are expected to rise to around 3% in the next 12 months, up from about 0.50% now, according to Citigroup research. That equates to a $45 billion interest-expense increase on the loans that were issued in 2021 alone, according to Dealogic data.

Goldman’s CEO Is Paying Himself Like a Private-Equity Chief [WSJ]
In the past, the profits from those investments—known in the industry as carried interest—were split evenly between Goldman and the executives actually managing the funds, a common enough setup that ensures everyone has some skin in the game.
Going forward those executives will receive just 35%, the people said. Ten percent will be shared with Goldman’s roughly 400 partners, part of a push to restore the prestige of a title that once guaranteed stratospheric wealth but has dimmed. Five percent will go into a pool for Mr. Solomon and his closest deputies, the people said—fewer than a dozen people.

‘Anti-Woke’ GOP Candidate Totally Forgot He Used to Condemn ‘Structural Bigotry’ [Vice]
“I’m running for the U.S. Senate to fight the woke mob hijacking America’s future,” [David] McCormick declared in his first campaign ad.
His campaign website declares that he’ll “stand up against the wokeness taking over our schools, big businesses, and the media….” But not long ago, he sounded pretty “woke” himself….
“Racism and discrimination more broadly thrive not just in overt actions but also in omissions and willful ignorance. Benefiting from a system that quietly discriminates—without acknowledging it and helping to repair it—only propagates that system,” McCormick wrote in a note to Bridgewater’s employees that he shared on his LinkedIn page.



Opening Bell: 10.26.17

Elon Musk can't predict the future too well; neither can Morningstar; Bill Ackman will gorge himself on Chipotle till the stock reacts; German parents attempt to name kid "Lucifer;" and more.

Ineffective way of determining preferences. By Taro the Shiba Inu [CC BY 2.0], via Wikimedia Commons

Opening Bell 7.18.19

Things are going to get super controversial when they drop Netflix from FANG ...


Opening Bell: 7.25.22

Fed focus; dollar discomfort; Evergrande exit; Elon Musk too busy for sex; and more!

Ineffective way of determining preferences. By Taro the Shiba Inu [CC BY 2.0], via Wikimedia Commons

Opening Bell 11.13.19

You hate to see it ... unless you're Netflix

grand tetons

Opening Bell: 8.24.21

Jackson Hole calling (virtually); another space SPAC; China troubles; Elon Musk thinks Elon Musk’s self-driving software sucks; and more!

nyse at night

Opening Bell: 8.17.22

Apocalypse then; non-burning questions about Paul Singer; Elon Musk makes red hearts flutter; and more!


Opening Bell: 8.8.22

Congress did something; buyback bonanza; Berkshire bruised; Elon Musk throws down the gauntlet; and more!

Ineffective way of determining preferences. By Taro the Shiba Inu [CC BY 2.0], via Wikimedia Commons

Opening Bell 9.17.19

'Seinfeld' is taking its talents to Netflix ...