Becker Private Equity & Business Podcast Summary Episode: Amex, Tenet Healthcare, & Krispy Kreme | Released July 23, 2025

Host: Scott Becker
Podcast: Becker Private Equity & Business Podcast
Release Date: July 23, 2025

Scott Becker delves into a diverse range of financial and business topics in this episode, offering his insights on the recent stock movements of Krispy Kreme and GoPro, the performance of Tenet Healthcare, and the standing of American Express (Amex) in the current market landscape.

1. Krispy Kreme and GoPro Stock Surge: The Meme Stock Phenomenon

Becker opens the discussion by highlighting the significant stock movements of Krispy Kreme and GoPro, characterizing them as part of the broader "meme stock" trend.

• Krispy Kreme's 26% Jump: Becker notes, "Krispy Kreme jumped 26% yesterday...more about people jumping up the stock, pumping up the stock and killing those that are trying to cover short positions." [00:30]

• GoPro's 41% Surge: He further emphasizes the speculative nature of these surges, stating, "But again more gambling stocks than real stocks and somewhat unrelated to earnings." [00:45]

Becker cautions listeners about the disconnect between these price movements and the companies' actual financial performances, suggesting a speculative bubble driven by short-term trading rather than fundamental value.

2. Tenet Healthcare's Mixed Performance: Strong Earnings Amidst Stock Decline

Shifting focus to Tenet Healthcare, Becker provides a nuanced analysis of the company's recent performance.

• Earnings and Revenue Beat: He acknowledges Tenet's success in surpassing expectations, remarking, "Tenant Health Care...beat on revenues, beat on earnings." [01:15]

• Stock Decline Despite Success: Despite the positive financial results, Tenet's stock experienced an 11% drop. Becker attributes this to high market expectations and areas where the company fell short. He explains, "Good is not good enough. Trading at great multiples, lots of expectations, they dropped 11% notwithstanding." [01:35]

• Challenges in Ambulatory Business: Further dissecting the causes, Becker points out, "Their ambulatory business is not hitting targets. It just slightly missed estimates there and that could have caused some of the negativity." [01:50]

• Admissions Down Slightly: Additionally, he mentions a minor decline in admissions, adding, "Admissions were down slightly too, but in the big scheme of things performed really well." [02:05]

Becker concludes that while Tenet Healthcare has shown strong operational performance, market sentiment driven by unmet segments and high expectations has impacted its stock negatively.

3. American Express: Underperformance Despite Increased Usage

Becker turns his attention to American Express, highlighting its modest stock performance in the context of personal usage trends.

• Stock Performance: He states, "American Express is only up 2 1/2% year to date," indicating a lackluster growth compared to other financial entities.

• Personal Spending Concerns: Sharing a personal anecdote, Becker remarks on his family's increased reliance on Amex, saying, "...our family spending on American Express like it's going out of style. I'm doing everything I can to try and control that spent internally." [02:30]

• Credit Card Strategy: He adds, "We don't have any other credit card if you don't keep balances," suggesting a strategic approach to managing credit card debt.

• Overall Assessment: Despite the increased usage, Becker remains critical, labeling Amex as, "an absolute disaster." [03:00]

This segment underscores the challenges Amex faces in scaling its growth and managing consumer debt, even as usage patterns evolve.

4. Concluding Remarks

In his closing statements, Becker succinctly recaps the key points:

• "Krispy Kreme and GoPro surge," highlighting their volatile stock movements.
• "Tenant up 11% yesterday," referencing the mixed performance of Tenet Healthcare.
• "AMX up 2.5% year to date," reiterating the modest gains of American Express.

He thanks the listeners, reinforcing the episode's focus on acute financial analysis amidst fluctuating market conditions.

Notable Quotes with Timestamps:

• "Krispy Kreme jumped 26% yesterday...more about people jumping up the stock, pumping up the stock and killing those that are trying to cover short positions." [00:30]

• "But again more gambling stocks than real stocks and somewhat unrelated to earnings." [00:45]

• "Tenant Health Care...beat on revenues, beat on earnings." [01:15]

• "Good is not good enough. Trading at great multiples, lots of expectations, they dropped 11% notwithstanding." [01:35]

• "Their ambulatory business is not hitting targets. It just slightly missed estimates there and that could have caused some of the negativity." [01:50]

• "Admissions were down slightly too, but in the big scheme of things performed really well." [02:05]

• "American Express is only up 2 1/2% year to date." [02:25]

• "...our family spending on American Express like it's going out of style. I'm doing everything I can to try and control that spent internally." [02:30]

• "We don't have any other credit card if you don't keep balances," [02:45]

• "an absolute disaster." [03:00]

• "Thank you for listening to the Becker Business, the Becker Private Equity podcast." [03:15]

Conclusion

In this episode, Scott Becker provides a critical examination of recent stock movements and company performances, offering listeners valuable insights into the speculative nature of meme stocks, the intricacies of corporate financial health versus market expectations, and the challenges faced by established financial institutions like American Express. His analysis serves as a guide for investors navigating the volatile landscape of private equity and business.