Will the Shutdown Ease Up? & The Story of Ticker Symbols

Summary

Brew Markets — November 10, 2025

Episode: Will the Shutdown Ease Up? & The Story of Ticker Symbols
Host: Ann Berry
Producer/Co-host: John
Length: ~19 minutes

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Overview

This episode explores three main themes: the potential end of the record-breaking federal government shutdown and its impact on markets, the paradox of quantum computing startups like D-Wave with massive valuations but scant revenue, and a listener-fueled deep dive into where stock ticker symbols come from—alongside market wrap-ups and memorable industry anecdotes. Throughout, Ann Berry brings both a practical investor’s eye and a deep sense of curiosity (plus some self-described “nerding out”) to the day’s biggest headlines.

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Key Discussion Points and Insights

1. Progress on the Government Shutdown (00:32–03:38; 16:22–17:27)

• Status Update:
  • The federal government shutdown entered its 41st day—the longest in U.S. history.
  • Senate recently passed a short-term funding bill (60–40), extending funding through January 30th.
  • Eight Democrats broke ranks to help move the bill forward.
  • The compromise includes funding for key departments (e.g., Agriculture, SNAP/food stamps) and a commitment to hold a vote on Affordable Care Act tax credits by mid-December. Democrats will have final say on bill contents.
  • The bill also reverses shutdown-related layoffs and ensures back pay for furloughed federal workers.
• Market Reaction:
  • Major equity indices surged on optimism for a resolution (S&P 500 +1.5%, Dow +0.8%, Nasdaq +2.25%) [16:22].
  • Ann’s personal story: Experienced first-hand the related air traffic delays during a 36-hour trip.
• Ann Berry [candid perspective]:
  • “Thanks to those air traffic controllers who have been working through all of this. It’s a stressful job, even in the best of circumstances.” [02:54]
• Notable Quote:
  • “Current air travel delays—Johnson’s message for House Republicans and Democrats was to start making their way back to Washington now.” [02:42]

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2. D-Wave Quantum: Big Valuation, Scant Revenue (04:16–08:05)

• The Ask:
  • Audience member Tyler requested an update on D-Wave Quantum, a leader in quantum computing.
• D-Wave Highlights:
  • One of four main public pure-play quantum computing companies (ticker: QBTS).
  • IPO’d via SPAC in 2022; market cap: $10 billion; share price up 1700% YoY.
  • The sector is “largely speculative.”
  • D-Wave raised over $1.6 billion during the past year but reported less than $4 million in Q3 revenue, with a net loss of $140 million.
  • Market cap “exceeds Campbell Soup, even though they have less than 1% of the revenue” [05:14].
• Ann’s Analysis:
  • Stresses the massive difference between potential and current financials.
  • “Quantum to me just speaks to a really different step function in the art of the possible when it comes to technology. Despite that, I’ve got to tell you, these numbers are just mind-blowing when you compare that $10 billion of market cap with…under $4 million [in revenue].” [05:54]
  • Notes “adjusted EBITDA loss” as a creative way for D-Wave to shrink reported losses.
  • White House interest: Speculation of federal investment, but Commerce Department says “not currently negotiating.”
  • D-Wave CEO Alan Barrett: “I don’t think it’s the best use of taxpayer money to fund R&D. … The US could purchase some quantum computers to solve hard defense problems.” [06:37]
  • Ann’s read: “Don’t take a stake in my capital structure but do turn up to be a customer, US government.” [07:28]
• Industry Outlook:
  • Anticipates sector roundup soon (notes Google/Alphabet and Amazon are also going after quantum).
  • D-Wave shares fell ~0.5% on the day; Rigetti reports after hours.

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3. Tyson Foods Earnings & America’s Beef Crisis (08:05–10:53)

• Company Snapshot:
  • Tyson Foods (market cap $20B; twice D-Wave’s size) beat earnings estimates ($1.15/share), shares rose 2% but are down 10% YoY.
• Headline Issue:
  • “Where’s the beef?”—North American cattle supply at lowest since the 1950s.
  • Beef prices +17% YoY, sales volume down 8%.
  • DOJ investigating possible price collusion among meatpackers.
  • Tariffs on imported South American beef add further price pressure.
  • Chicken is the winner: Chicken processors benefit from cheaper feed (grain prices down), and consumer shift from beef/pork to poultry as prices rise.
  • Tyson’s chicken sales volume +4% in Q4.
• Memorable Anecdotes:
  • Ann: “Back in the day…I was looking at investing in a company that specialized in cleaning meatpacking facilities. … The standards of cleanliness for these plants is so high…like drugs need to be manufactured in a very clean environment.” [09:54–10:16]
  • Reminds listeners of outbreak risks, referencing Boar’s Head headlines.
• Quote from Tyson CEO Donnie King (call referenced):
  • “Beef segment remains our only soft spot.” Chicken and other meats “doing pretty well.” [10:53]

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4. Listener Q&A: The Fascinating World of Stock Ticker Symbols (13:02–16:06)

• Listener Bella asks:
  • What happens to a company’s ticker if it goes private (using Papa John’s PZZA as an example)? Could another company take it?
• Direct from Nasdaq:
  • Tickers must be unique (1–4 characters); can be held for up to two years before IPO.
  • When a public company’s ticker is retired (due to buyout or delisting), it goes back into the pool and another company can claim it.
  • Example: The ticker “VIA” moved from Viacom to Via Transportation post-acquisition.
• Fun ticker trivia (show staff favorites):
  • FUN for Six Flags, LUV for Southwest, HOG for Harley Davidson, FIZZ for National Beverage, DNUT for Krispy Kreme, WOOF for Petco.
  • Shoutout to “Madonnas or the Zendayas of the Markets”: F for Ford and Z for Zillow—single-letter tickers.
• Ann:
  • “We love fun tickers here at Brew Markets.” [13:26]
  • “Drop us a note and let us know your favorites.” [15:56]

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5. Market Wrap & Warren Buffett’s Farewell (16:22–19:04)

• Day’s Movements:
  • S&P 500 +1.5%, Dow +0.8%, Nasdaq +2.25% [16:22]
  • Wendy’s (WEN) shares down 5% after news of US location closures; down 48% YTD.
  • Ann’s personal Wendy’s nostalgia: “If I was really good at the dentist, my treat was to be taken to Wendy’s to get an ice cream sundae.” [17:10]
  • Producer John’s retort: “Cold, frosty on bare teeth. Sounds terrible. That sounds like a punishment.” [17:22]
• Berkshire Hathaway News:
  • Warren Buffett transferring shares to four family foundations; stepping down as CEO at year’s end.
  • His letter includes: “As the British would say, I’m going quiet.” [18:00]
  • Noted Buffett still sees shareholders as “part of my family.” [18:38]
  • Craig Abel is Buffett’s named successor.

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Notable Quotes & Memorable Moments

• Ann Berry on quantum startups:
  • “These numbers are just mind-blowing when you compare that $10 billion of market cap with…under $4 million [in revenue].” [05:54]
• D-Wave CEO Alan Barrett (quoted by Ann):
  • “I don’t think it’s the best use of taxpayer money to fund R&D. … [But] the US could purchase some quantum computers to solve hard defense problems.” [06:37]
• Ann on supply chains:
  • “When you go and look at the supply chain…all the steps in the process to get it [beef] there, this is where I’m a complete nerd and I enjoy all of this, whether these are in the public markets or the private markets.” [10:18]
• On tickers (“Zendayas of the markets”):
  • “I call these the Madonnas or the Zendayas of the Markets.” [15:53]
• Warren Buffett’s letter:
  • “As the British would say, I’m going quiet.” [18:00]
  • “I consider the shareholders of Berkshire Hathaway and my children basically all part of my family.” [18:38]

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Timestamps for Key Segments

• Shutdown update and market reaction – [00:32] to [03:38], wrap at [16:22]
• D-Wave Quantum segment – [04:16] to [08:05]
• Tyson Foods & beef market analysis – [08:05] to [10:53]
• Personal supply chain/processing stories – [09:52] to [10:42]
• Show favorite ticker symbols – [15:30] to [16:06]
• Market wrap & Wendy’s story – [16:22] to [17:10]
• Warren Buffett/Berkshire update – [17:27] to [18:38]

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Conclusion

In her typically sharp, accessible style, Ann Berry weaves together top news, listener questions, and her own business insights. The episode underscores the sometimes wild disconnects of modern markets (quantum’s massive valuations), the intricacies behind daily stock market trivia (ticker symbols), and how personal anecdotes can illuminate the human side of business headlines. Warren Buffett’s swan song—“as the British would say, I’m going quiet”—offers a fittingly thoughtful coda for an episode that balances hard numbers with real-life color.

Transcript

[A]

Hey friends, it's Karamo, talk show host, life coach and your next best friend. You just don't know it yet. I'm hosting a new podcast called Started on Brotherhoods. We're going around the world to explore male friendships and all the wins, challenges and bonds that are made in WhatsApp group chats. And that's exactly where you can listen to it, right in the app. It's streaming on the official WhatsApp channel. Just open the app and go to the updates tab to start listening. While you're at it, message your best friend and make sure they listen too. I'll see you there.

[B]

D Wave Quantum Computing has raised over one and a half billion dollars, but has almost no revenue. And Tyson Food asks, where's the beef? We dive into their quarterly earnings, stock tickers, where do they come from? Where do they go? And what do fun, matter and hog have in common? And day 41 of the government shutdown, what the market thinks comes next for Monday, November 10th is free markets Daily. And I'm Ann Berry. More market details to come. But first, is there an end in sight? That's to the federal government shutdown, now in its 41st day and the longest in history? Well, the Senate is in session right now working towards negotiation to end the shutdown. That's after a rare Sunday session in which lawmakers cleared a short term funding bill by a razor thin vote of 60 to 40. Check just meeting the threshold for it to pass. Now eight Democrats broke ranks to advance this deal and terms of the compromise include a government funding extension until January 30th, as well as a so called minibus. That's three full year appropriations bills that will fund certain departments like the Agriculture Department through the end of the fiscal year next fall and includes the Supplemental Nutrition Assistance Program known as SNAP or food stamps. Now on the sticking point of Obamacare, which has been a major point here, Senate Republicans agreed to hold a vote on the health care tax credits under the Affordable Care act by the end of the second week of December. Democrats would, they say, have the final word on what is in the bill. Well, the deal on the table right now also reverses the Trump administration's shutdown, related layoffs of federal workers and ensures back pay for the paychecks that they missed during the shutdown. The prospect of a deal comes after the shutdown has taken a toll on major industries and key federal services as many government workers remain furloughed or required to work without pay, including in air traffic control. Now as for next steps, here House Speaker Mike Johnson said he will call the House back as soon as the Senate passes a government funding bill. Now this process involves a 36 hour formal and official notice revote. And with current air travel delays, Johnson's message for House Republicans and Democrats was to start making their way back to Washington now. Well, the major equity indices bumped upwards today in reaction to these developments, which are still ongoing and the markets seem to be optimistic that there will be a resolution soon. Now I've been traveling a little bit through all of this, including a 36 hour work trip to San Francisco this weekend in which the delays were almost as long as the actual time I spent on the ground. But I've got to say thank you to those air traffic controllers who have been working through all of this. It's a stressful job, easy even in the best of circumstances. And those who've been out there, travelers I know, have really needed it. Well, coming up, Quantum computing is making headlines, but is it making money? We dig into earnings for D Wave to break it down, but First Brew Markets Daily is sponsored by Public and before the show our producer John was going through the features on Public to try to decide which one to talk about today. That's right.

[C]

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[B]

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[C]

Full Disclosures and Podcast Description well, it's.

[B]

Earnings season as we all know, and we've been taking a look at earnings from companies all over the place, lots of different sectors and in particular we've encouraged you to let us know if there's a company you'd like to highlight on the show. Well, Tyler in our audience left us a comment on YouTube and asked for an update on D Wave Quantum. Well, D Wave is one of the four main public pure play firms in the quantum computing space. Rigetti is another that we've talked about on the show and the goal of these companies is to create a new kind of supercomputer that makes calculations in parallel are exponentially faster with different inputs versus sequentially at speed. Right now. Now, last year, Google announced that a quantum computing chip it developed solved a problem in five minutes that would have taken a supercomputer ten septillion years. And over recent months, we've seen other examples being published, including in places like Nature magazine for mapping out proteins. So here we're going to go on D Wave. John, take us through the highlights.

[C]

All right, D wave quantum ticker QBTS, which I think is a nod to Qubit. That's a basic unit in quantum computing. IPO'd by SPAC in 2022. Market cap of $10 billion. And in the share price is up over 1700% year over year. Now, this area is still largely speculative technology. The company has raised a lot of money. It's raised over $1.6 billion in the last year over. But it isn't bringing in a lot of revenue. And this is from Bloomberg. With market capitalizations that exceed $10 billion, the company is more valuable than Campbell's Soup, even though they have raised less than 1% of the revenue.

[B]

That's such an extraordinary comparison. So I've got to say I'm obsessed with quantum computing. This is the place that I spent all of my time nerding out right now. And you see me nerding out a lot. I nerded out an AI for a long time. But Quantum to me just speaks to a really different step function in the art of the possible when it comes to technology. Despite that, I've got to tell you, these numbers are just mind blowing when you, when you compare that $10 billion of market cap with you ready for this number. Revenue for the third quarter for D wave was under $4 million. Right? Under $4 million. Net loss was $140 million. So this thing is burning cash. And I got to tell you, I did go and dig through some of the actual earnings presentations, going straight to the source. And there's a term that there by the company which was adjusted EBITDA loss. So that is actually a measure of profit being used to try and frankly shrink the size of the loss that we're looking at, which tells you that there really is cash burn going on in here. Now, just one last thing to keep an eye on across the sector, but also pertinent to D Wave, there had been reports that the White House was eyeing investments in Quantum broadly in the sector. Although a spokesperson for the Commerce Department said that they were, quote, unquote, not currently negotiating. Now, when asked about it, the CEO of D Wave, Alan Barrett, said and quote his response, I don't think it's the best use of the taxpayer money to fund R and D. But having said that, he did go on to say that the US could purchase some quantum computers to solve hard defense problems. Now, I read that as don't take a stake in my capital structure but do turn up to be a customer. U.S. government.

[C]

Sure, I'm happy for you to be a customer. We've got a product and you can buy it.

[B]

Line up to buy. Well, she and D Wave finished down about half a percent today. Rigetti is scheduled to report earnings this evening. We're going to absolutely keep an eye on that. And I think once all of them have come out with their earnings, we'll do a recap in coming weeks on what's the latest in Quantum. Who are the major players, not just the pure plays, but you've got to remember, folks, and John, I've been reading about this too. Alphabet is going after this space, Amazon's going after this space. So we'll do a roundup in coming weeks on exactly who's doing what.

[C]

Absolutely.

[B]

Well, let's take a look at Tyson Foods, which also reported earnings actually this morning. And that's the company behind Jimmy Dean Hilshire Farm and Ballpark Market Cap, twice the size of D wave, $20 billion earnings were at $1.15 a share, beat estimates shares up 2% today on the back of those results. But they are down 10% year over year because there have been a couple of persistent issues. Right.

[C]

The issue that has been highlighted is the cost of cattle.

[B]

Yeah.

[C]

There has been a diminishment of cattle in North America and the prices are rising. Tyson said that beef prices rose 17% during the last quarter, while beef sales volume fell 8%. And the company also cited the lowest U.S. cattle supply since the 1950s. So of course this drives up costs for meat packers. And this is the, this is the controversy that's going on is whose fault is it that the meat prices are so high. On Friday, the Justice Department announced it's launching an investigation into meatpacking companies. They're engaging in collusion to drive up the prices. Trump sent out a message saying that he blames majority foreign owned meat packers for these price spikes. But the cattle ranchers are saying we're dealing with disease and drought and we're.

[B]

Doing our best to mitigate all of this. They're just trying really hard. The other piece here, just when it comes to beef, don't forget that there is a decent amount of beef that's imported from South America. Right. And so we've got the overhang of tariffs on this as well. So I have a quick story for you which is not, you know, it's not about the stock, but back in the day, this is about 10 years ago, I was looking at investing in a company that specializes in cleaning meat packing facilities.

[C]

Okay.

[B]

Now, these facilities in the United States, I don't know if you know this, are actually FDA regulated. Right. The standards of cleanliness for these plants is so high that they are actually subject to pretty stringent rules in the same way that, like drugs need to be manufactured in a very clean environment. And so my task was to go and visit a meat packing plant in the very small hours of the morning, and I was asked to go and observe the cleaning taking place.

[C]

And how did that go for you?

[B]

Well, the experience certainly stuck with me. Here I am talking about it years later. But it was just a really fascinating insight into some of the things that we take for granted. Right. As it go to a grocery store and you see all these products on the shelf, when you actually go and look at the value chain, when you go and look at the supply chain and all the steps in the process to get it there, this is where I'm a complete nerd and I enjoy all of this, whether these are in the public markets or the private markets.

[C]

Well, I remember the headline of Boar's Head.

[B]

Yeah.

[C]

Meat processors that are out of Virginia and they face scrutiny and shutdown over some of practices that their facilities were not clean enough.

[B]

Yeah. It's just really, really critically important because the risk of disease if you don't get this right is is really outsized. Well, at Tyson, chief executive Donny King said on the Call today that the beef segment quote remains our only soft spot. He actually said when it look at other product categories, look at other meats, they're actually doing pretty well. He says. At Tyson, chicken processors, for example, have actually benefited from cheaper livestock feed, which is expense when raising poultry. And that's as a result of falling grain prices. I seem to have spent a lot of time in this industry because I've looked at it by chicken farms as well, for what it's worth. Plus, higher beef and pork prices have actually turned more consumers towards chicken nuggets and wings. So you're seeing a substitution in different kinds of protein as these prices shift around. So overall, Tyson's chicken sales volumes up 4% in the fourth quarter. Lots going on. Well, let's take a quick break. When we come back, where do stock tickers actually come from? And now a word from our sponsor, Vanguard. This one's for the financial advisors out there. Hear me when I say stop falling for flash. A few flashy funds aren't enough to give a firm credibility when it comes to bond markets. Something with more substance. Look to Vanguard.

[C]

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[C]

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[D]

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[B]

We have a question from the audience today.

[C]

That's right, Bella in Colorado wrote you discussed the offer to take Papa John's private and mentioned how fitting its PZZA pizza ticker is. While the deal might be rescinded, I am still curious what would happen if that ticker if it were taken private, would another pizza company be able to get their hands on pzza? Could a new company go public and take that ticker? Please explain.

[B]

Well, first of all, shout out to Bella because this is the second question that she sent in and actually second, excellent questions. So thank you very much for your engagement here, Bella. Well, look, we love fun tickers here at Brew Markets. So really excited about the chance to talk about how companies get a hold of them. Well, to answer, we decided to go right to the source to one exchange these tickers star on. So we asked our friends at Nasdaq how the ticket allocation process works and here's what the NASDAQ team had to say. When a company requests the ticker symbol from nasdaq, the root of it is one to four characters long and must be unique. It can't already be in use by another company, a spac, an ETF or equity product. Now, once reserved, Nasdaq can hold a symbol for up to two years for the requesting company, even, by the way, if it's still private in that time and waiting for its moment to go public. Now, if a company does IPO and uses that reserved symbol, it's retained as long as the company remains publicly traded. Now a company may decide to change its ticker due to rebranding, strategic shifts or mergers. For example, you may remember in 2022, Facebook changed from ticker FB to meta meta, reflecting its new focus on the metaverse. At least at that time, if a company is acquired or delisted. So that includes being taken private as Papa John's for a moment looked like it was going to be. It's simple, returns to the pool and can be reassigned. For example, the ticker via. So that's via or via, depending on how you pronounce it moved from Viacom after the media company was bought by Paramount and it went over to Via Transportation, the software company that IPO'd in September. So Bella yes, if Papa John's gets taken private or is acquired and Ticker PZZA frees up, then another pizza company, or even a non pizza one for that matter, can go get that symbol. A huge thanks to our friends at Nasdaq for the scoop on how it works. And just to finish the thought on tickers, we surveyed the production team here on the show to see what our collective favorites are. So we've got fun, which is the ticket for Six Flags Love Luv for Southwest Airlines, which started flying from Dallas's Love Field Airport all the way back when. There's also Hog Hog for Harley Davidson, which references the nickname for its motorcycles, Fizz F I Z, Z for National Beverage, which makes Lacroix and other fizzy drinks. And there's D Nut D N U T for Krispy Kreme and Worth Fwoof for Petco. I just want to wrap up with the single letter tickers like F for Ford and Z for Zillow. I call these the Madonnas or the Zendayas of the Markets. Well, drop us a note and let us know your favorites.

[C]

Absolutely. And if you have a question for Anne, send an email or voice memo.

[B]

To brewmarketshoworningbrew.com well, it's 4:00pm on the east Coast. There's our closing bell. The market's wrapping up after a busy day we don't have a ticker tape. We'll throw it over instead to our human ticker, our producer, John.

[C]

That's right. And as you mentioned up top markets surged higher today after indications that there is progress towards reopening of the government. The S&P 500 finished up 1.5%, the Dow finished up 8.10of a percent and the Nasdaq finished up 2.25%. Shares in Wendy's were down over 5% today after the fast food chain announced it plans to close hundreds of US restaurants over the next few months in an effort to boost profits. The new round comes on top of a closure of 240 US Wendy's locations in 2024. At that time, Wendy's said that many of the 55 year old chain's restaurants were simply out of date. Shares in Wendy's ticker wen were down 48% year to date. Ken Cook became Wendy's CEO in July after the company's previous CEO, Kirk Tanner left to become the President and CEO of Hershey.

[B]

I gotta tell you, John, there's a special place in my heart for Wendy's. I remember as a kid when I was taken to the dentist if I was really good and I sat there and I had my teeth examined, my treat was to be taken to Wendy's to get an ice cream sundae.

[C]

Oh my gosh. Cold, frosty on bare teeth. Sounds terrible. That sounds like a punishment.

[B]

No, it was amazing. All that sugar and all that good stuff when you were a kid. It was amazing. Well, look, as a final thought, there was a press release, a news release came out of Berkshire Hathaway today. So everyone, whenever there's anything that looks like it could come from the oracle of Omaha, that's Warren Buffett. The whole market sits up and takes notice. Well, today Warren Buffett was basically talking about converting some of his shareholdings to place them instead with four family foundations, which actually is a good sign. It means there'll be engagement from the family over the much longer term. Despite the fact that as of the end of this year, he will no longer be the CEO and he's going to instead be executive chair. He took the opportunity to write a letter because he will no longer be writing Berkshire's famous annual reports, annual shareholder letters or quote, talking endlessly at the annual meeting. He says, as the British would say, I'm going quiet. Well, that was how Buffett began his latest shareholder letter, again likely to be his final as the 95 year old CEO of Berkshire Hathaway passes the baton onto his successor, Craig Abel. Now, there was just one line that actually caught my attention. I've got the printout of this eight page letter in front of me. And he does say in here, here, quote, I will continue talking to you and my children about Berkshire via my annual Thanksgiving message. Amazing to me, John, that even now, even in his last two months, he's saying, I consider the shareholders of Berkshire Hathaway and my children basically all part of my family. Just shows his commitment to the company that he founded. That's it, folks, for today's Brew Markets Daily.

[C]

Brew Markets Daily is hosted by Anne Barry and produced by John Crow, Tarek Abdelatif and Emily Millard, technical direction by Uchenawa Ogu and Brittany De Taco handles audio. And the president of Morning Brew Inc. Is Devin Emery.

[B]

Well, wake up tomorrow with the Morning Brew newsletter and tune in to Neil and Toby on Morning Brew Daily tomorrow. By the way, the equity markets are open, the bond markets are closed. We have a special show for you.