The Rundown — January 21, 2026
Host: Zaid Admani (Public.com)

Episode Overview

In this fast-paced market update, host Zaid Admani breaks down the day’s biggest financial stories: the volatility rocking U.S. markets amid renewed geopolitical tensions, Netflix’s mixed earnings and slower growth outlook, and United Airlines’ optimistic profit forecast for 2026. Additional coverage spotlights headline-grabbing moves from GameStop and Kraft Heinz, before wrapping up with a surprising look at Netflix’s smash-hit “K Pop Demon Hunters.”

Key Discussion Points and Insights

1. Market Turmoil: The “Sell America” Trade

Timestamps: 00:00–03:30

• Market Sell-Off: U.S. equities tumbled after President Trump threatened Denmark and other European allies with tariffs, aiming to force a sale of Greenland to the U.S.
  • S&P 500 down 2.1%, Nasdaq down 2.4%, worst day since October.
  • Bonds also down; 10-year U.S. Treasury yield reached highest level since August.
• Significance: Rising yields mean more expensive borrowing costs (mortgages, auto loans, etc.).
• Flight to Hard Assets: Dollar weakens, while gold and silver hit record highs.
• Global Reaction: Investors are selling U.S. stocks, bonds, and even the dollar due to perceived unpredictability (“Sell America” trade).
• **“But also, keep in mind, like every time Trump causes chaos in the markets, it's usually temporary and markets have bounced back pretty quick. We saw this happen in April after Liberation Day. It also happened in October after Trump escalated trade tensions with China, but then backed off—so the same thing could happen again here.” — Zaid Admani [02:30]
• Upcoming earnings season from big tech is expected to provide investors with fresh focus and possibly calm volatility.

2. Netflix Earnings: Slowing Growth and High Spending

Timestamps: 03:30–07:00

• Q4 Performance:
  • Revenue up 18% YoY ($12.1 billion), net income $2.4 billion.
  • Ended 2025 with over 325 million subscribers.
  • Slightly ahead of estimates.
• Investor Concerns:
  • Slower projected growth (12–14% rev. growth forecast for 2026 vs 16% in 2025).
  • Significant spending increases: content budget to rise 10% (from $18B to $20B in 2026).
  • Ongoing $72B all-cash acquisition of Warner Bros.—potential for expensive bidding war with Paramount.
  • Pause on stock buybacks.
• Stock Reaction: Down more than 3% today; shares have lost 20% since Warner Bros. acquisition announcement.
• Advertising:
  • “Netflix's ad revenue more than doubled in 2025 to over $1.5 billion. And management expects ad revenues to double again in 2026.” — Zaid Admani [06:15]
• Summary: Combination of slowing growth, rising expenditures, and acquisition risk is too much for some investors.

3. United Airlines: A Profit Bright Spot

Timestamps: 07:00–08:00

• Q4 Results: Revenue up 5% ($15.4B), profits at $6.1B—both matching expectations.
  • Premium seat sales jumped 9% (Q4) and 11% (full year 2025).
  • Basic economy ticket sales also up 7%.
  • Contrasts with Delta, which saw a decline in economy seat demand.
• 2026 Outlook:
  • Record revenues in early January; expects record profits for 2026.
• Stock Reaction: Up nearly 3% this morning.
• Personal note:
  • “I live in Houston, which is a United hub, so I fly United all the time. And I gotta say, man, I've been impressed with them lately, especially their app. I mean, their app is by far the best I've used compared to other airlines.” — Zaid Admani [08:00]

4. Stocks on the Move: GameStop & Kraft Heinz

Timestamps: 08:00–10:00

GameStop

• CEO Ryan Cohen’s Big Buy:
  • Acquired 500,000 shares ($10M at ~$21/share).
  • Company announced Cohen’s long-term performance award: up to 172 million shares if market cap milestones (starting at $20B) are hit.
  • GameStop stock up ~3% on news, currently has $9.5B market cap.
  • “I gotta say though, that's pretty ambitious for a struggling video game retailer... So hitting $100 [billion] market cap, I don't think that's going to happen. But Ryan Cohen seems to be confident in the company and its strategy, including being a bitcoin reserve company.” — Zaid Admani [08:45]
  • GameStop holds ~$519M in bitcoin.

Kraft Heinz

• Berkshire Hathaway Sells:
  • Filed to potentially sell entire 27.5% stake ($7.8B value).
  • Kraft Heinz shares down over 5%.
  • Berkshire’s original investment dates to 2013; the merger hasn’t met expectations.
  • Kraft Heinz stock is down nearly 30% over past five years; company now in break-up plan to undo the mega-merger.
  • “Yeah, Berkshire is probably going to take a rare L on this investment. And the timing is pretty interesting because remember, Warren Buffett is no longer the CEO of Berkshire.” — Zaid Admani [09:50]

5. Fun Fact: Netflix’s Biggest Hit of 2025

Timestamps: 10:00–End

• K Pop Demon Hunters:
  • Animated film, over 480 million views in six months—the most watched piece of content ever in a half year on Netflix.
  • Surpassed the combined viewership of the next top five films from 2025.
  • “Anyone with little kids probably isn’t surprised by this. I mean, this movie has been on repeat at my house since it came out back in June. In fact, my daughter still listens to the songs almost every day, which I don't really mind because the music is really good.” — Zaid Admani [10:30]
  • First major success for a Netflix movie IP, though sequel not set until 2029.
  • Backstory: Netflix acquired rights from Sony.

Notable Quotes & Memorable Moments

• On the “Sell America” trade:
  “Now, some investors are calling this the Sell America trade, where global investors dump their US Stocks, bonds, and even the dollar because of this administration's unpredictability.” — Zaid Admani [01:45]

• On Netflix’s spending spree:
  “You have slowing growth and increased spend, and that means that profits could take a hit in the short term. On top of that, Netflix is pausing stock buybacks, which investors also don't love.” — Zaid Admani [06:05]

• On United Airlines’ turnaround:
  “United is seeing demand from all types of travelers, which is different than what Delta said last week when they saw economy seats decline in 2025.” — Zaid Admani [07:35]

• On Kraft Heinz and Berkshire:
  “Berkshire is probably going to take a rare L on this investment. And the timing is pretty interesting because remember, Warren Buffett is no longer the CEO of Berkshire. So the new CEO coming in already making some big moves.” — Zaid Admani [09:50]

Timestamps for Key Segments

• 00:00 — Market sell-off recap & “Sell America” trade explained
• 03:30 — Netflix earnings breakdown: revenue, subs, ad business, Warner Bros. deal
• 07:00 — United Airlines earnings & profit outlook
• 08:00 — GameStop: Ryan Cohen’s share buy and ambitious compensation plan
• 09:00 — Kraft Heinz: Berkshire’s exit and the company's struggles
• 10:00 — Netflix’s top content reveal: “K Pop Demon Hunters”

Summary

This episode presents a sobering yet lively analysis of current market stressors, corporate earnings, and extraordinary streaming successes. With a tone that is analytical yet conversational and a format that’s both insightful and digestible, it offers essential information for investors and market watchers, distilling complex headlines into actionable takeaways.