← The Rundown
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Public.com presents the rundown, your daily market update in under 10 minutes. My name is Zaidad Mani and Today is Wednesday, October 22nd. In today's episode, we'll tell you why gold just had its worst day in over a decade. We'll also recap earnings from Netflix and tell you why investors were disappointed despite decent numbers. Then stick around to the end of the show to find out the latest announcement from OpenAI that caused Google stock to drop 2%. We got a great show for you today. Let's go. Tuesday was an up and down day for the stock market. Ultimately The S&P 500 finished flat while the Nasdaq dropped about 0.2%. And I guess I have to mention the Dow Jones, it rallied yesterday to a record close. You know, longtime listeners know that I'm a pro Dowd Dow hater because it's a joke of an index with just 30 companies and it's price weighted and not market cap weighted. So again, it's not a serious index. But yeah, it hit all time highs yesterday. So congrats to like the three people that are holding a Dow index fund. Now the big story yesterday was gold. The price of gold tanked, dropping more than 5% to around $4,100 an ounce. That was the biggest one day decline since 2013, back when LeBron was still playing for the Miami Heat. We've talked a lot about gold on the show. It's been on an insane run this year. The price has gone up around 60% in 2025. In fact, it was up 10% in October alone. And gold prices don't typically move like meme stocks. So this rally was getting pretty wild and I think this dip might just be traders finally taking some profits. The bigger question though is did the gold rally finally top out or will investors buy the dip and we'll see another leg up? I think it might take another macroeconomic shock like a random tariff announcement from President Trump to kickstart the gold rally again. But we're keeping an eye on the gold market along with all the earnings dropping. So make sure you guys are subscribed to the podcast and tuning in every day. To stay in the loop, let's run through some headlines, starting with Netflix. Netflix reported earnings last night and like most of their content, it was a mixed bag. The revenues came in at $11.5 billion Q3, that's up 17% year over year, which sounds like a pretty solid growth. But it actually missed Wall street estimates by 0.1%. Now it was a very slight miss, but it was the first one in two years. The company also missed on operating income, but this was mostly because of an unexpected Brazilian tax expense of $619 million. Without that tax expense, they would have beat on operating income, but by 6 to 7%. Netflix's CFO says that the Brazilian tax expense is not a Netflix specific issue and it won't impact the company moving forward. Netflix stock still took a big hit after the earnings came out. It was down 6%. I think investors had pretty high expectations for Netflix going into the earnings from the outside looking in, Netflix was coming off a big quarter for content. Happy Gilmore 2 was a big hit despite it being a terrible movie. Wednesday came back and K Pop Demon Hunters is like a worldwide phenomenon, becoming Netflix's most watched movie of all time with over 325 million views. And my daughter wanted to be one of the K Pop Demon Hunters for Halloween and we can't find a costume anywhere. So if someone has a hookup for a six year old costume, please let me know. So yeah, I think the markets were expecting a blowout quarter, but instead we got a slight miss. Now on the bright side, Netflix's ad business continues to crush it. Netflix said that it just had its best ad sales quarter ever and they're on track to double ad revenue this year since. So Netflix could end up being a sneaky big ad business in the near future. And looking forward, Netflix has another big quarter for content coming up. Like the final season of Stranger Things is finally coming out in a few weeks. And I'll be honest with you guys, I totally forgot what happened on that show because the last season came out what, like four years ago or something? So I'm sure a lot of people like myself are going to be rewatching the old seasons to remember what happened. So yeah, I expect Netflix to stay very much in the cultural conversation. Let's shift gears and talk about Novo Nordisk. The pharma giant is going through a major board shakeup in hopes of regaining their market dominance in the weight loss space. The company's largest investor, the Novo Nordisk foundation, pushed out the chairman of the board and the rest of the board for that matter, in an effort to build up new leadership focused on expanding the US Market for its weight loss drug Wegovy. The foundation, which controls more than 70% of voting rights, said it wants fresh energy at the top and they're proposing that their new chairman be Lars Rebian Sorensen to lead the new board. Sorensen was actually Novo Nordis CEO from 2000 to 2016. So I guess the foundation is bringing back the old guard to get Novo Nordisk back on track. The six current board members and the board chairman will step down next month. The vibe coming out of Novo Nordisk seems to be pretty bad. The Danish pharma giant has already replaced the CEO earlier this year. The stock is down around 40% this year and it's down more than 60% from their all time highs back in 2024. Eli Lilly continues to take market share from them in the weight loss space in the US with their Zepbound drug. Now we'll see if this board shakeup does anything. I think that Novo Nordisk success will depend more on how effective and popular their upcoming weight loss pill ends up being. The pill is expected to be released over early next year. If that pill is as effective as their shot and affordable, the stock could end up getting back on track. Let's talk about some stocks making moves today. DraftKings stock is rising this morning after the company said it was acquiring a predictions market platform called rail bird. DraftKing says they plan to use Rail Bird's technology to launch a new mobile app called DraftKing Predictions. This new app will be similar to other prediction markets like polymarket and Kalsheet. It'll let users trade on real time events, including sports elections, pop culture, rotten tomato scores, a lot of stuff. You know, we've talked about prediction markets before. Companies like Polymarket and Kalshi have gotten really popular recently and they've taken a bite out of the sports betting industry since events contracts are regulated by the CFTC and, and not by state gambling laws. So this loophole essentially allows sports gambling on these prediction market platforms in states where it isn't legal, like my home state of Texas. So this acquisition by DraftKings will now allow DraftKings a backdoor to reach new customers in the states where gambling isn't legal. You know, obviously investors like this move. It's a smart way for DraftKings to protect its sports betting turf and also expand beyond traditional sports betting. And as a result, shares are up more than 4% this morning on this news. Now on the flip side, shares of Mattel are down this morning after the toy maker missed on both earnings and revenue estimates for Q3, thanks in large part to tariff uncertainty. Mattel sales were down 6% in the third quarter as retailers delayed orders ahead of the holiday season. Waiting to see how President Trump's new tariff policy shakes out. Mattel manufactures most of his toys in China and the tariff policy in China seems to be changing on a week to week basis, so that's adding uncertainty. Mattel does expect tariffs to trim profits by less than $200 million, though, in 2026, and management says that consumer demand remains healthy heading into the holiday season. But investors don't like uncertainty, and as a result, Mattel stock is down roughly 6% this morning in response to the earnings. Let's wrap the show with a fun fact. OpenAI released an AI powered browser yesterday called Chat GPT Atlas, and when that announcement was made, Google Stock dropped around 2% because this new browser could be a legit competitor to Google Chrome. You know, Google Chrome has been the dominant browser for over a decade now, and nothing has really come along to displace it. But maybe people will make the switch for a browser that has Chat GPT integrated into it. The Chat GPT Atlas browser is currently available right now on Mac OS only. It's going to come to Windows down the line, and I actually gave it a shot yesterday and I'm not gonna lie, it was kind of overwhelming. And maybe I'm just old here, but I don't know if I'm ready to like start a new relationship with another browser now. I've been using Chrome since I was 17. I know all the shortcuts, all the hotkeys. We've been through a lot together, so I don't know if I can move on so quickly now. If Atlas keeps getting better and easier to use with the AI integration, I might have to consider an open browser relationship, but I'm not there yet. If you guys have tried the ChatGPT Atlas browser, let me know in the comments of what you guys think and if you're planning to ditch Chrome permanently. Well, all right guys, that's the rundown for today. Hope you guys enjoyed today's episode. If you did and you have like five extra seconds, consider giving us a five star rating on Apple, Spotify, YouTube, wherever you listen to your podcasts. And if you are listening on Spotify, don't forget to vote in today's Spotify poll. Leave us a comment on Spotify. All that engagement really does help us out and it helps other people find the show. We got a big episode coming out tomorrow to Tesla reports earnings tonight, so we're going to be recapping that on tomorrow's episode. So make sure you guys tune in tomorrow for that. Thank you guys so much for listening, watching and commenting. Shout out to Mike and Connor for all the work behind the scenes and see you guys back here tomorrow. And Doug, here we have the Limu Emu in its natural habitat, helping people customize their car insurance and save hundreds with Liberty Mutual. Fascinating. It's accompanied by his natural ally, Doug. Uh, Limu is that guy with the binoculars watching us? Cut the camera. They see us. Only pay for what you need@libertymutual.com Liberty Liberty. Liberty. Liberty Savings Fairy. Underwritten by Liberty Mutual Insurance company and affiliates. Excludes Massachusetts.
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When the Moore family dished cable Internet and switched to siddly fiber, they got so much more. Mr. Moore got more upload speed for next level gaming and live streaming to the masses with reliable service. Mrs. Moore is no longer her family's IT guru, leaving her more time to stream games into overtime.
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Let's go.
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And young Mason Moore got more done quickly uploading HD product demos and video conferencing without freezing the numbers look good.
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Brad.
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