The Rundown — Target Sees Growth Ahead, Oil & Gas Prices Jump
Hosted by Zaid Admani
Date: March 3, 2026

Episode Overview

In this fast-paced daily update, host Zaid Admani breaks down the major stock market moves and economic events shaping investor sentiment. Key topics include the impact of geopolitical tensions on energy prices, earnings results from retail giants Target and Best Buy, a summary of Apple’s newest product launches, and notable shifts in various company shares. The episode closes with surprising stats on reading habits and a renaissance of independent bookstores in the US.

Key Discussion Points & Insights

1. Market Reversal and Geopolitical Tensions

Timestamps: 00:30 – 02:20

• Stock markets saw a dramatic intraday reversal after US-Israel strikes on Iran over the weekend.
• S&P 500 finished up 0.04% and Nasdaq gained 0.4%, led by big tech (Nvidia, Microsoft).
• Despite initial resilience, fears grew regarding extended Iran conflicts.
• Energy Impact:
  • Oil prices surged 7% on Monday and another 6% Tuesday.
  • Conflict disrupted shipping through the Strait of Hormuz (20% of global oil flow).
  • Natural gas prices spiked 30% after Qatar, the world’s #2 LNG exporter, halted production due to a drone strike.
  • Higher energy prices risk reigniting inflation and hindering Fed rate cuts.

Quote:
"If energy prices stay higher for longer, that could push up inflation again, which could prevent the Fed from cutting interest rates." — Zaid Admani (01:45)

2. Retailer Earnings: Target and Best Buy

Timestamps: 02:21 – 05:05

• Target:
  • Comparable sales fell 2.5%, fourth consecutive quarterly drop.
  • Customer traffic also declined, and profit slipped 5% YoY.
  • Target stock rose 3% as the new CEO, Michael Fidelke, claimed "the bleeding has stopped" and projected a 2% sales increase for the year—an expected turnaround after years of stagnation.
  • Challenge: High reliance (30% of revenue) on discretionary goods.
• Best Buy:
  • Revenue ($13.8B) missed estimates; comparable sales down 0.8%.
  • Demand for big-ticket items sluggish, but profits rose thanks to growth in higher-margin activities like advertising and third-party marketplace.
  • Ad partners doubled YoY; stock up 5%.
• Retail Landscape:
  • Consumers remain cautious and selective; one-stop shopping at megastores like Walmart and Costco is dominating.

Quote:
"The challenge that Target faces is that nearly 30% of their revenue comes from discretionary items... and people just buy less of those items during times of economic uncertainty." — Zaid Admani (03:34)

3. Apple’s Product Launches

Timestamps: 05:06 – 07:04

• New Products:
  • iPhone 17e (budget model, $600), with A19 chip, in-house modem, 256GB storage, MagSafe charging.
  • iPad Air refresh: Now with M4 chip, 30% faster performance.
  • MacBook Air: Upgraded with M5 chip, base storage now 512GB, starting at $1,100 (higher due to possible RAM price increases).
  • MacBook Pro: Features M5 Pro/Max chips, 1TB base storage; prices increased.
  • Anticipation for rumored low-cost MacBook (using iPhone chip, possibly priced at $600).
• No updates yet on AI-powered Siri.
• Apple stock has been the second-best performer among the “Magnificent Seven,” close to all-time highs.

Quote:
"What I'm really looking forward to is what Apple shows off tomorrow. Because the rumor is that Apple will show off a low cost MacBook that runs on an iPhone chip... it could be a big hit." — Zaid Admani (06:40)

4. Big Movers: Pinterest & On Holdings

Timestamps: 07:05 – 09:00

• Pinterest:
  • Elliott Management disclosed a $1B stake.
  • Pinterest responded positively; CEO Bill Reddy called it “a vote of confidence.”
  • Recent struggles: stock down a third over the year, advertiser pullback, 15% workforce reduction.
  • Stock jumped ~7% on investment news.
• On Holdings:
  • Strong Q4 (revenue up 22%), but 2026 sales guidance of 23% fell short (vs 35% prior growth).
  • Despite outperforming Nike and Hoka, stock down ~10% due to slowing growth and high valuation concerns.

Quote:
"Now, Pinterest has been struggling recently... But this time it's a little different. Pinterest actually welcomed the investment." — Zaid Admani (07:40)
"ON is still crushing the competition... But the thing is, ON stock price was already priced at a high valuation and any signs of a significant slowdown has the markets concerned." — Zaid Admani (08:35)

5. Surprising Reading & Bookstore Stats

Timestamps: 09:00 – 10:05

• YouGov Survey Highlights:
  • 40% of American adults didn’t read a book in 2025.
  • Reading for pleasure down 40% over 20 years.
  • Top 4% of readers accounted for 50% of books read.
  • Physical books favored 2:1 over digital/audiobooks.
  • Independent bookstores up 70% in five years — a striking comeback.
• Zaid’s personal note: Excited for a new Barnes & Noble near his home.

Quote:
"The top 4% of readers account for 50% of all books read last year." — Zaid Admani (09:40)
"Another stat... people are choosing physical books over digital and audiobooks at a 2 to 1 rate." — Zaid Admani (09:55)
"Independent bookstores have grown by 70% in the US over the last five years." — Zaid Admani (10:00)

Memorable Moments & Quotes

• Energy market chaos overview: “There’s a ton of chaos happening in the Middle East and energy prices are seeing the biggest impact as of right now.” (01:35)
• On Apple’s budget phone: “I might get one for my D.” — Zaid joking about buying the new iPhone, then trailing off (05:55)
• Personal reflection on reading: “I don’t read as many books as I used to. But there are a select few people that are reading a lot.” (09:30)
• Bookstore nostalgia: “Bookstores are the best. You know, I used to go to Barnes and Noble a lot when I was in high school to study.” (10:10)

Useful Timestamps

• [00:30] Market Reversal After Iran Strikes
• [01:40] Energy Price Surges & Inflation Concerns
• [02:21] Target & Best Buy Earnings
• [05:06] Apple Product Launches
• [07:05] Pinterest and On Holdings Stock Moves
• [09:00] Reading Statistics & Bookstore Trends

Tone & Style:
Zaid Admani’s delivery is lively, concise, and investor-focused, blending quick market analysis with personal asides and a touch of humor.

This summary captures all major discussion points and actionable insights—making it easy for non-listeners to get up-to-speed on the market narrative, key company updates, and cultural trends discussed in this episode.