Podcast Summary: The Rundown

Host: Zaid Admani (Public.com)
Episode: Trump Targets Netflix Amid DOJ Probe; Slaps New 15% Tariffs
Date: February 23, 2026
Duration: ~10 minutes

Main Theme and Purpose

This episode provides a concise, insightful overview of the day’s biggest stock market stories and economic developments, focusing heavily on new U.S. tariffs, the ongoing Netflix-Warner Brothers merger saga, pharma competition in obesity drugs, and key earnings updates.

Key Discussion Points & Insights

1. Markets React to Supreme Court Tariff Ruling

• [00:40] Markets rallied last week after the Supreme Court ruled against many of President Trump’s tariffs, lifting major indices:

  • S&P +1.1% last week
  • Nasdaq +1.5%, snapping a five-week losing streak

• Supreme Court Decision:

  • The Court found Trump exceeded authority by using the 1977 International Emergency Economic Powers Act (IEEPA) for tariffs.
  • Result: 60% of Trump’s “reciprocal tariffs” were ruled illegal. 40% remain.

• Trump’s Response:

  • Announced new 15% tariffs “across the board” using Section 122 of the 1974 Trade Act, which allows up to 150 days of tariffs without Congressional approval.
  • The administration aims to build cases under Sections 301 & 232 (addressing unfair trade and national security).
  • Quote:
    “So the tariff story isn’t over. In fact, it adds more uncertainty to the markets, so we might have some more volatility moving forward.” — Zaid Admani (03:00)

2. Corporate Earnings Preview

• [03:40] Massive upcoming week for earnings, including Nvidia, Salesforce, Snowflake, Rocket Lab, Dell, Circle, Home Depot, and Hims.
• Advice:
  • “It’s a great time to get subscribed… tune in every day to stay in the loop.” — Zaid

3. Novo Nordisk’s Disappointing Obesity Drug Results

• [04:00] Novo Nordisk’s next-gen obesity shot (Cagury Sema) fails to outperform Eli Lilly’s Zepbound:

  • Novo: 20.2% weight loss after 84 weeks
  • Lilly: 23.6% weight loss
  • Result: Novo shares fall 10% in a day, over 50% down YoY, market cap ~$130B (from $600B in 2024).

• Eli Lilly Dominance:

  • Lilly launches a new, more convenient “Quick Pen” version of Zepbound at $299/month.
  • Upcoming GLP-1 pill and strong stock growth (+20% in 12 months, +3% today).

• Quote:

  • “In the GLP-1 race, time is money… every month that Novo Nordisk spends waiting on the next trial is another month that Eli Lilly is pulling further ahead.” — Zaid (05:00)

4. Netflix–Warner Bros–Paramount Merger Drama & DOJ Investigation

• [06:10] Key updates include:

  • Paramount/Skydance Deadline: Final offer to Warner Bros. is due today ($30/share).
  • Netflix’s Offer: $27.75/share for movie/streaming business (claims easier regulatory approval).
  • DOJ Scrutiny:
    • DOJ investigating Netflix for possible anti-competitive practices; questions if Netflix already has monopoly characteristics pre-merger.
  • Political Complications:
    • President Trump demands Netflix fire Susan Rice (ex-Obama/Biden official & board member) after critical comments, threatening “consequences.”
    • Netflix stock drops 4%+.
  • Hollywood Pushback:
    • James Cameron urges Congress to intervene, warning merger would “destroy theatrical movie business.”

• Quote:

  • “Netflix is facing some real resistance here. So we'll see what ends up happening. I'd say it's probably 50/50 now on who ends up buying Warners, Netflix or Paramount.” — Zaid (08:00)

5. Stocks Making Major Moves

Domino’s Pizza:

• [08:20] Strong quarter: U.S. same-store sales +3.7% in Q4 (third consecutive quarter of growth).

• Revenue: $1.5B (+6.4% YoY, beats expectations).

• Raised dividend by 15%.

• Focused on value menu ($9.99 deal; new “Parmesan stuffed crust pizza”).

• Stock +3%.

• Industry Commentary:

  • Other food chains (McDonald’s, Yum Brands) also see growth with lower prices.
  • Fast-casual chains (Chipotle, Cava, Sweetgreen) struggle with high prices.
  • Quote:
    “Consumers are finally pushing back on spending 17, 20 bucks on a mediocre slop bowl these days… I would love to pay like 10 bucks for a Chipotle bowl again.” — Zaid (09:30)

Gilead & Arcellx:

• [09:50] Gilead acquires biotech firm Arcellx for $7.8B.
  • Focus: Cell therapy for multiple myeloma.
  • Arcellx stock +78%, Gilead -1%.

6. Fun Fact: Olympic Gold Medals Aren’t (That) Valuable

• [10:30] Each gold medal contains 6g gold, 500g silver—actual material worth about $2,500.
• U.S. gold medalists get a $37,500 bonus; some countries pay much more.
• “Most people thought they were worth a lot more.”
• Host shares Olympic highlights, including an exciting U.S.–Canada hockey game; teases 2028 LA Olympics.

Notable Quotes & Memorable Moments

• On Market Volatility:
  “So the tariff story isn’t over… we might have some more volatility moving forward.” — Zaid (03:00)

• On Pharma Race:
  “In the GLP-1 race, time is money...” — Zaid (05:00)

• Netflix/Warner Drama:
  “Netflix is facing some real resistance here. So we'll see what ends up happening. I'd say it's probably 50/50 now on who ends up buying Warners, Netflix or Paramount.” — Zaid (08:00)

• On Fast Food Value:
  “Consumers are finally pushing back on spending 17, 20 bucks on a mediocre slop bowl these days…” — Zaid (09:30)

• Olympic Gold Reality Check:
  “The gold medals given to the athletes at the Olympics only have 6 grams of gold and 500 grams of silver. Essentially, the gold medal is a silver medal with gold plating.” — Zaid (10:30)

Important Timestamps

• 00:40: Market reaction to Supreme Court tariff ruling
• 03:40: Upcoming earnings preview
• 04:00: Novo Nordisk vs. Eli Lilly obesity drug results
• 06:10: Netflix–Warner Bros–Paramount merger and DOJ probe/news
• 08:20: Domino’s earnings and industry commentary
• 09:50: Gilead’s Arcellx acquisition
• 10:30: Olympic gold medal breakdown and host reflections

Episode Takeaways

• Short-term relief for markets post-tariff ruling, but new uncertainty as Trump re-imposes tariffs with a 150-day limit.
• Eli Lilly is pulling ahead rapidly in the lucrative GLP-1 obesity drug market, while Novo Nordisk faces major setbacks.
• The Netflix–Warner–Paramount deal is at a critical juncture, facing regulatory, political, and industry headwinds that make its outcome truly uncertain.
• Value pricing is consistently driving growth for quick-serve food brands, while premium fast-casual chains face consumer pushback.
• Not all that glitters is gold: Olympic medals aren’t worth nearly as much as many assume.

This summary covers all major content from the episode, including direct quotes, timestamped insights, and intuitive breakdowns for listeners seeking an efficient briefing.