[The beef 675]
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"Donny pulling the mulligan out of his bag of tricks." - Jeff
Hey there carnivores,
Markets climbed on Wednesday as Trump reversed course.
Today weâre discussing what exactly happened out there today.
Keep raging,
Jeff & Jason
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Put on notice
A [live look]( at Trump after seeing the markets tank when he said he would end stimulus talks until after the election.
Donny Politics had a change of heart after he ended negotiations on stimulus talks on Tuesday. The President [called for COVID-19 relief]( from Congress. Come again?
But that doesnât mean the talks are back on. Rather, POTUS is asking the government to put together relief efforts through individual bills, as opposed to the multi-trillion dollar package it was seeking. See, not everyone loves a big package.
Stimulated
The âindividual stimulus measuresâ that Trump said he is willing to approve are another round of $1,200 stimulus checks, $25B in aid for airlines, and another $135B for PPP funds, which according to POTUS [is left over]( from the CARES Act.
Markets didnât care about the finer details or past transgressions, though. All they saw was that relief is back on track(ish). The Dow rose over 500 points, or 1.9% and the S&P was up 1.7%.
Treasury Secretary Mnuchin and House Speaker Pelosi did speak for 20 minutes and agreed to...[speak again today](. Now thatâs what I call progress.
The bottom line...
POTUS may have helped buoy markets overall on the day, but one company had a special place in his heart... er, lungsâ¦
Trump endorsed Regeneronâs COVID-19 antibody cocktail (in a video he tweeted, of course) that he was administered during his treatment at Walter Reed, leading the pharmaceutical company to request emergency use approval by the FDA.
Regeneronâs share price gained 3.5% after the video was posted.
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âï¸Itâs getting pretty Sirius. Howard Stern has come a long way from his days at [WNBC](. Sirius [announced]( that it is close to signing a new deal with the shock jock that will pay the satellite radio pioneer up to $120M per year.
The news sent Siriusâ stock price into... outer space... rising 7% premarket and finishing up 4.5% on the day.
âï¸One minute man. Yesterday the minutes from the September 15th and 16th Federal Open Market Committee meeting [dropped](. And *double checks minutes* the entire transcript was just one word printed on every single page in massive font: âSTIMULUS.â This isnât entirely surprising since stimuli is literally the only thing J-POWW has been talking about since 'Tiger King' was trending.
But there was some Fed speak that stood out considering recent developments (read: no major stimulus bill until after the election, apparently). Most notably, some officials are ready to boost the Fedâs bond buying program by the end of the year should the economy need it (spoiler: it needs it).
âï¸Who ya got? Google and Oracle have had beef for the better part of a decade and now the Supreme Court (yes, they can hear cases without a full squad) is [hearing the case]( that threatens to change the game in Silicon Valley.
Wayyy back in 2010 when Oracle bought Sun, Larry Ellisonâs brainchild sued Google for allegedly stealing code from Sun to build its Android platform. Perhaps youâve heard of it. Well, after countless appeals that case has meandered its way through the US judicial system all the way to the top. The hearing kicked off yesterday.
Some in Silicon Valley believe âthe sky will fallâ if Oracle wins. Why? Because if the highest court in the land decides that certain types of code are subject to copyright protection, the innovation that has allowed the US tech scene to thrive could be stifled.
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