Viral Stories of the Week: October 2

Vonetta Logan's recap of the big business, news, markets, political, cultural and viral trending stories featured this week on Daily Dose

What’s up tastynation! Welcome to this week’s edition of Weekly Dose! Each week, I recap the top stories that I covered on Daily Dose. If you missed any eps of Daily Dose you can catch up on them here. 

The Chicago Marathon is this weekend! One of my dear friends is running the race with his lovely wife. I am going to go out for an Italian feast to “sympathy carb load” with them. It’s the least I can do. 

Let’s get to this week’s recap. 

Monday 

U.S. government avoids shutdown 

October is already off to a dramatic start. Even after 11th hour negotiations avoided a government shutdown, the market went on a rollercoaster ride of ups and downs this week. Labor strikes persisted this week, student loan payments loom and the bond market is having the most epic of meltdowns. Also the September jobs report came out Friday and it was wild. 

Federal judge declines to block Medicare negotiations

A federal judge declined to block the Biden administration from implementing Medicare drug price negotiations, upholding a politically fraught process that aims to make costly medications more affordable for older Americans. 

Healthcare workers go on strike

More than 75,000 Kaiser Permanente workers launched a strike this week at hospitals and medical centers across five states and Washington, D.C., the largest walkout by health care workers in U.S. history. The work stoppage involves nurses, lab technicians, pharmacists and other workers at hundreds of Kaiser hospitals and medical offices in California, Colorado, Oregon, Virginia, Washington and Washington, D.C., according to the Coalition of Kaiser Permanente Unions. 

'Rizz", 'Girlboss' and other slang designed to make you feel old added to dictionary 

How do you do, fellow youths? If you’re feeling old every time you open the latest social media app, fear not. Merriam-Webster's recent update includes a whopping 690 terms from various parts of life. It’s always especially fun to find out which slang terms earned spots in such a highly esteemed dictionary, and this round didn’t disappoint: rizz, bussin’, finsta and thirst trap all made the cut. Also, shout out to Dictionary.com for added jawn and my personal favorite, nepo baby.

Beyonce single-handedly tries to save movie theaters

It should "cost a billion dollars to look this good,"or you know, just one adult admission ticket for $24. Beyoncé’s Renaissance World Tour may be coming to a theater near you. Makers of a concert film based on the smash-hit concert are reportedly in advanced talks to distribute the movie directly through AMC (AMC) theaters.

The news did briefly send shares of the theater chain slightly higher. Beyonce is following in the footsteps of fellow pop music icon Taylor Swift, who last month also announced her concert film documenting her Eras World Tour would also play in theaters in October. 

Tuesday 

EVs report deliveries 

Tesla (TSLA) reported weaker-than-expected deliveries in its third quarter as factory upgrades impacted some production. The EV manufacturer delivered 435,000 vehicles last quarter, but it was seen as disappointing to analysts and probably Musk’s mom. Tesla, however, is maintaining its full-year forecast of 1.8 million vehicles. Conversely, Rivian (RIVN) who we learned this week loses  $33,000 for every truck it produces, announced its deliveries for Q3 had increased 140% from a year earlier. Rivian deliveries topped 15,000 vehicles. Later in the week, however, Rivian’s stock got rocked by the company's e announcement that it plans to sell convertible green bonds worth $1.5 billion and forecast quarterly revenue to rise in line with estimates, sending shares even lower. 

Birkenstock targets $10 billion valuation with IPO 

Birkenstock (BIRK) said it is seeking a valuation of up to $9.2 billion in its highly anticipated initial public offering (IPO) in New York. About 32.26 million shares, priced between $44 and $49 a piece, would be sold in the IPO by the company and its selling stockholders to raise $1.58 billion, according to a filing with the U.S. Securities and Exchange Commission. Birkenstock is moving ahead with its flotation even after mixed performances by stocks like ARM (ARM) and Instacart (CART). 

Head of OPEC warns his immense wealth might be stagnating

It’s been a wild week for oil. On Tuesday, The head of the Organization of the Petroleum Exporting Countries, or OPEC,—a group of the world’s major oil producers—said a lack of investment in the oil industry posed a danger to global energy security and could send crude prices to $100 a barrel. It would also be a threat to the lifestyle to which he has grown accustomed. Once you sit on a literal solid gold toilet, I’m sure there’s just no coming back from that. 

Worldwide, a total investment of at least $12 trillion is needed in the oil industry between now and 2045 to prevent a spike in energy prices, Haitham Al Ghais, OPEC’s secretary-general, told CNN. Oil took a dive at the end of the week on news of weakening gasoline demand. 

Mr. Beast inks promo deal with NBA 

YouTuber MrBeast, aka Jimmy Donaldson, has struck a new partnership with the Charlotte Hornets that will plaster his snack company’s logo on the NBA team’s jerseys. The Hornets announced Feastables has become the team’s official jersey patch partner for the 2023–2024 season. Oh, to be a wealthy YouTuber who starts a snack company on a whim and then immediately makes $10 million. Hopefully, this deal turns out better than his pop-up burger shop.

Wednesday 

House Speaker ousted in historic vote

The GOP isn’t having a grand ol’ party this week as Republican Speaker Kevin McCarthy was booted from the top spot by a handful of Republicans. The 216-to-210 vote marked the first time, ever, in history that the House removed its leader. Eight Republicans voted with 208 Democrats to remove McCarthy. McCarthy told reporters he would not make another run for speaker. The House narrowly avoided a government shutdown at the end of last week, but the search for a new speaker is coming at a critical time as the debt deal will need to be renegotiated in less than 40 days. I mean, I am a drama girlie and I live for a hot mess, but this is too much of a hot mess. Like, get it together America, other countries are like, “Did you hear about America? Like, it’s so sad. She used to be that girl.” 

Netflix plans price hike post actor strike 

Last week, Hollywood’s screenwriters scored a historic deal with the movie studios and streaming sites. They wanted more transparency from sites like Netflix (NFLX) and greater revenue share. In response, Netflix announced it would be raising prices for its ad-free tier after the actors strike (SAG) ends. That news sent shares of Netflix surging. No concrete numbers were available about the amount of the increase or which countries would be first to have to cough up the extra cash, but analysts expect North America to be at the top. Look, I just recently started paying for my own Netflix. I was on my family’s login until Netflix got hip to my shenanigans. Now I’m facing paying even more? It’s a good thing I am addicted to trash shows like Selling Sunset. 

EU loophole? Meta wants to charge users to not see ads

I love Mark Zuckerberg’s evil ingenuity. Instead of complying with new European Union regulations requiring sites that Meta (META) runs, like Facebook and Instagram, to get users’ consent to show them targeted ads, the evil geniuses in Silicon Valley have come up with an alternative. Eff you, pay me. The proposal, which would cost users around $14 a month on mobile devices and as much as $17 on a desktop, is Meta’s attempt to navigate strict EU privacy rules. To be fair, I find the ads on Instagram to be the “best” of all the other random ads I’m served. I know my phone is straight up listening to me and it knows what I want before I even want it. For example, I saw an ad for these cat ears that go on my motorcycle helmet. Like who else on Earth would want these? I gave them my credit card number so fast, my phone was smoking. Now, I get so many comments on my cute, unique moto helmet and I get to support a small business. Would you pay for Instagram if it meant zero ads? 

Retail investors can own a piece of 'Shrek' music royalties 

Hey Timmy, let me tell you a little story about how we could afford college for you. You see, I bought some fractional shares of the Shrek soundtrack and that’s how we were able to afford NYU. The trading site Public will offer 88,970 shares in the "Shrek" music rights for $10 each. The platform acquired a portion of the music rights from another investor, who bought them from composer Harry Gregson-Williams on Royalty Exchange. Public will take a 2.4% cut from the "Shrek" initial offering. No shade, but are there still people who listen to the Shrek soundtrack? Like enough that I recoup my $10 investment even? It’s an interesting idea, and I would love to finance my retirement by buying Beyonce shares. But, I’m not sure what the actual ROI is of something like this, especially in a high interest rate environment where ya girl is getting 5.35% APY in a high-yield savings account. 

Krispy Kreme puts Insomnia Cookies up for sale 

In the greatest merger stoners had ever seen, Krispy Kreme (DNUT) (side note, best ticker symbol of ALL TIME) bought a majority stake in Insomnia Cookies in 2018. Finally, a stoner-friendly portfolio of always hot doughnuts and instantly available cookies at 3 a.m. But Krispy Kreme, which went public for the second time in 2021, wants to focus on its core business of doughnuts. So they’re exploring strategic alternatives, including an all-cash sale of its majority stake in Insomnia Cookies. At the time it was acquired, the cookie chain was worth $500 million. The business was founded by a college student and has more than 250 locations, most near college campuses. 

Thursday 

Bonds continue to melt down 

“Do you expect me to talk?”

“No, Mr. Bond. I expect you to die!” 

Everyone loves James Bond—long bonds not so much. We’re amid Treasury turmoil the likes of which we haven’t seen since 2007. Losses on longer-dated Treasuries are beginning to rival some of the most notorious market meltdowns in U.S. history. Bonds maturing in 10 years or more have slumped 46% since peaking in March 2020, according to data compiled by Bloomberg. The rout in 30-year bonds has been even worse, tumbling 53% and nearing the 57% slump in equities during the depths of the financial crisis. I guess chicks really don’t dig the long bond. 

FTX trial starts 

The opening statements in the FTX criminal trial started this week, and accused fraudster Sam Bankman-Fried’s attorney came out of the gate with this argument: My client is a math-nerd. That’s it, that’s the tweet. He was like “my client is just a wittle baby, and he loves maths, and crypto is hard! And it was all the fault of this brazen woman Caroline! He got sucked in by jazz and liquor.” His attorney argued that Bankman-Fried had trusted Ellison, the former CEO of FTX sister company Alameda Research, to run the company and install safeguards when investing funds that had been wired between the two. It will be interesting to see how the trial plays out given the complex nature of crypto contrasted with the blatant audacity of all of the fraud. I hope Caroline sings like a canary and puts this guy in jail where he belongs. 

Apple releases fix for hot phone

Users of the new Apple (AAPL) iPhone 15 have been raving about its new features: Better camera, improved mobile gaming and the ability to cook a small meal on its surface. But fear not early adopters, Apple released iOS 17.0.3 this week. The new release includes a fix for the issues that caused Apple’s latest models to run hot. “This update provides important bug fixes, security updates, and addresses an issue that may cause the iPhone to run warmer than expected,” according to the software’s change log. Apple originally blamed apps like Instagram for some of the issues, but hopefully the update alleviates the issue. Now if only there was a fix for my hot flashes. 

Uber wants to return your packages 

Uber (UBER) can bring your drunk self home after a night out, it can deliver you a greasy breakfast sandwich the morning after, and now it can return the dress you wore out the night before so you can get your money back. The ride-hailing and delivery company said that its drivers will collect up to five prepaid and sealed packages and drop them off at a local post office or at UPS or FedEx stores. Uber will charge a flat fee of $5 for the service or $3 for its Uber One members. Man, it really is the everything app. Just don't use Uber as a drug courier. 

Utah NIL gifts already gifted athletes with new trucks 

Oh, it’s not enough you won the genetic lottery with athletic prowess, speed and strength, so the NIL collective from the University of Utah gifted the 85 football scholarship players with brand new Dodge Ram 1500 Big Horn trucks. The trucks retail for around $61,000. So suck it, STEM kids, you’re gonna have to make do with what ya got because … SPORTS. They should at least have to drive a nerd somewhere once a week. 

Friday 

Looks like we got ourselves an employment situation

Job growth for September was long, strong, and down to get the friction on. Non-farm payrolls increased by 336,000 for the month, better than the Dow Jones consensus estimate for 170,000 and more than 100,000 higher than the previous month, the Labor Department said Friday in a much-anticipated report. The unemployment rate was 3.8%, compared with the forecast for 3.7%. The U.S. economy is hanging tough despite higher interest rates, labor unrest and the hot mess that is Congress. You can read more about the employment situation from our very own Chris Vecchio here. 

Exxon nears deal for Pioneer

It’s cuffing season, and it looks like Exxon (XOM) wants to settle down with a nice Pioneer woman for this snuggle season. Exxon reportedly is near a deal to buy Pioneer Natural Resources (PXD) for roughly $60 billion. The deal would give Exxon Mobil a massive presence in the oil-rich Permian Basin. Pioneer Natural Resources stock closed Thursday with a $50.1 billion market cap, so that’s quite the price premium if the deal closes at $60 billion. Exxon stock has a $436 billion valuation so obvi they can afford it. 

There are cowboy boot Crocs now

Get down, turn around, go to town, boot scootin’ boogie! Have you tried everything in your power to repel the opposite sex? Well, do we have the shoe for you! Crocs (CROX) is finally releasing a cowboy boot. The company credited its own fanbase with the idea. The boot, which features a shiny croc-embossed texture and western-inspired stitching, launches on Oct. 23, and will be on sale for $120. And the boot does feature a spinning spur charm attached to the backstrap of the shoe. Dignity sold separately. 

Will Tom eat It? Brisket bowl

Tom Sosnoff only wants to eat things in bowl form. Check out this Mediterranean-inspired brisket bowl that can be found in Austin, Texas. 

That’s it for this week! See ya next week!