0:05 spk_0
Now time for today’s trending tickers. Yahoo Finance’s Alec Canal still here with me. We’re gonna take a look at Netflix, Occidental Petroleum, and we’ll talk a little bumble. We’re gonna start with Netflix. Stock headed for a downbeat week following Elon Musk calls for a boycott of the platform after joining in on criticism of its animated show Dead End Paranormal Park. So this one, Ali, so Musk is posting about canceling his Netflix subscription. You had Robby Starbuck, well known conservative activist, he’s out there.On this, I mean, not what you need if you’re Netflix, not what you need if you’re any company, really, right?
0:38 spk_1
And this has been going on for a few days now, something that we’ve been talking about. Netflix is on track to close the 5 day period down 5%. At one point during the lows of the session today, we were on track to have the steepest weekly loss since April. We have since come back from some of those losses here, but like you were just saying, I mean, Elon Musk telling his 227.million followers on X to cancel their subscriptions. He’s been continuously posting about it. It’s making noise. Netflix hasn’t commented on the backlash, and analysts overall have been bullish. We just saw Oppenheimer reiterate they’re outperform rating. They continue to see further tailwinds for this company as they double down on ads, live sports content. They have a lot of that marquee programming still to come towards the end of the year, and the stock has just been such aOutperformer this year, I mean, despite the volatility, we still have shares that are rising 30% since the start of the year. We are trading well above $1100 a share. We’ll be getting earnings from this company later this month, so we’ll see that update, but as a reminder here, Netflix does not report quarterly subscriber figures any longer, so it will be a bit more tough, I guess, to size any impact from this.
1:57 spk_0
I’m not minimizing.it, I mean, when, when Elon Musk is going after you, but I’m not, I’m still trying to understand maybe get my head around what you’re supposed to do as an investor about it, right? Yeah, like you mentioned Oppenheimer’s, you know, that’s Jason Helstein over there, and Jason’s been doing this a long time and you know, to his point, he reiterated the A form. He emphasized his clients what he called strong Q3 engagement data, but I guess to your point we’ll wait and see.
2:18 spk_1
Yeah, and Netflix has been in controversial situations before back in 2020 I reported on their cuties.Controversy. So this was a French film. It faced, you know, criticism over over sexualizing children and the stock took a little bit of a hint. There was that cancel Netflix trending on social media, but they weathered that storm and just continued to climb higher from there. So it feels like this is just a short term blip for them.
2:44 spk_0
All right, we’ll see. Turning now to Occident Petroleum, let’s look at that name. That’s not getting an upgrade over at HSBC Securities and Mizuo. So this one, Ali, Mizuo actually upgraded the.Company’s going to outperform. This is coming after Warren Buffett’s Berkshire Hathaway agreed to buy the company’s petrochemical business for around $9.7 billion. They say, uh, would you expect to close in the fourth quarter? Uh, folks looked at this and actually thought, well, maybe the Oracle back on the hunt, right? The analysts saying Occidental, this unfetters the balance sheet targets to 60.
3:14 spk_1
Yeah, that comment unfettering the balance sheet, giving Oxy more flexibility to focus on its core oil and gas businesses and the price.It was also raised to $60 from the prior 58 and HS HSBC on board as well. So we’re seeing a lot of this optimism now. It is interesting from the Berkshire side of things, this Occidental chemical unit purchased $9.7 billion you mentioned some were talking about, oh, Warren Buffett, maybe he wants to put that record cash pile to work. Is he back on the hunt? But we were talking about this with our head of news, Miles Udlin, and he was saying, you know, Buffett’s out.Very shortly this might be a new era for Greg Abel who’s going to take over at the helm of that company and what is Berkshire without Buffett and what does the M&A activity look like? what’s going to be the outlook for Berkshire now with Greg Abel in that top position and that’s an overarching question, I think, for Berkshire Hathaway shareholders moving forward and this Oxy purchase maybe is the start of that regime. Yes, miles.
4:18 spk_0
By the way, kind of my go to
4:19 spk_1
guy. He knows alot about Berkshire. He’s been following Bubba for a while, following Berkshire for a while. He goes, he’s been to those meetings, so I trust, I trust his commentary
4:29 spk_0
total bro. Lassie Bumble gets hit now this with a downgrade over Goldman. Lone gets rating on that stock from Bay they go to neutral, so moving to the sidelines alley. Um, this is Eric Sheridan, well known guy. Uh, current estimates could reflect that visibility into a turnaround of the core bumble app remains low.Likely not until mid 2026. Targets set to 7. Stock is down nearly 30% thisyear.
4:53 spk_1
Yeah, just a brutal year to date run for this stock. You’re seeing the reaction today down 3%. The goal in cutting that rating to neutral from buy, warning that the turnaround for the core app could take time. Don’t see growth really picking up until mid 2026. $7 price target bumble’s already down as.You said significantly year to date, it just feels like there’s not a lot of momentum and I know Josh, you’re not on these apps. Unfortunately I have dabbled and it’s just not good. It’s not good out there for all these apps. They make you pay for anything worthwhile. I don’t feel like doing that. The quality is just not there for me. So as as a user, I’m a bit disappointed, so I can understand how investors could be and
5:40 spk_0
investors disappointed good appreciate it.