QQQs flattish in a bit of an up and down slow day as market waits for 25bps vs 50bps. BTC +4%. Treasuries saw modest profit taking (yields rose 3-4 bps across the curve) although fed expects didn’t move much with market pricing in 42bps worth of cuts for 9/18 and 188bps for the year. Let’s get to the recap
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RDDT +4.5% breaking through that $60 level. BAML had some positive checks that say they are underearnings (CPMs ~$3 vs $6-7 CPM in value) and # of advertisers continue to climb.
NFLX +1.5% the first large-cap internet stock to breakout to new highs. Our friend and fellow sub J.Favuzza (tech spec at Jefferies) called out what we’ve been highlighting in our weeklies the past few weeks in his morning note: nice catalyst path in 2H, including Tyson/Paul on Nov 15th, 2 NFL live games on xmas, squid games on Dec 26 and WWE Raw in Jan. He added that NFLX hasn’t raised prices for its standard plan in 2.5 years despite other px hikes at DIS+, Hulu, ESPN, and YT TV last year - a very …
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