TLDR

MARKET RECAP → Stocks rallied on Friday, ending a volatile week on a high as investors weighed the latest U.S. inflation figures.

WARNER BROS. SUES NBA OVER MEDIA RIGHTS → Warner Bros. Discovery (WBD) is suing the NBA for rejecting its $1.8 billion bid to match Amazon's (AMZN) offer for broadcasting rights, ending a 40-year partnership.

SHORT SELLER ANDREW LEFT CHARGED WITH FRAUD BY PROSECUTORS, SEC → Andrew Left, notorious for his short-selling tactics, faces securities fraud charges for allegedly manipulating stocks and deceiving investors to pocket $20 million.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Warner Bros. Discovery Sues NBA

🏀 Warner Bros. Discovery sued the NBA over media rights, claiming the league breached a contract related to Amazon's broadcast deal. The lawsuit accused the NBA of sidestepping their exclusive content agreement.

📄 The legal action centered on allegations that the NBA had made side deals with Amazon without notifying Warner Bros. Discovery, jeopardizing their media rights arrangement. This move raised eyebrows about the future of NBA broadcasting.

⚖️ The dispute could have significant implications for media rights negotiations in sports. The outcome may set a precedent for how exclusive content deals are handled across the industry.

TODAY’S TOP NEWS

Short Seller Andrew Left Charged

📉 Short seller Andrew Left faced charges of fraud from both prosecutors and the SEC, accused of manipulating stock prices for personal gain. The charges allege he misled investors with false information to drive down stock values.

💼 Left’s alleged schemes reportedly involved spreading false rumors and misinformation about companies to profit from their declining stock prices. The case highlights ongoing scrutiny of market manipulation practices and the ethical boundaries of short selling.

⚖️ The legal battle could set significant precedents for short selling and financial market regulation. Investors and market watchers are closely monitoring how these charges might impact trading practices and regulatory enforcement.

BULL VS. BEAR

NOTABLE POSTS

KEEP READING

WNBA hopes to cash in on rising popularity with media rights reevaluation after 2028 season (CNBC)

Dexcom shares plunge more than 40%, head for worst day on record (CNBC)

‘Deadpool & Wolverine’ snares $38.5 million in Thursday previews, on pace for record opening (CNBC)

FAA approves SpaceX to resume Falcon 9 rocket launches after two-week hiatus (CNBC)

Bristol Myers Squibb beats earnings estimates, raises outlook as drugmaker slashes costs (CNN)

Eurostar cancels quarter of train services ahead of Olympics after arson attacks on French railway (CNN)

Bitcoin bounces back above $67,000, while ether drops more than 7% for the week (CNN)

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