Wednesday, October 11th, 2023

WEDNESDAY, OCTOBER 11, 2023

Good morning! On this day in 1975, an upstart show called Saturday Night Live debuted on NBC. The very first sketch was called The Wolverines and featured John Belushi and Michael O’Donoghue; check it out here.

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Today’s trivia question is about the most expensive painting ever sold. Know what it is? Better double-check the link at the bottom of our edition, and while you’re at it—check out today’s sponsor, Masterworks.

Biden Addresses Nation on Israel Conflict

Yesterday, President Biden took the podium to address the nation on the escalating situation between Israel and Hamas. In his speech, Biden expressed that the U.S. “has Israel’s back” as the country prepares for intense conflict within the Gaza Strip.

Afterward, the President took heat for not calling out Iran as a major contributor to Saturday’s unprecedented attacks.

This latest tragedy adds to the immense pressures that some believe Biden is having difficulty addressing as POTUS. With a looming government shutdown and war raging in Eastern Europe, this foreign policy predicament could prove to be his toughest test yet.

Defense Stocks Surge

Following the unprecedented attacks against Israel at the hands of Hamas, defense stocks have seen massive gains across the board. U.S.-listed Lockheed Martin (LMT) and Northrop Grumman (NOC) each gained around 9% following Saturday’s attacks and subsequent actions taken by Israel.

Across Europe, companies like BAE Systems, Leonardo, and Dassault Aviation gained over 4%. Even Japanese and South Korean defense companies, Mitsubishi Heavy Industries and Hosoya Pyro-Engineering, saw spikes in stock prices yesterday.

Analysts expect the sector to rise even higher than its recent $20 billion increase in market cap as the war in the Middle East ramps up.

Crypto Fraudster Testifies

Caroline Ellison, the ex-CEO of Sam Bankman-Fried’s infamous hedge fund, Alameda Research, testified yesterday that the fallen crypto mogul had directed her and her colleagues to defraud customers linked to the doomed FTX crypto exchange.

Ellison stated that Alameda Research leveraged about $10 billion in FTX customer funds to cover debts and investments. Customers had no knowledge of this prior to the FTX collapse.

Since the 28-year-old executive was not only one of the closest people to the case but also the ex-partner of Sam Bankman-Fried himself, her testimony has been keenly awaited. So far, Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy related to the apparent scam, which has been called this generation’s Enron.

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➤ Lindsey Graham (R-SC) is calling for American air strikes on Iranian oil refineries. The senator, known for his aggressive foreign policy, made the comments in a heated interview with Fox News. (More)

➤ Embattled Republican George Santos (R-NY) has been charged with ten new criminal counts related to campaign finance violations and theft. Santos allegedly charged credit cards without authorization. (More)

➤ Long-time Israel critic Ilhan Omar (D-MN) is calling for negotiations with Hamas. The Congresswoman from Minnesota took to X to criticize Israel’s response to Saturday’s attacks. (More)

Flying together with:

Billionaires wanted it, but 54,578 everyday investors got it first… and profited

When incredibly valuable assets come up for sale, it’s typically the wealthiest that end up taking home an amazing investment. But not always…

One platform is taking on the billionaires at their own game, buying up and securitizing some of history’s most prized blue-chip artworks for its investors. In just the last few years, its investors have realized annualized net returns of 17.8%, 21.5%, 35% and more from these opportunities.

It’s called Masterworks. Their nearly $1 billion collection includes works by greats like Banksy, Picasso, and Basquiat, all of which are collectively owned by everyday investors. When Masterworks sells a painting – like the 16 it’s already sold – investors reap their portion of the net proceeds.

With over 840,000 users, offerings can sell out in just minutes. However, as a trusted partner, The Flyover readers can skip the waitlist to join with this exclusive link.

➤ ESPN’s Barry Melrose will retire from the broadcast booth citing a battle with Parkinson’s. The former NHL star has been an Emmy Award-winning hockey analyst since 1996. (More)

➤ The Minnesota Vikings will lose star wide receiver for at least four weeks. Due to a hamstring injury suffered on Sunday night, Justin Jefferson is on injured reserve until week 10. (More)

➤ LIV golfers will not have the opportunity to play for world rankings after a determination from the Official World Golf Ranking board. The decision was based on LIV’s format, which the board determined is not on par with other tours. (More)

➤ The NCAA has shrunk the transfer portal window for athletes. Men’s and Women’s basketball, as well as football, athletes will be limited to a total of 45 days to make throw their name in the portal. (More)

Flying together with our sponsor

➤ Like the story above? Curious how the shorter transfer portal will impact NIL deals, and recruiting for your favorite teams? In tomorrow’s edition we will do a deep dive into the effects. Subscribe right now to NIL Wire with just one click and never miss out on the latest breaking NIL News.

Market Report 10/10/23

▲	NASDAQ Natl. Assoc. of Securities Dealers Automated Quotations	13,562.84	+0.58%
▲	SPX S&P 500	4,357.91	+0.51%
▲	DJI Dow Jones Industrial Average	33,739.30	+0.40%
▼	BTC Bitcoin	$27,407.0	–0.76%
▲	SPCB SuperCom	$0.5200	+81.8%

➤ Yesterday’s Top Gainer: Supercom LTD (SPCB), a penny stock with huge potential, took off yesterday. Shares saw heavy trading in the morning and closed 82% up. (More)

➤ The founder of Duty Free Shoppers Group (DUFRY) died at 92. The American business magnate, Charles Feeney, gave away his $8 billion fortune. (More)

➤ Oil futures drew back after Monday’s surge in reaction to the attack on Israel. Benchmarks, Brent Crude (BRN00) and West Texas Intermediate (WTI), both slipped yesterday. (More)

Flying together with our sponsor

Masterworks enables its 820,000+ users to access investments in multi-million dollar artworks by artists like Banksy, Basquiat, and Picasso for just a fraction of the cost of an entire piece. When Masterworks sells a painting, like the 16 it’s already sold, investors reap their portion of the net proceeds. In fact, its investors have already realized annualized net returns of 17.8%, 21.5%, 35%, and more. Every offering is limited, and shares can sell out in just minutes, but Flyover readers can skip the waitlist with this exclusive link.

Past performance is not indicative of future returns. Investing involves risk. See disclosures masterworks.com/cd

➤ Hackers are advertising user data stolen from genetic testing company 23andMe. The anonymous interceptors are seeking $50 million for 300 terabytes worth of data. (More)

➤ Flu-proof fowls could be the cure for our current chicken crisis. Check out how one expert geneticist is using CRISPR gene editing technology to insulate chickens from influenza. (More)

➤ Rice University scientists are reconnecting severed nerves with magnetoelectric material. It’s an innovative technique that could treat a range of neurological disorders. (More)

Flying together with our sponsor

➤ This dentist’s breakthrough could stop you from snoring on the first night. (More)

➤ Blogger Alex Chen wants you to take blame out your family dynamic and adopt the philosophy of Marcus Aurelius: “Be tolerant with others and strict with yourself.” (More)

➤ Workplace guru Simon Sinek offers some thoughts on how our phones are affecting our relationships negatively and what to do about it. (Watch)

➤ Here’s a great list of quotes about marriage; some are funny and some are just true. This one is both: “To keep your marriage brimming with love in the wedding cup, whenever you’re wrong, admit it; whenever you’re right, shut up.” – Ogden Nash (More)

➤ Sneaker fanatics trying to get their hands on the hottest golf shoes of the season will have to prove their prowess. A drive of at least 200 yards is a prerequisite for purchasing them. (More)

➤ A Minnesota man has raised a world record 2,749-pound pumpkin. The three-time pumpkin-growing champ named the gourd after Michael Jordan. (More)

➤ A kitten in Connecticut got its head stuck in a desk in the Delta Phi fraternity house and had to be rescued by animal control. (More)