Democrats Fracture Over Israel, Bobby Knight Dies, and a New Beatles Song Arrives
RJ Hamster
THURSDAY, NOVEMBER 2, 2023
Good morning! On this date in 1920, Pittsburgh radio station KDKA made history with America’s first election-night broadcast, telling its 1,000 listeners that Warren Harding had beaten James Cox. Listen to it here.
If you haven’t signed up for The Flyover yet, you can take care of that with one click.
We’re always looking for good investing opportunities, and today’s sponsor offers access to an asset class usually reserved for a small slice of America. Check out Masterworks!
Realtors Must Pay Home Sellers $1.8 Billion
Real estate agents conspired to boost commissions for years and must pay $1.8 billion (and possibly triple that with anti-trust penalties), a jury ruled Tuesday in a class-action case that could transform how homes are sold.
At issue is a long-standing policy by realtors requiring sellers to pay a 5%-6% commission to their agent, which is split with the buyer’s agent. Sellers who don’t pay that fee are often barred from advertising their property on the main lists used to market homes.
The lead lawyer for the homeowners has already filed a bigger class-action suit on the same anti-trust grounds against some of real estate’s biggest companies, including Compass, Redfin, and Douglas Ellison.
Democrats Split Over Israel-Gaza War
The Democratic Party is fracturing over the Israel-Hamas war, and several key House votes are approaching that threaten to split the party between the progressive wing and the mainstream.
The fight is erupting into angry name-calling between Democrats. Rep. Andre Carlson called Rep. Josh Gottheimer a “punk” and “cowardly” over a resolution supporting Israel. Two other Democrats argued about which legislators “don’t have a soul.”
Rangers Win World Series
The Texas Rangers have won the World Series title for the first time in the franchise’s 63-year history.
Arizona Diamondbacks pitcher Zac Gallen took a no-hitter into the 7th inning, but then Rangers catcher Mitch Garver knocked an RBI single through the infield to break the scoreless tie. Texas mopped up in the 9th with four more runs, and Arizona never scored.
The Rangers got the win in Phoenix, and it capped off their perfect 11-0 postseason record in away games—the longest road winning streak in franchise history.
Right-hander Nathan Eovaldi threw six scoreless innings for the Rangers and got the win.
Enjoy reading The Flyover? Click here to share with your friends and family.
➤ A GOP-led effort to oust Rep. George Santosfrom the House failed last night, falling far short of the two-thirds majority needed for expulsion. Santos faces criminal charges for campaign finance fraud. (More)
➤ House Speaker Mike Johnson told Senate Republicans that U.S. military aid to Israel needs its own bill and can’t be tied to funding for Ukraine. (More)
➤ Police arrested Patrick Dai, a Cornell University junior, for posting violent antisemitic threats on a message board. A judge ordered him held in jail during a federal court appearance. (More)
➤ New York City is offering free one-way tickets to anywhere for migrants willing to leave the city, whose shelters are filled to overflowing. The city says the plane tickets are cheaper than sheltering people for months. (More)
Flying together with:
This painting sold for a 5,7898x price appreciation, now you can access the market
When a New York City real estate developer purchased an untitled painting from a little known-artist named Jean-Michel Basquiat for $19,000 in 1983, he definitely wasn’t expecting a 5,798x return on his investment. But that’s exactly what happened when he sold the work for a stunning $110,000,000 in 2017.
Masterworks’ nearly $1 billion collection includes works by greats like Basquiat, Banksy, and Picasso, 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 profits.
➤ Bobby Knight died yesterdayat the age of 83. Knight was one of the most legendary college basketball coaches of all time, leading Indiana to three national championships. (More)
➤ The first official College Football Playoff rankings were released, surprising many by ranking Ohio State No. 1 and Georgia No. 2. The list also has Texas ahead of Oklahoma, despite Oklahoma beating Texas this season. (See List)
➤ Two of the World Series games this week were the least viewed in the history of the Fall Classic. They averaged 8.1 million viewers, compared to the previous low of 8.3 million in the 2020 pandemic-year Series. (More)
Market Report 11/1/23
▲
NASDAQ
Natl. Assoc. of Securities Dealers Automated Quotations
13,061.47
+1.64%
▲
SPX
S&P 500
4,237.86
+1.05%
▲
DJI
Dow Jones Industrial Average
33,274.58
+0.67%
▲
BTC
Bitcoin
$35,393.0
+2.09%
▼
PAYC
Paycom Soft
$150.69
-38.49%
➤ Big Stock Move: Paycom Software stock plummeted 38% after its third-quarter report came in below expectations, with future growth facing some headwinds. (More)
➤ The Federal Reserve left interest ratesunchanged, the first time in nearly two years that the Fed paused rates for two consecutive meetings. (More)
➤ Netflix’s new ad-supported tier reached 15 million active monthly users one year after the streaming giant launched the cheaper plan to revive subscriber growth. (More)
Flying together with our sponsor
➤ Discover the potential of OpenAI with Upwork. Their platform is not just a marketplace; it’s a hub of innovation where you can find experts to help you build chatbots, design applications, or integrate APIs. Each professional is pre-vetted for excellence. And when you’re ready to discuss your project, booking a paid consultation is as simple as one click. Experience the Upwork advantage for developing your next AI project.
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
➤ GreenPower Motor Co. says its latest electric school bus, the “Mega Beast,” uses a massive 387kWh battery to give the bus nearly 300 miles of range while carrying 90 people. (See Illustration)
➤ Biologists have puzzled for decades over which part of a starfish should be considered its head. New research now indicates that the whole starfish IS the head, or at least could function like one. (More)
➤ Scientists fired up the world’s smallest particle accelerator, a nanophotonic device that’s basically the size of a coin. That’s 54 million times smaller than CERN’s 17-mile-long Large Hadron Collider. (See Photo)
➤ Over 80% of U.S. adults favor parental consent for minors to use social media, but only 46% of teenagers feel the same, according to a new Pew Research Center survey. (See Poll)
➤ Two-thirds of Americans reportincreased household expenses over the past year, but only 25% saw an income increase over the same period. Half say their savings have decreased over the past year. (See Survey)
➤ By a large margin, Americanssay they’re concerned about how companies and the government use their personal data, but more than two-thirds say they have little to no understanding of how the data is used. (See Survey)
➤ The Beatles released their last new songever today. Paul McCartney and Ringo Starr used AI technology to modify and modernize an old John Lennon tune. It’s available for streaming this morning. (See Trailer)
➤ A man who believed he was playinga real-life version of “Grand Theft Auto” led San Francisco cops on a wild car chase in which he detonated a pipe bomb and lit a Molotov cocktail before wrecking his car. (See Photos)
➤ A pear tree thought to be more than 250 years old,dug up in 2020 over local opposition — and voted the best tree in England in 2015 — is showing the first signs of growth after being replanted nearby. (See Photos)
Do you plan to listen to the Beatles new song that came out today?
