Happy Friday, Zingernation! The Tottenham Hotspurs owner pleaded guilty to insider trading charges for passing along non-public material information to his friends, personal pilots and ex-girlfriend. That’s one way to win her back.

The 86-year-old billionaire Joe Lewis faces up to 2 years in prison. But he’s reckoning with a far worse consequence: He’s not allowed to board his yacht until the sentencing in March! Poor guy. It’s always one thing after another.

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MARKET SNAPSHOT

Yesterday: The market shrugged off Tesla’s awful day and was able to close slightly higher. The Dow led the way on strength from the energy sector.

On Our Radar: PCE inflation data out before the open. We will also hear from American Express and Colgate-Palmolive.

TOP STORY

Jim Cramer Axes Tesla From The 'Magnificent 7'

Briefly: Jim Cramer wants to kick Tesla out of the ‘Magnificent Seven’ following the company’s lackluster report.

Who Now: The group of tech giants includes Apple, Microsoft, Alphabet, Amazon, Meta, NVIDIA and Tesla.

But Then: Earlier this week, Cramer suggested Tesla should be removed, given its recent underperformance.

Who Next: Cramer talked about Eli Lilly taking Tesla’s spot. Its stock has been on a tear as demand rises for weight-loss drugs.

But Wait: Tesla bulls are hoping Cramer’s exclusion will jinx the stock — potentially another classic case of the “Inverse Cramer.” 

What Next: Do you agree with the call? Read more here.

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FIVE ZINGERS

Put It On The Card: Visa reported earnings after the close yesterday, beating revenue and EPS estimates, although the stock still slipped.

Buy The Dip? Here’s what crypto analysts are saying about the Bitcoin ETFs after the recent dip and increase in outflows.

The Stream Dream: “Streamer” is already the top Gen Alpha dream job, according to an unofficial poll consisting of my 12-year-old sister. Now, it’s getting even sweeter, as Twitch increases payouts.

Not Dead Yet: Many people wrote NYC’s obituary during the pandemic. But new data says don’t sleep on the city that never sleeps.

Just Tail Warren: Following other people’s trades doesn’t always work out. But if you’re tailing Warren Buffett, chances are you’ll make money. 

ONE FOR THE ROAD

Child Tax Credit Expansion

Briefly: American families could get more cash in their pockets, thanks to this new bill.

So Basically: Congress is working to help American families with rising inflation and costs with an improvement to the Child Tax Credit.

So Then: The $78 billion deal is far from a done deal. But the Tax Relief for American Families and Workers Act of 2024 did pass a House committee on Friday with bipartisan support.

So What? It would increase the amount of child tax credits for eligible families with dependents 17 years of age or younger, which could provide a needed boost to help with the rising costs of living for families across the country.

What Next: The deal now heads to Congress for a vote ahead of January 29, when the IRS will begin accepting federal tax returns. Read more here.

PRESENTED BY SAVVY TRADER

See Details Of The World’s Best Portfolios

Savvy Trader is an investment site where you can see the details of various investor portfolios. Each time an investor makes a trade, you are sent a notification of the trade. The performance of portfolios on Savvy Trader is tracked by Savvy Trader using real-time pricing and can not be manipulated. Click here to check it out.