Happy Friday Zingernation! When I go back to my old stompin’ grounds, I go to a trashy dive bar in my hometown with questionable ID-checking practices. When Steve Jobs went back to his old stompin’ grounds, it was to save Apple and grow it into a multi-billion dollar company. And he needed to take a page out of Nike’s playbook to execute the turnaround.

-Aaron Bry and Nic Chahine

Plus, want to capitalize on the next wave of AI services and products? Take a look at today’s partner.

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MARKET SNAPSHOT

Yesterday: You’d think that the third-biggest company in the world delivering a stellar earnings report would help lift the overall market, but that’s not what happened. Despite NVDA closing up nearly 10%, all major indices closed in the red.

On Our Radar: Durable goods numbers will be out at 8:30 AM ET and then we will get some Fed speak from Christopher Waller at 9:35 AM ET.

Plus: Gain an edge using market-moving news breaks. Get actionable news alerts before other traders with Benzinga Pro, currently 50% off.

TOP STORY

SEC Approves Spot Ethereum ETFs, Opening Door For Mainstream Investors

In Short: In a move that could significantly boost mainstream adoption of cryptocurrency, the Securities and Exchange Commission has approved the first spot Ether exchange-traded funds (ETFs).

Some Context: This landmark decision follows months of speculation and anticipation, with the price of Ethereum surging on rumors of a potential approval.

Zooming In: Spot Ethereum ETFs offer a regulated and convenient way for investors to gain exposure to the world’s second-largest cryptocurrency. Unlike futures-based ETFs previously approved by the SEC, spot ETFs directly track the price of Ethereum, eliminating the complexities associated with futures contracts.

The Expectation: This simplified approach is expected to attract a wider range of investors, potentially leading to a significant influx of capital into the crypto market.

Click here to read the full story.

PRESENTED BY INVESTORPLACE

The Third Frontier Of The Computing Revolution

Elon Musk just launched an entirely new type of AI that one investor believes will change humanity as we know it…

Kick off the third frontier of the computing revolution…

And make a lot of people wealthy in the process.

Warren Buffett, Ray Dalio, Bill Ackman, and George Soros have collectively invested billions of dollars into this one play.

Don’t be left out. Click here to watch a video and learn more.

FIVE ZINGERS

The Stream Dream: Netflix released its biannual engagement report yesterday, giving insights into its users. Here’s what you need to know.

What The $DECK: Deckers, the parent company of Hoka and Uggs, reported earnings after the close yesterday, exceeding investor expectations.

Bad Bet: DraftKings stock closed lower in yesterday’s session by around 3%. Here’s what’s going on with the mobile gambling giant.

Like A Ross: Ross Stores reported earnings after the close yesterday, with the discount retailer trading higher on strong numbers.

Just For VIX: The VIX spiked higher yesterday as the overall market sold off. Here’s what the volatility index can tell us about the market.

ONE FOR THE ROAD

The Craziest Parts Of The Red Lobster Bankruptcy Story Revealed

Basically: Red Lobster, formerly the largest seafood restaurant chain in the world, officially filed for Chapter 11 bankruptcy protection on Monday.

The Details: The chain, formerly owned by restaurant group Darden Restaurants, began auctioning off kitchen equipment at some locations, but doesn’t plan to fully shut down operations, according to its CEO, Jonathan Tibus.

A Bad Deal: Red Lobster famously offered its “Endless Shrimp” promotion, where customers could pay around $20 to eat as much shrimp as they wanted. To increase traffic, Red Lobster began offering the promotion all the time, leading to millions of dollars in losses.

Getting Fishy: Author and podcast host Trung Phan said on X that one of Red Lobster's owners (and suppliers), Thai Union, may have been using the endless shrimp promotion to offload its supply of shrimp.

Read more here. 

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