HAPPY WEDNESDAY TO THE STREET.
The NFL is sniffing around for more TV money. Commissioner Roger Goodell just hinted negotiations could kick off in 2026.
Retail investors probably can’t blitz into team ownership (average franchise value: $7.65 billion). But you can take a close look at the potential players: Disney $DIS ( ▲ 0.05% ), Amazon $AMZN ( ▲ 0.95% ), Comcast $CMCSA ( ▲ 0.66% ), and Fox $FOX ( ▲ 1.03% ) are already in the huddle, with Netflix $NFLX ( ▲ 0.14% ) and YouTube $GOOGL ( ▲ 0.84% ) warming up on the sidelines.
As for who will win? In a league where the Carolina Panthers can shut out their opponents 30-0, nothing is certain.
🟥 | US stocks fell today as AI leaders Nvidia $NVDA ( ▼ 0.32% ) and Oracle $ORCL ( ▼ 2.09% ) extended losses, weigh all three indexes down.
📈 | One Notable Gainer: Lithium Americas $LAC ( ▼ 12.89% ) stock doubled after the Trump administration moved to take an equity stake in the company.
📉 | One Notable Decliner: Freeport-McMoRan $FCX ( ▲ 1.8% ) fell after declaring force majeure at its Grasberg mine following a fatal landslide.
Finally, read to the end for a statistical counterpoint to Powell’s latest remarks…
— Brooks & Cas
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STOCK HEATMAPS

S&P 500 Heatmap. Credit: Finviz

All Stock Heatmap. Credit: Finviz

Global ADR snapshot. Credit: Finviz
Market Movers
ALIBABA, ORACLE, THOR
$BABA ( ▼ 1.77% ) Alibaba shares jump after CEO unveils plans to boost AI spending (CNBC)
$ORCL ( ▼ 2.09% ) Oracle to Raise $18 Billion in Second Biggest Bond Sale of Year (Bloomberg)
$THO ( ▼ 0.08% ) Thor Industries Q4 Earnings: How Key Metrics Compare to Wall Street Estimates (ZACKS)
$MLKN ( ▲ 2.79% ) Benchmark reiterates Hold rating on MillerKnoll stock after solid Q1 (Investing.com)
$QURE ( ▲ 0.13% ) A Cure For Huntington's Disease? UniQure Soars. (IBD)
OVERHEARD ON THE STREET
MarketWatch: New home sales surged 20.5% in August to 800K, the highest since January 2022, as builders offered steep discounts.
CNBC: Honda $HMC ( ▼ 0.58% ) will end US production of the Acura ZDX EV, built by GM $GM ( ▲ 1.27% ) in Tennessee, citing weak EV demand.
TechCrunch: Microsoft $MSFT ( ▲ 0.51% ) will integrate Anthropic’s AI models into Copilot, expanding beyond OpenAI as their partnership loosens.
WSJ: Ford $F ( ▲ 3.4% ) is offering low-credit buyers top-tier interest rates on F-150s this month to boost quarterly sales.
Reuters: 18 US states urged a judge to reject Capital One’s $COF ( ▲ 0.82% ) $425M depositor settlement, arguing it enables continued misconduct.
Tomorrow's Trade Idea, Today
BROOKFIELD BETS ON HUMANOIDS

Big Money Meets Big Robots
Brookfield $BN ( ▲ 0.28% ) has entered the humanoid race.
The $1 trillion asset manager struck a deal with Figure AI, a $39 billion startup backed by some of Silicon Valley’s top investors, to co-develop what the two call the world’s largest humanoid robot training dataset.
Brookfield also invested directly in Figure’s latest $1 billion round. The partnership could help deploy autonomous humanoid robots across industries ranging from real estate to infrastructure.
Analysts See Upside
Wall Street welcomed the move.
Morgan Stanley’s $MS ( ▲ 1.67% ) Michael Cyprys said the deal may boost productivity across several of the spun-off firms in Brookfield’s sprawling portfolio, which includes Brookfield Asset Management $BAM ( ▲ 0.64% ), Brookfield Infrastructure Partners $BIP ( ▲ 4.19% ), Brookfield Renewable $BEP ( ▲ 2.12% ), and Brookfield Business Partners $BBU ( ▲ 2.74% ).
Cyprys argued that humanoid robots could widen margins and lift distributions to investors. RBC $RY ( ▼ 0.03% ) analyst Bart Dziarski agreed, calling the agreement a potential unlock for Brookfield’s heavily discounted real estate assets, which span more than 100,000 residential units and 500 million square feet of office space.
Both firms reiterated Overweight ratings, with price targets of $76 and $83. The flagship Brookfield Corporation’s stock closed just under $70 today.
Strategic Positioning
For Figure AI, the deal provides a critical testing ground across Brookfield’s portfolio.
Training humanoids to perceive and act within spaces designed for humans could accelerate commercialization. Brookfield may be poised to cement a role as an early mover among alternative managers in AI deployment.
With the global humanoid robot market projected to reach $5 trillion annually by 2050, analysts suggest peers could soon follow. But for now, Brookfield appears to be ahead of the curve.
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ON OUR RADAR
Reuters: The US Energy Department will cancel over $13B in Biden-era clean energy subsidies.
AP: Polling shows Trump’s economic approval has weakened sharply in his second term, leaving border security and crime as his strongest issues.
Axios: Argentina scrapped soybean export taxes to win Chinese buyers after U.S. aid, worsening losses for tariff-hit American farmers.
CNBC: FINRA approved replacing the $25K pattern day trading rule with intraday margin requirements, pending SEC approval.
The Verge: Waymo $GOOGL ( ▲ 0.84% ) launched Waymo for Business, a corporate robotaxi service offering employer accounts, budget tracking, and ride management tools.
STREET TWEET
Lot of talk how valuations are 'high'.
Here's another reminder there is virtually no correlation between P/E multiples and what the S&P 500 does the next year (R-squared of -0.01).
— #Ryan Detrick, CMT (#@RyanDetrick)
3:36 PM • Sep 24, 2025
The R-squared heard round Wall Street.
At -0.01, the relationship between P/E multiples and one-year returns is basically nonexistent. The scatter plot looks more like spilled confetti than a crystal ball.
Thoughs, Mr. Powell?
TUESDAY’S POLL RESULTS
Are you bullish or bearish on Check Point Software $CHKP ( ▲ 0.6% ) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐂 Bullish — “Provided they manage the acquisition.”