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The media company will split into separate streaming and network companies. (0:15) Tesla sees two downgrades. (1:13) Hedge fund managers goes from meme stocks to flying taxis. (1:54)

This is an abridged transcript of the podcast:

Our top story so far, Warner Bros. Discovery (NASDAQ:WBD) confirmed long-awaited speculation, announcing it will split into two companies — one focused on streaming and the other focused on its networks.

Shares are rallying following the news.

The streaming and studios company — which has not yet been named — will include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max, as well as their legendary film and television libraries.

In conjunction, the Global Networks company will house CNN and TNT Sports in the U.S., Discovery, its free-to-air channels in Europe and digital products, including Discovery+ and Bleacher Report.

Warner Bros. Discovery CEO David Zaslav will head up the streaming and studios company, while Warner Bros. Discovery CFO Gunnar Wiedenfels will become President and CEO of Global Networks.

The split, which is expected to be completed by the middle of next year, will occur in a tax-free manner. The Global Networks company will hold up to a 20% stake in the streaming and studios company.

In a conference call, the company said it is on track for $1.3 billion in adjusted EBITDA for 2025.

Among active stocks, Tesla (TSLA) is under pressure as a pair of downgrades highlights the near-term uncertainties for the company and “lofty expectations” for its highly anticipated robotaxi launch this week.

Analysts at Baird and Argus removed their bullish ratings on Tesla, pointing to market instability and reputational risks stemming from Elon Musk’s dispute with President Donald Trump.

And Starbucks (SBUX) is lowering the price of some of its iced beverages in China to remain competitive and address the more cautious consumer environment in the country.

Sources cited by Reuters claim the company made the decision to lower prices not because of domestic price competition, but rather to attract more customers in non-peak hours, as part of a “longer-term strategy.”

In other news of note, after cashing in on meme-stock mania, hedge fund manager Jason Mudrick is now backing a far more futuristic gamble: flying taxis.

Mudrick, known for investing in distressed companies, recently took control of British aerospace startup Vertical Aerospace (EVTL), a company developing electric vertical takeoff and landing (eVTOL) aircraft. The Wall Street Journal says his fund converted $130 million in debt to equity, ousted founder Stephen Fitzpatrick and is now steering the company toward a targeted 2028 launch of its flagship aircraft, the VX4.

The VX4 is designed to carry up to six passengers quietly and efficiently over short distances, such as from Manhattan to the Hamptons in 40 minutes, for the cost of a premium Uber. Mudrick admits it sounds like a Jetsons-style fantasy, but said the aircraft are flying.

And in the Wall Street Research Corner, the world’s largest gold mining exchange-traded fund, the VanEck Gold Miners ETF (GDX), is set to undergo a major change later this year as it will begin to track the MarketVector Global Gold Miners Index instead of the NYSE Arca Gold Miners Index.

With $16.54 billion in assets under management, GDX will officially make the switch on September 19, marking a pivotal change in the fund’s strategy and exposure.

Since its inception, GDX has tracked the NYSE Arca Gold Miners Index. But the shift to the MarketVector Global Gold Miners Index will result in a reshuffling of holdings, introducing new constituents, removing others, and altering the weight of current members. The new index will feature a more streamlined portfolio of 49 stocks, down from the current 58.