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TOGETHER WITHGood morning. In a NYT survey of 511 epidemiologists, 6% said they would never hug or shake hands when greeting a friend again.And that's why we'll never have an epidemiologist president.MARKETS
NASDAQ9,953.75+ 0.29%S&P3,207.18- 0.78%DJIA27,272.30- 1.09%GOLD1,720.30+ 0.89%10-YR0.829%- 5.30 bpsOIL38.44+ 0.65%*As of market close- Markets: The Nasdaq briefly rose above 10,000 for the first time ever—that’s what happens when Amazon, Facebook, Apple, and Microsoft hit all-time highs.
- Economy: After the Fed concludes its two-day meeting this afternoon, chair Jerome Powell will load up Zoom Pro for a virtual news conference. Investors want to be reassured the Fed is maxing out its efforts to grease the economic wheels.
CORPORATE
Somber Piano Ads Aren’t Cutting It
Francis ScialabbaAs racial injustice issues continue to roil the U.S., workers at some companies are rejecting their employers’ anti-racist statements and demanding they do more.First, the sneakerheads
After sportswear giant Adidas condemned racism in a social media post last week, employees complained the company wasn’t in a position to condemn. Black employees told the WSJ they’d witnessed troubling episodes such as dismissed complaints of racism, a potential design incorporating the Confederate flag, and a former coworker who used the N-word. Adidas’s executive team and board both include 0 black people, despite the company often courting black customers.- A group of black Adidas employees sent a presentation called “Our State of Emergency” to executives. It asked that Adidas 1) boost black and Latino representation at all levels of the company to 31% by the end of 2021 and 2) make a $50 million yearly donation to black U.S. communities.
Adidas met them...not quite halfway, but somewhere. Yesterday, it promised to devote $20 million to black communities over the next four years and to hire black and Latino people for 30% of new U.S. jobs.Second, the concealerheads
Last week, more than 100 Estée Lauder employees demanded the removal of heir and board member Ronald Lauder over his $1.6+ million in donations to organizations that support President Trump since 2016.- “Ronald Lauder’s involvement with the Estee Lauder Companies is damaging to our corporate values, our relationship with the Black community, our relationship with this company’s Black employees, and this company’s legacy,” they wrote to Chairman William Lauder.
Monday, Estée respondéed with promises to 1) hire more black employees until it reaches parity with the makeup of the U.S. population 2) more than double sourcing from black sellers and 3) donate $10 million to racial justice organizations (it initially pledged $1 million).Bottom line: Now that politically conscious millennials and Gen Z-ers are the target consumers, expectations for brands around social issues like Black Lives Matter are higher than ever before.INVESTING
Rally or Recklessness?
Spencer Platt/Getty ImagesWe told you last week the stock market doesn’t seem to understand the words "coronavirus" or "massive social upheaval"—it’s been rocketing upward like SpaceX’s giant Q-Tip. It turns out part of that rally is fueled by retail investors buying up stocks of bankrupt companies.The details: Retail investors (regular people, not professional money managers) are plowing into shares of firms like rental car company Hertz, Whiting Petroleum, and JCPenney, which have all filed for Chapter 11.- Hertz stock is up almost 650% from its post-bankruptcy-announcement low.
As signs go, this isn’t a good one. Market speculation is at its highest level in at least 20 years among U.S. options traders, per Sundial Capital Research. In the past, when bullish small trader positions accounted for 45% or more of volume, a roughly 15% median dip followed in the next year.- Right now, those positions account for over 50%.
One theory? Sports bettors are bored of wagering on Russian ping-pong and have switched their thrill-seeking venues. Axios writes that sports gambling and stock trading share typical demographics and can scratch a similar itch.CYBERSECURITY
We Do Not Endorse This Use of Email
Yesterday, cybersecurity watchdog Citizen Lab dropped a report filled with the kind of business espionage drama you’d expect from a Billions season finale.The findings: A hacker-for-hire group called “Dark Basin” carried out phishing campaigns against thousands of individuals and institutions—from hedge funds to journalists.- Phishing = personalized emails that resemble messages from colleagues, relatives, well-known websites, or other sources a target trusts.
- Several environmental groups that campaigned against ExxonMobil, including Greenpeace and the Rockefeller Family Fund, were targeted.
Citizen Lab says it’s “one of the largest spy-for-hire operations ever exposed.”Who are the hackers? The report linked Dark Basin to Indian firm BellTroX InfoTech. The company’s boss was charged in a 2015 U.S. hacking case and later declared a fugitive. Sources told Reuters U.S. law enforcement is looking into the firm’s hacking activities, which involved tens of thousands of messages from 2013–2020.Bottom line: Send your business rivals a basket of muffins every now and then to keep tensions in check.SPONSORED BY POLICYGENIUS
Sure, You Want Life Insurance
...But like, how?Policygenius is here to answer that question, and the 200 more you most likely have. As the premier insurance marketplace, they are in contact with life insurance providers daily.Which means if something changes, and it often does, they’ll know it and make sure you know it too.But they don’t just show you a bunch of options and leave you in the life insurance muck. They’ll walk you through the whole process, make sure you get the best price, and then handle all the paperwork to make sure you’re fully covered.So if you’re wondering how you’re gonna get life insurance still…Policygenius, that’s how. (Dang, we wrapped this one up real nice.)Francis ScialabbaTurns out last year's retailpocalypse was just a warmup for the real thing. Up to 25,000 U.S. stores could close this year—more than double 2019’s record, Coresight Research said yesterday.The damage: 4,005 stores are already planning to close. Apparel and department stores are especially vulnerable, and 55%–60% of closures could be in malls.- Neiman Marcus, JCPenney, Tuesday Morning, and J. Crew are among early bankruptcy casualties. Coresight expects more, including those dreaded Chapter 7s.
Three guesses why
The coronavirus pandemic accelerated trends already pushing retailers to the brink—unsustainable debt loads, e-commerce, tie dye—and put a parking brake on consumer spending.- An eMarketer forecast predicts retail sales will fall more than 10% this year and take until 2022 to rebound.
- Food/bev and health/beauty should escape the worst.
Big picture: Vacant storefronts → landlords scrambling for new tenants, but many stores are moving away from brick-and-mortar. “Co-tenancy” clauses, which allow tenants to pay lower rent or break their leases if an “anchor” tenant leaves, could stress malls further.+ Want more retail news? Sign up for Retail Brew, our 3x/week newsletter for retail professionals.David Dee Delgado/Getty ImagesWith all 50 states allowing businesses to reopen, many of you are now free to get a haircut, shop for clothes, or play laser tag. But...will you?Morning Consult surveyed U.S. adults to determine what types of activities they feel comfortable doing. They are most comfortable eating out (35%), taking a vacation (32%), and going to a shopping mall (31%).That vacation will likely not require a passport, which is great because we lost ours anyway. Americans are least comfortable traveling abroad (13%), going to a concert (17%), or going to an amusement park (20%).- Some of the responses varied significantly along party lines. For example, 51% of Republicans are comfortable going out to eat, while only 23% of Democrats are.
Zoom out: However you spin the data, it seems Americans are most skittish about attending large gatherings of strangers. In a separate survey from the NYT, just 3% of epidemiologists said they would attend a sporting event, concert, or play this summer.+ Don’t forget: New coronavirus cases are accelerating in more than a dozen states.WHAT ELSE IS BREWING
- George Floyd was laid to rest yesterday in his hometown of Houston.
- The WHO walked back an official's claim that it is "very rare" for people without symptoms to spread the coronavirus.
- France has pledged almost $17 billion to support its ailing aviation industry, which includes Airbus.
- Vroom, an online seller of used cars, vroomed more than 117% in its first day of trading.
- New voting machines caused confusion and long lines in Georgia’s primary election. State election officials said the equipment worked, but local poll workers didn’t know how to set it up.
- NASCAR will allow 5,000 fans to attend its race at Talladega on June 21.
BREW'S BETS
If you had listened to these people when they said, “Buy Netflix at $1.85,” you’d be up 22,529% as of 6/8/2020. Here’s your second chance: Get Motley Fool’s five favorite stock picks under $50 right here.*Celebrate Pride Month from head to toe. Bombas is partnering with The Ally Coalition to donate a pair of socks to someone in need in the LGBTQ+ community for every pair purchased. Show your support and get 20% off.*Productivity tip: Try making yourself a timeboxed schedule. The main premise is that humans perform better around constraints, so...giving yourself constraints will help you perform better. Here’s how you can make one.Refunds during the coronavirus: Chances are COVID-19 wrecked your plans this spring. But did you get your money back? We took a dive into how different industries, from sports to travel, handled giving (or withholding) refunds to customers. Give it a read.*This is sponsored advertising contentPARTS OF A WHOLE TRIVIA
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1. Water, soybeans, wheat, and salt2. Martie Maguire, Emily Robison, and Natalie Maines3. Helium, neon, argon, krypton, xenon, and radon4. St. James Place, New York Avenue, and Tennessee Avenue5. Craig Biggio, Pedro Martinez, Randy Johnson, and John SmoltzSHARE THE BREW
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PARTS OF A WHOLE TRIVIA ANSWER
1. Soy sauce2. The Dixie Chicks3. Noble gases4. Orange properties in Monopoly5. 2015 MLB Hall of Fame Class
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