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TOGETHER WITH
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Good morning. Today's
Brew was written across three different time zones, which brings up a
great question: What's the best time zone to live in? We crunched the
numbers:
- Central
- Mountain
- Eastern
- Pacific
The reason
being in the middle two you get a little flexibility without the
extremes of waking up early or staying up late for important events.
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NASDAQ
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10,390.84
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- 2.13%
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S&P
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3,155.35
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- 0.93%
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DJIA
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26,086.34
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+ 0.04%
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GOLD
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1,804.40
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+ 0.14%
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10-YR
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0.624%
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- 2.10 bps
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OIL
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39.60
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- 2.34%
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*As of market close
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Budget: The U.S. budget deficit came in at $864 billion in June, a record high. That’s what happens when you spend trillions in emergency stimulus while mass job losses undercut tax revenues.
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Markets: pretty wild day. Stocks surged in the morning but hit a classic post-lunch snag. For a hot second, the S&P turned positive on the year.
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Francis Scialabba
Typically,
the only way to get your hands on a blank check has been to direct a
Marvel movie or have the last name Mahomes. Now, there might be another
option.
2020: the year of the blank check
A blank
check company, also known as a special purpose acquisition company
(SPAC), is essentially a shell company listed on a public exchange that
uses the funds it raises from selling shares to acquire a private
company or startup.
- Yesterday, billionaire hedge fund manager Bill Ackman’s SPAC targeting “mature unicorns” increased the size of its public offering set to take place later this week.
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Plus...electric vehicle maker Fisker announced it plans to go public through a merger with the blank check company Spartan Energy.
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Plus, plus...U.S. healthcare provider MultiPlan is set to merge with a SPAC run by former Citigroup exec Michael Klein in an $11 billion deal that should be completed in October.
The blank check backstory
When going
public via an IPO, a company has to deal with underwriters, investors,
and a volatile market before it knows how much capital it will raise. In
a blank check acquisition, negotiations are simpler, involving only the company and the SPAC.
- That's why electric car
maker Nikola decided on a blank check acquisition instead of an IPO,
according to CFO Kim Brady. “We chose the SPAC route because there was
simply too much uncertainty in the market with the coronavirus,” Brady
told the WSJ. “If we had pursued the IPO path, we would not be a public
company at this point.”
Blank check
acquisitions have been recently popular in the electric vehicle
industry. Fisker's CEO Henrik Fisker explained the reasons behind the
move to Emerging Tech Brew's Ryan Duffy yesterday. “The car industry is
so capital-intensive. I’ve done this before. I really didn’t see the
possibility of raising a billion dollars in private financing that
easy,” Fisker said.
Bottom line:
Bill Ackman is betting the market for SPACs is only getting bigger. His
blank check offering is expected to be the largest ever.
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Yesterday, California Gov. Gavin Newsom announced major new statewide restrictions to deal with rising COVID-19 cases and hospitalizations, including closing bars and indoor dining as well as museums, zoos, and other family entertainment.
- In 30 counties on the
state’s watch list, gyms, churches, salons, and malls will be forced to
close. Those counties account for more than 80% of California’s
population.
For many
businesses, this announcement comes about one month after they were
allowed to welcome patrons back inside following the first wave of
shutdowns. Restaurants can still operate takeout and outdoor dining, and
bars can serve drinks outside.
Newsom
tightened restrictions ahead of July Fourth as a precaution, but that
didn’t stop the LA area from having its worst week on record last week.
“It’s incumbent upon all of us to recognize soberly that COVID-19 is not
going away any time soon until there is a vaccine or an effective
therapy,” Newsom said.
Looking ahead...yesterday, the LA and San Diego public school districts said classes will start out online-only this August.
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It took
Apple more than 40 years to hit a $1 trillion market cap, which it first
did in August 2018. The march to $2 trillion has been a bit more
brisk—although it dipped late in the day, Apple closed trading yesterday
with a market value near $1.65 trillion after a pair of analyst upgrades.
Apple is not
only within sniffing distance of $2 trillion...it’s dangerously close
to Saudi Aramco, the oil and gas giant, for the title of world’s largest
company by market value.
- Aramco is worth a hair under $1.8 trillion, hampered by the recent downturn in energy prices.
- In March, the distance in market value between the two companies was $500 billion, writes Bloomberg.
But Apple’s stock has gained nearly 30% this year on overall
bullishness people will want the newest iPhone, especially in China.
Bottom line: Despite a looming antitrust hearing in two weeks, Big Tech has thrived even as small businesses around the country implode.
+ While we’re here...Apple will spend $400+ million on affordable housing in California this year as part of a $2.5 billion pledge to address the state’s housing crisis.
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Forget self-driving cars, robot vacuum cleaners, and drones crash landing packages through your window.
Flippy is the first robot to flip burgers and cook your food. Or in technical terms, the world’s first autonomous robotic kitchen assistant.
Its greatest skill, though? This robo-cook can potentially increase profit margins for Quick Service Restaurants by 300%.
Why are we telling you this? Because now you can actually invest in Miso Robotics and their flippin’ amazing technology.
This is the future. You are literally diversifying your portfolio with a burger grilling, chicken frying, automated robot chef.
Get in while the getting’s good: They’re already working with CaliBurger, the LA Dodgers, and the Arizona Diamondbacks.
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Giphy
Yesterday morning, SiriusXM confirmed it’s buying podcasting company Stitcher for $325 million, the biggest podcast deal in history.
The who: Stitcher operates a popular podcasting app, produces shows under its Earwolf and Stitcher brands, and sells advertising spots across 250+ shows.
The what: Sirius
will also get the podcast ad company Stitcher bought a few years back,
Midroll Media. But it needs to figure out how Midroll will sync up with
AdsWizz, the podcast ad tech company it got in 2018 when it acquired
Pandora (which also streams podcasts).
The why: Sirius
is trying to compete against Spotify, Apple, and iHeartMedia. Apple was
first to the podcast space, but Spotify is muscling its way into
becoming the Spotify of podcasts.
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Over
the last few months, Spotify has ramped things up to 1.5x speed,
recruiting big names like Joe Rogan, Kim Kardashian West, The Ringer,
and DC Comics to its platform. And in June, it improved advertising offerings.
Big picture: Buying
Stitcher adds one of the most prominent names in podcasting to Sirius’s
portfolio and rounds out its in-house services for producers.
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Francis Scialabba
It does now. Chipotle is caving to popular demand and testing cilantro-lime “cauliflower rice” at 55 locations across Denver and Wisconsin.
Cauliflower
rice is pretty much what it sounds like—cauliflower pulsed into
rice-sized pieces. Low in calories and carbs and high in fiber and
antioxidants, cauliflower has become a popular substitute for grains,
mashed potatoes, pizza crust, and gnocchi when you get bored of eating
things that have taste.
Fun fact: Arkansas, the U.S.’ biggest rice-producer, banned companies from marketing cauliflower rice as “rice” last year.
Why mess with something that’s already perfect?
Consumers
have been gravitating to healthier, plant-based, and low-carb options,
especially since gaining the COVID-15. Chipotle’s tried getting ahead of
trends; last year, it refreshed menus to be friendlier to keto, paleo,
and Whole30 diets.
But don’t
expect too many changes. CEO Brian Niccol has said Chipotle won’t offer
plant-based protein like Beyond Meat because they’re too processed.
(Brian, if you’re reading, let us introduce you to jackfruit carnitas.)
Zoom out: The
biggest hurdle isn’t convincing customers to try cauliflower
rice...it’s the $2 surcharge. In the tradeoff between splurging on guac
or cauliflower, we all know who wins.
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Ford unveiled the new Bronco in a multi-platform online event last night.
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5.4 million laid-off workers lost their health insurance between February and May, per a new analysis.
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Google will spend $10 billion on a digitization fund in India over the next five to seven years.
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Nearly 40,000 Robinhood traders took a position in Tesla over the span of four hours yesterday, Bloomberg reports.
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Hong Kong Disneyland will close again after dozens of new COVID-19 cases were reported in the city.
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Something Navy, a direct-to-consumer apparel line from influencer Arielle Charnas, launched yesterday.
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Your idea of a lil pick-me-up is about to change forever. Meet Verb Bars—the small but mighty energy snack delivering as much caffeine as a shot of espresso
without the jitters. Out for a jog? Verb Bar. On hold with the bank?
Verb Bar. Early morning sales call from bed? This pick-me-up’s got you.
Chip in less than a buck for shipping and get four delicious flavors for free.
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Don’t lose focus: What
if we told you there was a way to increase your focus and productivity
in the span of just two weeks? There is a way: a game-changing workshop
with author and entrepreneur Nir Eyal. Learn more here.
Have fun with coworkers: We created a Mad Libz online game that’ll bring your team at work together...by teasing each other, of course. Give it a try—it’s the perfect way to start any virtual meeting.
Tech Tip Tuesday: Google Chrome extensions can help you customize your browser. We like LINER for marking up articles, and OneTab and The Great Suspender for when we have 36 tabs open. Find more recs in this Twitter thread.
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The Washington Redskins said yesterday they’re officially dropping their nickname,
which is a racist slur toward Native Americans. But now begins the next
chapter—searching for a new name and logo. We asked Brew readers for
their ideas last week:
- Government-related
nicknames like the Generals, Diplomats, Senators, Monuments, and
Lobbyists were popular picks. So was the Dysfunctionals.
- Of the more creative nicknames we liked the Swamp Monsters, the Cherry Blossoms, the Warlocks, the Cosmos, and the Losers.
- Hundreds of readers suggested the Redtails,
which is a tribute to the Tuskegee Airmen—the first Black aviators in
the U.S. Army Air Corps during WWII. The Redtails is the current betting
favorite at 3/1 odds.
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Let’s keep
rolling with the Washington name change theme for today’s trivia. We’ll
give you the name of a sports team, and you have to figure out the
team’s previous nickname.
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NBA: Charlotte Hornets
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NBA: Washington Wizards
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NBA: New Orleans Pelicans
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MLB: Tampa Bay Rays
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NFL: Tennessee Titans
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NHL: Anaheim Ducks
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Enjoying the Brew? Consider sharing it with a friend.
When
you do, we don’t just give you a pat on the back and say, “Well done
old sport.” We give you actual rewards that’ll make everyone jealous.
Hit the button below to start sharing the Brew.
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NAME CHANGE TRIVIA ANSWER
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NBA: Charlotte Bobcats
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NBA: Washington Bullets
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NBA: New Orleans Hornets
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MLB: Tampa Bay Devil Rays
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NFL: Tennessee Oilers
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NHL: Mighty Ducks of Anahei
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