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| Egyptians defeated in the Battle of the Pyramids
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| FEATURED BIOGRAPHY
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| Ernest Hemingway
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July 21
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| BOMBSHELL: New Russia Probe Documents Show Steele ‘Source’ Was Employee With ‘Rumor At Best’ Information |
| Senate Judiciary Committee Chairman Lindsey Graham (R-SC) just released two recently declassified documents relating to [...] |
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TOGETHER WITH
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Good morning. We’ve got something exciting for you today—a presidential candidate came on our podcast Business Casual. No, not Kanye West, even better: Andrew Yang.
Yang is famous for his $1,000/month universal basic income proposal, but he’s got a lot to say about a lot of other things, including why he thinks we’re all getting ripped off by Big Tech.
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NASDAQ
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10,767.09
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+ 2.51%
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S&P
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3,251.84
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+ 0.84%
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DJIA
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26,680.93
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+ 0.03%
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GOLD
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1,818.80
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+ 0.49%
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10-YR
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0.617%
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- 1.70 bps
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OIL
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40.70
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+ 0.27%
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*As of market close
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Markets: Stocks gained
with Bezos at the forefront—Amazon had its best day since December
2018, rising nearly 8%. The S&P turned positive for the year.
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COVID-19: President Trump tweeted
a picture of himself in a face mask, saying "it is Patriotic to wear a
face mask when you can’t socially distance." Trump only recently wore a
mask in public for the first time.
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Giphy
Ant Group, Alibaba’s online payments arm, is eyeing a record-setting IPO that would reportedly value the Chinese fintech giant at a non-ant-sized $200 billion.
In 2011, Ant Group (then called Alipay) separated
from Alibaba in order to satisfy Chinese financial regulators. Since
then it has grown into a juggernaut—valued at $150 billion in 2018, it
netted $2.2 billion in profit in the last quarter of 2019.
What does Ant Group do?
A better question might be: What doesn't it do? Bloomberg describes
Ant Group as an “online mall for everything.” The Brew describes it as a
combo of PayPal, JPMorgan, and Amazon that’s only getting bigger.
- Alipay, its payments app with 1.3 billion annual active users, has morphed into a “superapp” that handles everything from online shopping and Starbucks memberships to telemedicine and restaurant reviews.
- Ant Group also owns Yu’e Bao, the world's third-largest money market fund.
With over 600 million users, the fund experienced explosive growth
after Chinese consumers started using it as a checking account.
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If you want some buzzwords: Ant Group is also making inroads in artificial intelligence, cloud computing, and blockchain technology.
As with everything these days...
U.S.-China
tensions lay just beneath the surface. Ant Group has decided to skip
U.S. capital markets for its mammoth debut, choosing a dual listing in
Hong Kong and Shanghai instead. It’s a huge win for the Hong Kong Stock
Exchange and Star Market, China’s 1-year-old Nasdaq rival, in the fight to retain high-growth Asian tech companies.
Bottom line: Ant
Group hasn't announced a timeline for its listing yet. But its decision
to roll with Star Market and Hong Kong is a key milestone in China's
quest to be technologically self-sufficient.
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Giphy
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The Kentucky
Derby and presidential election can only dream of the horse-race
coverage coronavirus vaccines are getting. Yesterday, two favorites
sealed their spots at the head of the pack.
First, a vaccine developed by AstraZeneca and Oxford University caused an immune response
against COVID-19 in a study of ~1,000 patients, according to new
research. The vaccine has moved into combined Phase 2 and 3 trials
(Phase 3 = the last step in determining if it works).
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There were side effects, including fever, headaches, and muscle pain. But if we’ve learned anything from TV commercials, those count as mild to moderate.
A separate
study from Chinese biotech CanSino showed positive antibody responses in
a Phase 2 trial. The vaccine was less effective for patients 55+, but
is still entering Phase 3 studies.
Zoom out: Exciting as these developments are, it’s still early. The WHO acknowledged
there’s an uphill climb through larger scale, real-world trials ahead.
But if AstraZeneca keeps its grades up and makes it to production, it
has a $1.2 billion deal with the U.S. for 300 million doses this fall.
+ Follow the vaccine race with this tracker from the NYT.
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Warner Bros.
It looks like the coronavirus pandemic has taken over time-warping duties from Inception director Christopher Nolan. Warner Bros. announced yesterday it is delaying the release of the famous director’s latest production, Tenet, indefinitely.
The backstory: Christopher Nolan movies at the box office are as close to non-Marvel slam dunks as you can get. So Warner Bros. has been ultra-careful (delaying the film three times now) to make sure Tenet has “the highest odds of success” during widespread theater closures.
Some options
Go overseas: While the U.S. is the largest movie market in the world, huge blockbusters like Tenet can generate up to two-thirds of their total box office haul from the international market.
Go online: With the success of digital-only releases like Hamilton on Disney+, some see this as the no-brainer option. But Christopher Nolan is a huge proponent of the theatrical experience and Warner Bros. will likely do what it can to keep Nolan happy.
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Now that our
birthday parties, weddings, and HR meetings all take place in the same
space (our computers), we need secure and reliable lines of
communication—aka Webex.
Webex
provides simple and reliable video communication tools that allow you
and your team to connect and collaborate securely, no matter where you
are.
You can rest
easy knowing that no one will video bomb your weekly team meetings—or
Uncle Mike’s dinosaur-themed wedding ceremony.
Webex’s tools make conference calls easy and—dare we say it (we dare)—fun. Their modern interface and video-first experiences make us feel like we’re actually face-to-face and not just screen-to-screen.
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Francis Scialabba
After a slow
climb up from the depths of COVID-19 travel shutdowns, airlines are
watching their business flatline once again. In the week ended July 19,
fewer than 4.7 million travelers stood in their socks at U.S. airport
checkpoints, according to TSA data released yesterday.
The more than 4% decline from the prior week marks the first weekly drop in air travel since April.
Zoom out: With rising COVID-19 cases crushing the summer travel season and their lucrative business travel segment collapsing, airlines are asking workers to hang up those pressed slacks.
- Southwest said 28% of its employees are interested in exit deals or extended leave.
- Delta is considering
early retirement for some pilots after 2,200+ requested to hit the
mahjong tables a few years early (in exchange for extended health
insurance coverage and partial pay for up to three years).
Looking ahead...United reports earnings this afternoon, and American and Southwest will say their piece Thursday morning.
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Next Monday,
the antitrust subcommittee of the House Judiciary Committee will ask
several of Silicon Valley’s top CEOs to explain themselves like they’re
Justin Timberlake after the 2004 Super Bowl.
That includes Amazon’s Jeff Bezos, Google’s Sundar Pichai, Facebook’s Mark Zuckerberg, and Apple’s Tim Cook.
For a sense of what could happen...
Look to the past. In
2002, Microsoft settled a looong antitrust case over the practice of
bundling its Internet Explorer browser with its Windows operating
system.
- After bouncing around
the courts, Microsoft settled with the Department of Justice by agreeing
to 1) share its API with third parties and 2) to appoint an oversight
panel for a few years.
- A federal judge determined Microsoft was behaving monopolistically, but Microsoft didn’t have to un-bundle IE from Windows.
- But Microsoft did dial things back, which helped create an opening for some of today’s tech giants.
The case also tested Microsoft founder Bill Gates—in a deposition, he answered questions so evasively
the presiding judge shook his head and laughed. The execs testifying
next week could learn something from Gates’s poor performance.
+ For more...we wrote a guide for everything you need to know ahead of the antitrust hearing. Bookmark this page—more to come throughout the week.
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The UK suspended its extradition treaty with Hong Kong (a former British territory) because of China’s new security law.
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Chevron will buy Noble Energy for $5 billion in the first big energy deal since oil prices crashed.
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The NY Giants and Jets won’t play their home games in front of fans this upcoming NFL season. In other sports news, Dr. Fauci will throw out the ceremonial first pitch for the Washington Nationals season opener on Thursday.
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About a quarter of office employers in NYC say they’ll reduce their footprint by at least 20%.
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IBM beat earnings expectations under new CEO Arvind Krishna. But sales declined annually for the 28th time in the last 32 quarters.
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You had us at healthy snacks. Thrive Market, our beloved purveyor of healthy foods and essentials, is offering a $20 credit when you sign up to become a member. Satisfy your cravings, have it delivered to your front door, and order from Thrive Market today before this offer expires.*
These lashes are not to be believed.
Thrive’s Liquid Lash Extensions Mascara creates the look of false
lashes for less than $25. 7,000+ people give them a five-star review—get 15% off these top-rated lashes today.*
Triple Tech Tip Tuesday:
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Seven ways to be a “power user” on Slack
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Meditate on Snapchat with Headspace
- How to use Together mode, a new feature on Microsoft Teams that puts you in the same virtual room as your coworkers
Mix and match: Here’s a grab bag of informative things we've come across recently: essays that fit in a single iPhone screenshot, the economics of airline class, and state coronavirus maps.
*This is sponsored advertising content
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Over the weekend, FiveThirtyEight categorized mascots across the WNBA, NBA, NFL, MLB, and NHL. Here are the results of that research.
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FiveThirtyEight
The question: Can
you determine which color belongs to which category of animal? Your
options include: sea, land, sky, make-believe, and no mascot.
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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.
Click to Share
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Orange
represents land animals, the most popular. Purple is make-believe, light
blue is sky, darker blue is sea, and gray is "no mascot."
| Lawsuit Claims Whole Foods Punishes Workers Wearing Black Lives Matter Face Masks |
| Whole Foods Market was sued on Monday by employees who accused the ups... |
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I AM A REPUBLICAN BORN AND BRED
IN AMERICA .I BELIEVE IN EQUALITY AND JUSTICE AND THE CONSTITUTION OF THE UNITED STATES.I SERVED IN THE UNITED STATES AIR FORCE
MAJORED IN GEOLOGY AND MUSIC AND WENT TO ANGELO STATE IN SAN ANGELO, TEXAS
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