| View Online
|
Sign Up
|
Good morning. Yesterday,
we said that September 2 was a highly unremarkable day on which nothing
important ever happened. Of course, many of our readers disagreed and
shared some important 9/2 events from history.
- In 1752, Britain adopted the Gregorian calendar, which means people went to sleep on September 2 and woke up on September 14.
- In 1945, Japan signed its unconditional surrender on a U.S. battleship, formally ending WWII.
- In 1969, the first ATM in the U.S. debuted in Long Island, NY.
- In 1989, Nathaniel was born. Happy belated, Nathaniel.
Till next year.
|
|
|
NASDAQ
|
12,056.44
|
+ 0.98%
|
|
|
|
S&P
|
3,580.64
|
+ 1.53%
|
|
|
|
DJIA
|
29,099.05
|
+ 1.58%
|
|
|
GOLD
|
1,949.20
|
- 1.50%
|
|
|
|
10-YR
|
0.649%
|
- 2.90 bps
|
|
|
|
OIL
|
41.53
|
- 2.88%
|
|
|
*As of market close
|
-
Markets: The S&P has now climbed nine out of the last 10 trading days. And the new-look Dow closed above 29,000 for the first time since February.
-
COVID-19 updates: Hotspots in the South are declining while outbreaks in the Midwest are up. The CDC has told all U.S. states to make preparations to distribute a vaccine to healthcare workers by early November.
|
|
|
Francis Scialabba
|
Clarity—about the state of the movie industry, that is. Tenet itself, which debuts in U.S. theaters tonight, has been called Christopher Nolan’s “most confusing movie ever,” and this is the same guy that already turned our brains into oatmeal with Inception.
But will blowing up the basic laws of physics be enough for Warner Bros. to revive a pandemic-stunted box office?
The stakes are higher than a Cats audience
Tenet is the first ultra-hyped, made-for-the-big-screen movie to debut in cinemas since theaters started lifting the curtains last month. By tonight, 70%+ of AMC and Cinemark locations will be open and following strict cleaning protocols.
-
The going theory: If this movie can’t get people off their couches, nothing but a coronavirus vaccine will.
In the spirit of Christopher Nolan, this analysis now diverges into two possible timelines...
1. It’s a blockbuster: Strong Tenet ticket sales could help theater owners pay backlogged bills and bring chains like AMC back from the brink of bankruptcy. A successful run is a sign that straight-to-streaming can complement, but not entirely replace, in-person theater viewing.
2. It’s a bust: Skipping theaters for home-viewing could become the industry norm. Trolls World Tour already proved the strategy has legs when it grossed about $95 million in digital downloads in three weeks in April. Mulan is launching for $30/pop on Disney+ tomorrow.
Tenet’s outlook is promising
The film had a strong international showing last weekend, bringing in about $53 million across 41 markets—$13 million above expectations. And Tenet’s advance ticket sales are higher than they were for Interstellar and Dunkirk, per film analytics firm Movio.
Zoom out: The
pandemic has put theater chains on the ropes and forced studios to
experiment with new formats, like Universal’s deal with AMC to shorten
the theatrical window to just 17 days. Could Tenet be the plot twist the industry’s been waiting for?
|
|
|---|
|
Giphy
|
The Congressional Budget Office just dropped
a historic projection for the U.S. economy. It said government debt
will reach 98% of GDP in fiscal 2020 (which ends this month), and
surpass 100% of GDP the next fiscal year.
- The debt-to-GDP ratio is used as a way to contextualize countries’ debt loads, and 98% is the highest it’s been
for the U.S. in generations. The last time U.S. debt exceeded GDP (aka
economic output) was in 1946, after the government financed World War
II.
How we got here
As a result
of increased government spending and 2017's tax cuts, U.S. debt was on
the rise before the pandemic. But the country's finances took two major
thwacks early this year: Congress passed trillions in relief spending
just as pandemic restrictions dried up government tax revenues.
Looking ahead...most economists and lawmakers agree
that another round of relief measures are necessary. But negotiations
have been stalled for about a month now, as Democrats push for a $3
trillion plan and Republicans counter with $1 trillion.
|
|
|---|
What's up
Epic rallies: Peloton shares gained 9% yesterday
after JPMorgan raised its price target for the red-hot fitness brand.
Peloton’s stock has more than tripled this year as the workout-from-home
movement continues to soak carpets with sweat.
Adding the GOAT to the team: Michael Jordan joined
the sports betting company DraftKings in an advisory role after buying
an equity stake. DraftKings will get a boost from Jordan’s star power
and business acumen, but the White Sox and Wizards preach caution.
Not down as much as we thought: Macy’s reported a (much smaller than expected) net loss of $431 million in Q2...and online sales rose 53% from last year. CEO Jeff Gennette also announced plans to experiment with smaller stores outside of malls.
What’s down
Epic rallies: It feels weird to type, but Tesla’s stock actually fell. Shares were down as much as 15%
yesterday after a top shareholder, investment management firm Baillie
Gifford, reduced its position due to portfolio restrictions.
Extra peanuts: Facing major turbulence, United announced plans to furlough more than 16,300 workers
when October rolls around. It’s far less than the 36,000 cuts it warned
of in July, but the outlook for airlines remains bleak with demand
simmering at 30% of typical levels.
|
|
|
For
centuries, the uber-wealthy have kept their wealth-growing ways a
secret, leaving us normal folk to come up with our own ideas—like
sifting through rivers with gold pans or betting the farm on our reality
TV show concept, Extreme PB&Jing.
But DiversyFund is blowing the lid off the longest-kept wealth-growing secret: real estate.
A private real estate investment trust (REIT) is considered by many experts to be a smart way to diversify your portfolio and grow your wealth.
For a long time, rich big shots were the only ones with the resources
to access this—leaving the unstable, unreliable stock market to the rest
of us.
Now—with just a $500 minimum investment—DiversyFund is helping all investors create long-term wealth like the 1%.
Put those gold pans in the closet and forget ’em, friends.
Invest with DiversyFund here.
|
|
|
Michael M. Santiago/Getty Images
|
You may not have to. Tuesday night, President Trump enacted an emergency order to prevent evictions through Dec. 31.
Why? More than 20 million renters live in households that have experienced coronavirus-related job losses, the Aspen Institute estimates.
Congress’s March relief package gave renters some insulation from
evictions, but those protections have expired. The CDC is worried about a
crush of renters losing their shelter and spreading COVID-19.
- The protection is only available to certain renters—
those with an expected income of <$99,000 and who can show they’ve
suffered financial losses because of the pandemic, among other
qualifications.
The reaction: Tenant and landlord organizations are...actually on the same page.
Tenant advocates cheered the move, but said what’s really needed is
financial assistance so renters don’t get stuck with a giant bill on
January 1, 2021. Landlord groups want the same thing, so they can get
some help covering insurance, taxes, and payroll.
|
|
|---|
|
Giphy
|
The largest toymaker in the world built some serious quarantine momentum, reporting a 14% rise in sales in the first half of the year. It also read the pandemic instructions on ecommerce—website visits doubled to 100 million.
The growth was fueled by...
-
The usual suspects: Products from its Harry Potter, Disney Princess, and Star Wars lines were among the best performers.
-
Some new faces: Sales of the most expensive and intricate sets grew 2.5x in the first half of the year.
That’s
because it’s not just kids getting in on the action. "We have more than a
million adult fans signed up to our website," Lego CEO Niels
Christiansen told the BBC.
Bottom line: Despite
the huge increase in online traffic, Lego still appreciates
bricks...and mortar. The company said it was on track to open 120 new store locations around the world this year.
|
|
|---|
|
YouTube screenshot
|
David Blaine’s was dizzying. Yesterday, the stuntman ascended 24,900 ft. in the air via balloons in Arizona...or rather, over Arizona. He parachuted down to safety after about 30 minutes.
Any final thoughts, Mr. Blaine? “Wow, that was awesome,” the daredevil said after landing.
| |
|---|
|
... |
|
No comments:
Post a Comment