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TOGETHER WITH
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Good morning. Okay,
we know literally every single person you've been forced to make small
talk with in the past two weeks has uttered this exact sentence, but it
still must be said...
It gets dark out so early now.
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NASDAQ
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11,876.26
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+ 2.56%
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S&P
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3,534.08
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+ 1.64%
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DJIA
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28,837.52
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+ 0.88%
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GOLD
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1,928.10
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+ 0.10%
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10-YR
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0.777%
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UNCH
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OIL
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39.52
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- 2.66%
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*As of market close
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Stocks: When Big Tech stocks do well, the broader market typically does too. The tech-centric Nasdaq had its best day in a month yesterday ahead of Q3 earnings season.
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SCOTUS: Yesterday also marked the first of four days of hearings
for President Trump’s Supreme Court nominee, Amy Coney Barrett.
Democrats called her a threat to Obamacare while Republicans said she
was an ideal choice with indisputable credentials.
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Roblox
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Yesterday, gaming platform Roblox very unconfidentially announced
it has confidentially filed with the SEC to go public early next year.
The company is still debating whether to go the traditional IPO route or
do a direct listing, but either way it's hoping to cinch an $8 billion
valuation.
What is Roblox?
You might
not have heard of it before, but Roblox has 115+ million monthly active
users, including a third of U.S. kids under the age of 16. In July
alone, Roblox logged over 3 billion hours of play.
At a high level, Roblox is a platform and marketplace for user-generated 3D content—maybe even the
platform. Founded in 2004, the company provides tools for users to
build games and earn a 30% cut on purchases within their creations.
- As of February, 2+ million developers have used Roblox to create over 50 million games.
- This year, developers are on track to book over $250 million.
Roblox isn't playing around
The company
was last valued at $4 billion in February after raising a $150 million
Series G round. When the pandemic left millions of people spending more
time at home, Roblox benefitted from the broader boost to the video game
industry.
- U.S. consumer videogame spending hit a record $11.6 billion in Q2, up 30% annually.
And Roblox
isn't the only gaming platform eying the public markets. Last month,
game engine maker Unity Software IPOed at a $13.6 billion valuation; its
shares are up over 60% since then.
Zoom out: Like Epic Games's hit Fortnite, Roblox is trying to build the metaverse,
an immersive virtual world where people interact and share experiences
beyond the confines of a single game. Covid-19 has given their efforts a
big speed boost.
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Neal Freyman/Disney
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Every new
boss knows they have to make that Signature Move early in their tenure.
For Disney's fresh-faced CEO Bob Chapek, that means reorganizing the company's media and entertainment biz to prioritize streaming products, including Disney+.
The announcement yesterday carves out three divisions
for content and one for monetizing and distributing that content. The
monetization division will be run by Kareem Daniel, a 14-year Disney vet
and rising star in the company.
Why now? When
the pandemic took a wrecking ball to Disney's film and theme park
divisions, new streaming service Disney+ was able to save the company
from an even worse fate—and in the process, successfully auditioned for a
bigger role going forward.
- Disney was also facing
external pressure to invest more in streaming. Last week, activist
investor Dan Loeb called on Disney to end its dividend and sink more
funds into Disney+.
Zoom out: Separating
content production from distribution decisions is the trend du jour
among entertainment giants. Both Comcast's NBCUniversal and AT&T's
WarnerMedia made similar moves recently.
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It’s a little lopsided today...
What’s up
Political books: The
2020 election is reading like a James Patterson page-turner, and it’s
contributing to a record year for political book sales, reports the WSJ.
Sales of print political books were up 85% annually in mid-September,
and that’s before President Obama releases his memoir next month.
Airplane food: Because
the thing we all miss about traveling is burning your fingers while
peeling the tin foil off watery scrambled eggs over the Atlantic at
2:30am local time, Singapore Airlines is trying to recapture the magic
of eating on an airplane. It’s turning two Airbus A380 jets into pop-up
restaurants...and reservations sold out within 30 minutes yesterday. A business class meal goes for $237.
Eye surgery: Everyone
knows about the surge in deck-building and backyard gardening...but it
turns out corrective Lasik eye surgery is another “Well, I’ve got time
for it” activity that is on the up during the pandemic, Bloomberg reports. Is it because of glasses fogging up when you wear a mask?
What’s down
Pretty much everything else.
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How do you go from team to dream team? Dropbox.
It’s how the best of the best take care of business—because Dropbox
does way more than store files. You’ll be able to work as a team
anytime, anywhere without compromising individual preferences.
Like when Secure Sara in sales needs to share information securely with her coworkers and customers in real-time. She uses Dropbox Business to share files and keep data safe.
Or when Harried Hank from HR needs to work across any app, create new documents, tag team members, and comment directly on files—all in one place. He uses Dropbox to do all that and more.
Then there’s quirky copywriter Karl (with a K). He uses Dropbox
at home and at work. It’s how he collaborates on projects and stores
memories, like photos from when he dressed up as his pet pig, Karl Jr,
for Halloween.
See what your team can accomplish together when they use Dropbox.
Start a free 30 day trial of Dropbox Business today.
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At 1pm ET today, Apple is expected to show off
four new phones: the iPhone 12, as well as Mini, Pro, and Pro Max
versions. But that's not what has Wall Street buzzing: After Covid-19
delayed production, the iPhone 12 is rumored to be Apple's first 5G
smartphone.
- 5G = next-generation cellular network technology, which will support 10x faster internet browsing, 4K video streaming, and more smart devices.
Expectations
haven't been this high since the final Harry Potter book. Some analysts
expect a 5G model will boost Apple sales the most since 2017's iPhone X
debut. Wedbush Securities analyst Dan Ives called it "a
once-in-a-decade-type upgrade opportunity for Apple."
- Others are skeptical. So
far, 5G marketing hasn't convinced customers the technology is a
must-have. And still in their early days, 5G networks aren't always
faster than existing 4G.
Zoom out: 5G smartphones nearly quintupled their U.S. market share to 14% between January and August, and a 5G iPhone is only expected to speed up adoption.
+ While we're here...5G is more than faster downloads. To understand what it is and how it impacts your industry, check out Emerging Tech Brew's 5G Guide.
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Nobel Media | Paul Milgrom (left) and Robert Wilson (right)
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Stanford University professors Paul Milgrom and Robert Wilson just had their best Monday ever. Yesterday, the pair won the Nobel economics prize for their work in auction theory.
- When we say "auction,"
think bigger than Christie's recent ~$32 million sale of a T. Rex
skeleton. These days, everything from airplane landing slots to fishing
rights are sold via auction.
The winning research: Milgrom
and Wilson studied auction behavior, including why people tend to price
bids below their estimate of an item's worth. They used that research
to design better auctions with fairer competition and more information.
In 1994, the professors designed the auction
used by the Federal Communications Commission (FCC) to license radio
frequencies to telecom companies, who then use that spectrum to push
through your phone calls and mobile payments.
The
government had previously awarded licenses to the company that asked the
nicest, creating fractured networks for national operators. But under
Milgrom and Wilson's "simultaneous ascending auction," the FCC auctions
off a batch of spectrum across regions. Their model has raised over $120
billion for the Treasury and been so successful, Canada, Britain, and
India have copied the format.
+ How would you react to winning? Watch the home security camera footage of Wilson knocking on Milgrom's door in the middle of the night to tell him the big news.
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Johnson & Johnson
paused its Covid-19 vaccine study after an unexplained illness in a
participant. It's not uncommon for pauses to happen during a clinical
trial of this scale (60,000 people).
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It's Amazon Prime Day.
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British Prime Minister Boris Johnson implemented a three-tiered system of restrictions on parts of England to bring down the spread of Covid-19.
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Leon Black,
the cofounder and CEO of Apollo Global Management, had closer ties to
convicted sex offender Jeffrey Epstein than previously disclosed,
according to the NYT. Black apologized in a letter to investors.
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Alex Cruz is out as British Airways's CEO.
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Facebook will now ban content that distorts or denies the Holocaust, a reversal from its previous stance.
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Allegro, a Polish e-commerce company, became Europe's biggest IPO of the year yesterday.
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On a range
of 2+2=4 to landing a ship on Mars, this puzzle is probably squarely in
the middle in terms of difficulty. What do the colors in the following
chart represent?
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DECIPHER THE CHART ANSWER
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The colors of cars over time
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| ADVERTISEMENT |
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James O’Keefe to Drop Another Bombshell Undercover Video
Proof home-based treatment trumps the failed Fauci model
Trump Tests Negative for Coronavirus, White House Doctor Says
Biden Events Overshadowed By Yuge Grassroots Trump Parades
Breaking News
| ‘The Senator Who Was a Mormon’ |
| Tue, 13 Oct 2020 10:18:06 +0000 |
| PatriotsNews |
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