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TOGETHER WITH
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Good morning. Today
is Columbus Day, or as it’s increasingly known, Indigenous Peoples’
Day. In 1989, South Dakota became the first state to swap out a
celebration of Christopher Columbus to honor Native Americans who were
subjected to European colonial rule for centuries. Many states, cities,
and universities have also made the switch in recent years.
Still, it
remains a federal holiday, which means the bond markets are closed and
so are most banks. Whether you’re working today or relishing the final
few hours of a three-day weekend, we hope it’s a good one.
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NASDAQ
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11,579.94
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+ 29.06%
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S&P
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3,477.13
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+ 7.63%
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DJIA
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28,586.90
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+ 0.17%
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GOLD
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1,936.30
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+ 27.39%
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10-YR
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0.777%
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- 114.30 bps
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OIL
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40.52
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- 33.80%
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*As of market close
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Global economy: The IMF and World Bank kick off their annual meetings
today (virtually). Most economies around the world have rebounded
slightly off their lows, but they’re nowhere near pre-Covid output
levels.
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Stimulus: Sorry for sounding like a
broken record, but lawmakers failed to make progress on a new
coronavirus aid package this weekend. Both Republicans and Democrats
said they wouldn’t support the White House’s $1.8 trillion proposal.
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Stocks: Despite those headlines, stocks are coming off their best week since the summer. Starting this week: Q3 earnings season.
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Douglas P. DeFelice/Getty Images
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Last night,
the Los Angeles Lakers closed out the Miami Heat to win the NBA
championship, ending the weirdest—but most impactful—season in league
history.
The legacy: The NBA's coronavirus "bubble" will be remembered as one of the most impressive business achievements of the pandemic.
The backstory: The league paused its season on March 11, that wild day the WHO declared Covid-19 a global pandemic, the Dow crashed 1,465 points, and Tom Hanks announced he tested positive.
As states
started to ease business restrictions, sports leagues that had paused
their seasons were figuring out how to restart safely. NBA Commissioner
Adam Silver, partnering with the players association, went for a
moonshot with a self-contained “bubble” at Florida’s ESPN Wide World of Sports Complex.
- To keep basketball players in and the virus out, the league implemented super-strict health protocols. Family and friends couldn’t even arrive until the second round of the playoffs.
Major storylines
Following
the social unrest in the spring, the NBA had made Black Lives Matter
messaging a focal point of the restart—but no one was prepared when
players refused to play following the police shooting of a Black man in
Kenosha, WI. The strike was “historic, front-page news that connected
sports, politics, racial protests, and labor relations,” writes the Washington Post’s Ben Golliver.
New entrepreneurs emerged. Heat star Jimmy Butler started a coffee shop, Big Face Coffee, out of his hotel room. He appeared to file three trademarks for the brand in September.
It wasn’t a complete success story. The NBA, like many other sports leagues, is suffering from awful TV ratings.
Experts think there are a number of contributing factors, but they
point to the crowded fall sports calendar as the most likely cause of
the viewership dip.
Looking ahead...the
bubble worked this season, but there’s another one right around the
corner—and the pandemic isn’t going away. Adam Silver’s follow-up act
may be more difficult than the first.
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The U.S.
presidential election is 22 canvassing-call-filled days out. Market
watchers are playing Nate Silver to game out the polls...which are
currently leaning toward a Biden victory.
- Biden won in 86 out of the 100 outcomes simulated by Silver’s FiveThirtyEight website.
In equities: Wall Street is down with
aviators in the Oval, despite initial worries about higher capital
gains taxes under a President Joe. JPMorgan strategists are pricing in a
temporary drag on stocks in Q4 in the event of a Biden win, followed by
a recovery next year.
- Why the optimism? With
bonds and cash offering only razor-thin or even negative yields, stocks
remain the only viable option for investors to make real cheddar.
- Under a Biden
administration, Raymond James forecasts an exodus out of tech stocks and
into sectors favored by additional coronavirus stimulus packages.
In currencies: Chinese investors are also bullish on Biden.
The onshore yuan rallied the most in 13+ years last week in hopes of a
“blue wave” of Democrat victories diminishing trade tensions.
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Virgin Orbit/Getty Images
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Richard Branson’s Virgin Orbit is looking to raise between $150 million and $200 million at a roughly $1 billion valuation, the WSJ reported yesterday. LionTree Advisors and Perella Weinberg will help it gin up the cash.
Nope, not Virgin Galactic—this is the other one.
Virgin Galactic does space tourism for people, and Virgin Orbit does
space tourism for satellites; it launches smaller satellites into orbit
for government and commercial customers.
- Or...it hopes to
eventually. It hasn’t yet put a payload into orbit, and an initial
demonstration flight in May failed. Analysts estimate that the company
has spent at least $400 million in development, much more than rivals.
- Virgin Orbit also takes a
different approach to launches. It’s more nimble, launching satellites
from moving aircraft rather than the ground.
Big picture: Pre-Covid,
the space space was already a tricky one for startups. Then, when the
pandemic hit, investors got even stingier. But interest in Virgin
Orbit’s flexible launch system is creeping back.
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Believe it or not, the cleaning power of H₂O is behind the latest innovation in cleaning, well, your behind. AKA your dirty bum.
We’re talking, of course, about TUSHY. Their bidets are easy to install, more hygienic than TP, and really just gentle on the whole—you’ll walk away feeling refreshed and refined without any pooper’s remorse.
Let’s be honest, you can’t go through life dropping deuces, wiping
with three-ply dead trees, and second-guessing the efficacy of every
wipe.
You knew this would get graphic, readers, butt there’s just no
beating around the tush about it. When it comes to cleaning your bum
bum, don’t be a dumb dumb.
For just $79, you can give your porcelain throne—and your bum—the royal treatment with TUSHY.
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Creative Touch Imaging Ltd./NurPhoto via Getty Images
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This week,
retailers including Target and Walmart are launching big sales events to
compete against Amazon Prime Day, which starts tomorrow.
Their secret weapon, per CNBC? Curbside pickup.
What that is: When you place an online order, then get in your car and drive to the store’s parking lot to pick it up.
It’s been a game-changer for retailers during the pandemic, the NYT reports.
Target’s curbside sales increased more than 700% last quarter, and of
Best Buy’s nearly $5 billion in Q2 online revenue, 41% came from pickup
orders.
Why is it so popular?
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For customers: As much as having an item shipped to you is convenient, you can always get something faster if you go to the store.
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For retailers: The “last mile” of
delivery is a notoriously difficult (and expensive) logistical nut to
crack. With curbside pickup, customers do that for you.
Looking ahead...the
big question is whether curbside will remain popular when the pandemic
is over and browsing in a store doesn’t require battle gear.
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Apple
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New iPhones!
Corporate earnings! Canadian Thanksgiving! We've got a lot to be
grateful for this week, especially our friends up north.
Monday: Senate Judiciary Committee begins confirmation hearings for Supreme Court nominee Amy Coney Barrett; Canadian Thanksgiving
Tuesday:
Apple’s virtual iPhone event; Amazon Prime Day begins; Consumer Price
Index; earnings (JPMorgan, Johnson & Johnson, Delta, Citigroup,
BlackRock)
Wednesday: Billboard Music Awards; earnings (Bank of America, Goldman Sachs, Wells Fargo, UnitedHealth, United Airlines)
Thursday: West Wing reunion episode; earnings (Morgan Stanley, Walgreens Boots Alliance)
Friday: Retail sales for September
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Hurricane Delta left more than 400,000 households and businesses (mainly in Louisiana) without power Sunday morning.
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Triller, a growing TikTok competitor, is exploring a deal to go public via a SPAC, per Reuters.
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Saudi Arabia’s National Commercial Bank will buy Samba Financial Group in a $14.8 billion deal. The combined company will control 25% of the Saudi banking sector.
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Twilio,
a $46 billion cloud communications company, is buying customer data
infrastructure startup Segment for $3.2 billion, per Forbes.
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Rafael Nadal continued to amaze in Paris. He won his 20th Grand Slam title at the French Open.
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Covid-19 Essentials is likely the first retail chain in the U.S. dedicated to coronavirus products, reports the NYT.
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No beauty filter here, just award-winning mascara. Thrive Causemetics’ Liquid Lash Extensions won’t just get you rave reviews, they’re also an Allure Award winner. And now you can get these award-winning lashes for 15% off.*
The need for robot kitchen assistants leaped forward by 7 years. So you can either be 7 years behind or invest in Flippy today. It’s the world’s first autonomous robotic kitchen assistant that can increase restaurant profit margins by 300%. Invest or get left in the past.*
Hey, Google: Here’s how to optimize Google Drive and simplify nearly every corner of your life (h/t our Essentials newsletter).
Documentary ideas: This week, learn a thing or two by watching the amazing documentaries found on this website (h/t Recomendo).
*This is sponsored advertising content
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Every
Monday, we curate a handful of balanced resources about a hot-button
business issue and encourage you to discuss with friends, family, or
coworkers.
This week’s topic: Months
into their tug-of-war over a new pandemic relief package, lawmakers and
the White House are continuing to butt heads over how much federal aid
to give cash-strapped state and local governments. Of the $2.6 trillion
the government has spent on economic relief, $291 billion has gone to state, local, and tribal governments. Is that enough?
- Where states are losing their money (House Committee on the Budget)
- Just how much is Covid-19 impacting state and local revenues? (Brookings)
- What Democrats and Republicans are fighting over (The Hill)
- The National Governors Association has repeatedly asked the federal government for an additional $500 billion (StateScoop)
- State and local governments are fighting over where the money flows (WaPo)
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Today's puzzle, made by Eric Howell, is one of our favorite Brew Crosswords to date. You'll see why when you try completing it.
Remember, you, too, can submit your own Brew Crossword to be featured in this here section. Check out the guidelines.
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| ADVERTISEMENT |
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Breaking News
| | | Live Updates: Trump, Biden campaigns eye 'swing' s | | Mon, 12 Oct 2020 10:08:24 +0000 | | PatriotsNews | | | |
NATIONAL STORIES
What if Joe Biden held an event and no one came? Oh that HAPPENED..
Kentucky Gov. Beshear Goes Into Quarantine
‘Burn your masks’ now that COVID emergency orders have been struck down
President Trump Extensive Interview With Maria Bartiromo…
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October 12
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| FEATURED BIOGRAPHY
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| Luciano Pavarotti
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| FEATURED EVENT
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| 1492
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| New World sighted
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Advertisement
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Advertisement
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| MORE EVENTS ON THIS DAY
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2000: While preparing to refuel in the Yemeni port of Aden, the USS Cole
, a U.S. naval destroyer, was attacked by suicide bombers associated with al-Qaeda; 17 sailors were killed and 39 wounded.
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1998: American college student Matthew Shepard died in Fort Collins, Colorado, several days after being beaten by two men and left in the cold in Laramie, Wyoming; Shepard's homosexuality was believed to have motivated the attack, and his death contributed to the expansion of federal
hate-crime
legislation.
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