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TOGETHER WITH
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Good morning. With
the upcoming holidays and gift-giving on everyone’s minds, we want to
remind you (or tell you for the first time) that you can get Brew swag
for free just by getting friends to sign up to this newsletter.
And we want you to think big: When you hit 100 referrals,
we’ll send you the legendary Brewneck sweater. That may sound like a
lot of people, but it’s just half of your Bio lecture or the equivalent
of five group chats. And with winter on its way, you're going to want
something to keep you warm—no joke, this thing could cook a full turkey
in a half hour.
Start your Brewneck journey here.
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NASDAQ
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11,332.49
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+ 2.32%
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S&P
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3,408.56
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+ 1.80%
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DJIA
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28,148.18
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+ 1.68%
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GOLD
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1,917.80
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+ 0.53%
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10-YR
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0.768%
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+ 7.00 bps
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OIL
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39.35
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+ 6.21%
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*As of market close
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Economy: The U.S. services sector gained
for a fourth straight month in September. The sector, which includes
jobs in restaurants, real estate, and healthcare, is where most
Americans work.
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Markets: Stocks boomed
ahead of President Trump's departure from the hospital where he had
been recuperating from Covid-19 since Friday night. Battered oil prices
also shot up.
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Francis Scialabba
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If you've
been seeing a lot more of those weird-looking planes with big foreheads
and no windows at the airport, that's because demand for airplane cargo
space is sky-high.
It starts with vaccines
According to
the International Air Transportation Association (IATA), providing a
single dose to the world's 7.8 billion people would require 8,000 fully filled 747 cargo planes,
which...is a problem considering there are fewer than one thousand 747
freighters on the planet, according to the IATA's head of cargo Glyn
Hughes.
Plus, vaccines are fragile. They
don't care much about legroom, but the majority of vaccines in
development need to be kept at a constant, near-freezing temperature to
prevent spoiling. UPS and Lufthansa have been building massive "freezer
farms" to prepare, though experts in the pharma industry still expect up
to a 20% spoilage rate.
Santa might be late, too
The soon-to-be-released iPhones, Sony's new PlayStation 5, and Amazon's Prime Day
items are all set to be shipped via cargo planes in the coming holiday
shopping period. "We're planning for the mother of all peaks," the
president of FedEx’s express division told investors in September.
- Many commercial airlines
have retrofitted aircraft to 1) meet cargo demand and 2) keep their
businesses afloat during a period of historically low passenger
traffic.
- Still, it was new
territory for many legacy carriers. American Airlines was flying nearly
140 all-cargo trips per week early in the pandemic, after flying zero such trips in the past three decades.
Bottom line: This
isn’t the cargo industry's first mile-high rodeo—shipping pharma
products has been a fast-growing and profitable line of business for
carriers over the past 10 years. But the busy holiday season + vaccine
distribution + fewer flights will push it to the limit.
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Giphy
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With oil demand and prices collapsing this year, U.S. oil and gas companies shed 107,000 jobs between March and August, the "fastest rate of layoffs in the industry's history," according to a Deloitte report released yesterday. Drilling deeper:
- If prices remain around $45/barrel, Deloitte forecasts that 30% of jobs will be recovered by 2021.
- In the worst-case scenario, where prices fall to $35/barrel, only 3% will.
Layoffs will
disproportionately hurt states like Texas and North Dakota, where
fossil fuel companies have been major employers for decades. And even if
the industry does recover, those same jobs won't necessarily return.
- Under pressure to
digitize, producers are expected to phase out more low-skilled work in
favor of data, IT, and remote operations positions.
- "What we are seeing here is the reset button being pressed," Deloitte's vice-chairman of oil and gas told the FT.
Sign of the times: The
value of ExxonMobil, once the world's largest public company, has
dropped over 50% this year. Last week, it was briefly passed in market
cap by wind and solar generator NextEra.
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Matthew Horwood/Getty Images
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In the
spring, we were warned by health experts that the reopening of the
economy might, at times, require businesses to close again as outbreaks
cropped up. We’re seeing that in action now.
In New York City…following local Covid-19 outbreaks, the state is temporarily shifting in-person schooling to fully remote
in nine ZIP codes. Mayor Bill de Blasio plans on reimposing
restrictions on indoor dining and nonessential businesses in those
neighborhoods as well.
In Paris...French authorities ordered bars to close for at least the next two weeks to combat a new wave of cases.
In Hollywood...Cineworld, the No. 2 cinema chain globally, said it will temporarily close
its theaters in the U.S. and the UK this week after the latest James
Bond film was delayed until April 2021. Shares in theater chains were
hammered yesterday.
Bottom line: Business
can go into hibernation and still survive. Cineworld CEO Mooky
Greidinger told Sky News, “From a liquidity point of view, we were
bleeding much bigger amounts when we are open than when we were closed.”
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Venmo
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In the off chance you don't speak emoji, payments app Venmo dropped its first credit card yesterday. While only available to "select customers" for now, Venmo will widen the rollout in coming months.
The details
Users get a
Visa-branded physical card with pandemic-friendly tap-to-pay features,
but the credit card is focused on a mobile-first experience and managed
through Venmo's main app.
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Rewards: Instead of pre-selecting
where you earn rewards, Venmo has taken a more personalized approach,
offering 3% cash back on your top spending category, 2% on your
second-highest category, and 1% on everything else.
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Fees: There are no annual fees, but users have to pay for cash advances and late payments.
This isn't
Venmo's first payment card. In 2018, the PayPal-owned app released a
Mastercard debit card with retailer-specific rewards.
Bottom line: Like
the Apple Card released last year, Venmo is offering its 60 million
active users a modernized card they can manage through the devices
they're already spending time on.
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McDonald's
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Kids just aren't that impressed with a standard Happy Meal anymore. So McDonald's upped the ante, announcing a partnership with reggaeton powerhouse J Balvin yesterday to follow up on the massive success of its Travis Scott menu items.
The backstory: Travis
Scott and J Balvin are two of the biggest names in the music industry.
They are also self-professed McDonald's enthusiasts with specific go-to
orders the chain leveraged for limited-time menu combos.
- J Balvin's combo includes a Big Mac (no pickles), medium fries with ketchup, and an Oreo McFlurry.
- Scott's meal featured a
quarter-pounder with cheese, lettuce, and bacon; fries with barbecue
sauce; and a Sprite with extra ice...all for $6.
It was a hit. An analyst covering McDonald's reported that September same-store sales got a "significant boost" the week of the Travis Scott release. At one point, locations were scrambling for ingredients.
Zoom out: The
Travis Scott collab was the Golden Arches' first celebrity partnership
since releasing the "McJordan Special" with MJ back in 1992. We'll find
out whether the social buzz translated to meaningful sales gains when
McDonald's reports Q3 financials later this month.
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Dune is the latest blockbuster being delayed to 2021. It'll arrive in theaters next October, according to reports.
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Bristol-Myers Squibb agreed to buy the heart drug maker MyoKardia for $13 billion.
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The CDC
changed its Covid-19 guidance to reflect that the virus can be spread
through airborne particles and between people more than six feet apart.
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Slack suffered a partial outage yesterday, making writing this newsletter a bit tougher than usual.
-
Spotify CEO Daniel Ek is not your typical business leader, as you'll see in this recent interview.
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Your virtual meetings deserve some muscle. And we don’t mean pushups. Webex® provides simple and reliable video communication tools that allow you and your team to connect and collaborate securely. From heads of state to the most trusted brands, Webex is the choice for secure video conferencing. Pump up your virtual huddles with Webex today.
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What time is it in Moscow? No clue. That’s why we need to use this clock, which makes it easy (and fun) to find the time anywhere in the world.
Tech Tip Tuesday: Spotify listeners can now search the platform using song lyrics. Here are 10 other Spotify tricks, plus a list of radio stations from around the world you can listen to online.
Podcast rec:
Investopedia’s podcast sums up the biggest business and economic
stories using expert analysis, interviews, and educational breakdowns.
In other words, it’s a great podcast for making you sound informed in
meetings. Listen up.
What’s the meaning of swimming pools in movies? Well, there’s a video that explains it.
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The Nobel
Prizes are being handed out over the next several days; here are two
questions testing your knowledge of the most redoubtable of awards.
- Who is the youngest Nobel Prize winner?
- Which family has the most Nobel Prizes?
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When you share the Brew with your network, you earn free swag like our classic Morning Brew t-shirt.
Are you
one of those people who is always going places? Then you probably need a
shirt. Might as well be this bad boy with the Morning Brew logo
plastered across the chest.
Hit the button below to learn more and access your rewards hub.
Click to ShareOr copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=a17a7110
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1. Malala Yousafzai won the Nobel Peace Prize in 2014 at the age of 17.
2. The Curie family
Breaking News
| | | Liberals Turn to ‘Decoy’ Group To Defend Montana’s | | Tue, 06 Oct 2020 11:27:52 +0000 | | PatriotsNews | | | |
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October 06
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| FEATURED BIOGRAPHY
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| Thor Heyerdahl
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| FEATURED EVENT
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| 1973
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| Yom Kippur War
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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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