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TOGETHER WITH
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Good morning. According to a new report from NordPass, the most popular password of 2020 is..."123456."
This from the same species that developed a coronavirus vaccine in less than a year  .
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NASDAQ
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11,904.71
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+ 0.87%
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S&P
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3,581.87
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+ 0.39%
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DOW
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29,483.23
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+ 0.15%
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GOLD
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1,864.60
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- 0.50%
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10-YR
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0.835%
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- 3.80 bps
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OIL
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41.76
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- 0.14%
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*As of market close
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Covid-19 update: The CDC recommended
that Americans avoid travel over Thanksgiving because of the health
risks. The number of Covid hospitalizations in the U.S. has increased
almost 50% in the last two weeks.
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Economy: Leaders at the IMF and the Fed warned
the recent rise in Covid-19 cases could set back an economic recovery.
That may already be happening in the labor market (today's second
story).
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Christophe Morin/IP3/Getty Images
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Is your company named HuffPost? If so, then yes.
Yesterday, splashy news site BuzzFeed acquired
splashy news site HuffPost in a stock deal. But the purchase is less
like picking up your morning latte and more like striking an ongoing
arrangement with the barista.
- HuffPost owner Verizon
Media will reportedly make a cash investment in BuzzFeed, plus nab a
minority stake that values BuzzFeed at a reported $1.7 billion.
- The two digital media brands will syndicate content and join forces in pursuing ad dollars.
Add this to the list of accelerating trends
The trend here being consolidation in digital media.
In the 2000s, brands like BuzzFeed and The Huffington Post (HuffPost's
initial name) attracted eyeballs aplenty—and with them, ad dollars. But
in the past decade, tech giants have been siphoning off a growing chunk
of that revenue.
- Facebook and Google accounted for over half of U.S. digital ad spending last year, per eMarketer.
- Amazon has also dipped its baguette into the digital ad fondue pot, slurping up another ~10% of the U.S. market.
That leaves upstarts competing for what's left...and merging with each other to stay alive.
- Last year alone, Vox
Media acquired New York Magazine's parent company, Vice Media acquired
Refinery29, and Group Nine bought PopSugar.
HuffPost owner Verizon Media has struggled to keep up
In 2018, it wrote down
$4.5 billion on Oath, its ill-fated attempt to combine AOL and Yahoo
and adapt the early internet stars for the modern internet era.
Meanwhile, BuzzFeed has experimented with various strategies to
diversify revenue, including affiliate partnerships and e-commerce.
- One example of that: BuzzFeed is launching a branded sex toy ahead of a new Sex and Love vertical, slated to arrive in Q1 of next year.
Zoom out: BuzzFeed
founder and CEO Jonah Peretti is coming home, the WSJ writes. He
cofounded The Huffington Post with Kenneth Lerer, Andrew Breitbart, and
Arianna Huffington in 2005. And he’s not done shopping. BuzzFeed
reportedly plans to keep buying media and commerce companies.
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Francis Scialabba
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Last week, applications for first-time unemployment benefits rose to 742,000, the first increase since early October. Some more concerning numbers about the labor market:
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20.3 million: U.S. workers receiving unemployment benefits at the end of October
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10 million: jobs the economy has lost since the pandemic started
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35: consecutive weeks that initial jobless claims have been worse than at the peak of the Great Recession
The context: New daily coronavirus infections have ballooned 80% the last two weeks, and states and cities are reimposing restrictions.
Looking ahead...Congress
missed the sentiment behind Boxing Day. On Dec. 26, two CARES Act
programs that offer additional federal unemployment benefits will expire:
- One expands eligibility to contract workers and the self-employed for the first time.
- The other provides an additional 13 weeks of federal benefits after state ones run out.
If these
programs are allowed to expire, 12 million workers will go from
receiving an average of $320 benefits/week to nothing, the Century
Foundation estimates. Without that money, many could struggle to pay
rent, buy food, and keep up with other necessities.
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Know Your Meme
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Highlights from a busy week in the electric vehicle (EV) market:
Feeling confident about a potential breakthrough in its electric battery tech, GM
is upping planned investments in EVs and self-driving cars to $27
billion over the next five years and bringing 30 EVs to market instead
of 20.
The U.K. is moving
a ban on sales of diesel and gas vehicles up to 2030 and investing $1.7
billion in charging infrastructure, PM Boris Johnson announced
Tuesday.
- The news propelled EV stocks, sending Tesla up 4.5% to a record high of $508.61.
SPACs are back. Arrival, a commercial van and bus maker, is going public
on the Nasdaq by merging with a special-purpose acquisition company
(SPAC) that belongs to the former CEO of Marvel Comics. The deal values
the British EV startup at $5.4 billion. And Michigan's Electric Last
Mile Solutions is reportedly in talks to merge with Forum, another SPAC.
Finally, shares rose for Chinese EV makers Nio, Xpeng Motors, and Li Auto after they posted Q3 earnings this week. Nio recently became the seventh-largest automaker by market cap.
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When it
comes to receiving wallets, we want one that is functional, yet stylish.
A wallet with beauty, not booty (re: one that doesn’t give us a bulky
behind). In other words, only a wallet created by The Ridge will do.
You may have already heard about their minimalist, RFID-blocking, anti-butt-bulge wallets that use elastic to expand to hold up to 12 IDs and credit cards (pretty fancy).
But besides
creating the sleekest, most efficient wallet you’ve ever slid into your
back (or front) pocket, The Ridge also has a line of other essentials—like backpacks, keychains, and multi-use door openers—all made to last and backed by a quality guarantee.
Which is great news considering the holidays are around the corner, and The Ridge has the perfect selection of gifts to officially secure your place as the Holiday Hero this year.
Brew readers get an exclusive start on the savings plus 15% off your purchase with code EARLYACCESS.
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Francis Scialabba
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The number of Americans playing real-life Sims is about to crash the country's servers. Existing U.S. home sales rose 4.3% in October, the fifth straight month of growth and the highest level in almost 15 years.
A combo of factors is driving the housing boom:
- Homes are the new offices, considering at least 21% of the labor force is working from home because of the pandemic.
- With the Fed dropping interest rates, financing your home purchase has never been cheaper; the average rate on the 30-year fixed-rate mortgage dropped to a record 2.72% last week.
The
downside? Inventory is tight, so prices are shooting up. The median
price of an existing home last month was $313,000, 15% higher than a
year ago.
Big picture: The urge to buy a house is so strong that "Zillow surfing" (when you fantasize about houses listed on Zillow) has become a popular pandemic pastime, the NYT reports.
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The feeling
of getting a 5/5 on the Brew's Weekly News Quiz has been compared to
receiving a compliment on your carefully curated bookshelf.
It's that satisfying. Ace the quiz.
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Roblox,
a social gaming platform favored by younger users, filed to go public
yesterday and reported a 91% annual increase in Q3 revenue.
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Macy's
reported a 20% drop in same-store sales last quarter, and it's nervous
about what rising Covid-19 cases mean for the crucial holiday shopping
season.
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Tyson Foods
hired former Attorney General Eric Holder to investigate allegations
that managers at a pork plant in Iowa took bets on the number of workers
who would become infected with the coronavirus.
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Facebook said it removed 265,000 pieces of content for violating its policies on election interference.
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China issued debt at a negative interest rate for the first time.
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Very Brexit: High-level talks about Britain's exit from the EU were stopped when a top negotiator tested positive for the coronavirus.
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Now this is a healthy sale.
Sakara only has one sale a year, and it’s now. Everything on site is
25% off, including their best-selling Metabolism Super Powder that has
over 500 5-star reviews. Sakara’s only sale is happening now.*
Hit pay dirt.
With Good Earth Organics, you can get in on the literal dirt floor of
the cannabis and hemp industry that’s projected to reach nearly $52
billion by 2025. Invest in the finest dirt here.*
Virtual Thanksgiving: Zoom has removed its 40-minute time limit for the holiday so family small talk can last as long as you want.
Follow Friday: Embrace your inner raccoon by scrolling street furniture on so-called "stooping" accounts, inspired by Stooping NYC. Try searching for stooping + your city on Instagram, or follow Stooping LA, Stooping Belgium, Stooping Philly, and Stooping Amsterdam to see trash-treasure from around the world.
*This is sponsored advertising content
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Francis Scialabba
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In the
buzziest collab since McDonald’s and Travis Scott, Emerging Tech Brew
and Retail Brew teamed up to explore one of the most important business
stories of 2020: e-commerce.
This four-part guide
follows a quarantine sweatsuit from the moment a shopper sees it on
Instagram to the second it arrives on their doorstep. As you follow the
journey, you’ll learn a ton about how hidden technologies have
transformed the way we shop—from product discovery on social media to
warehouse order fulfillment.
We found it fascinating, and think you will too. Dive in here.
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Place a three-letter word in the dashes to complete a word on the left and begin another word on the right.
Example: e a r _ _ _ m e = THY, because earthy and thyme.
1. f e a t _ _ _ o i c
2. c o u r _ _ _ n d a
3. d i s p _ _ _ o v e r
4. k e e _ _ _ s i s t
5. r u n _ _ _ i c e
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When you share the Brew, you earn rewards.
From Brew swag like t-shirts and coffee mugs to exclusive content, we've
got something for everyone in our premier rewards program.
Hit the button below to start sharing the Brew.
Click to ShareOr copy & paste your referral link to others:
morningbrew.com/daily/r/?kid=a17a7110
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1. featHER / HERoic
2. courAGE / AGEnda
3. dispLAY / LAYover
4. keePER / PERsist
5. runOFF / OFFice
| ALSO BORN ON THIS DAY
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Joe Biden
president-elect of the United States
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November 20
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| FEATURED BIOGRAPHY
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| Selma Lagerlöf
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| FEATURED EVENT
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| 1910
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| Mexican Revolution launched by Francisco Madero
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Advertisement
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Advertisement
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| MORE EVENTS ON THIS DAY
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1998: American tobacco
companies signed an agreement with the governments of 46 U.S. states to
settle the states' claims for reimbursement of Medicaid funds they had
expended to treat smoking-related
illnesses, the settlement costing the tobacco manufacturers $206
billion beyond the $40 billion they had agreed to pay four other states
in 1997. [
Test your knowledge of human health.]
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| ADVERTISEMENT |
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America's Worst Nightmare
Americans
will bear the burden of the debt bubble and the next big political
event. This new financial system could wipe out your savings.
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Biden won... and the threat of losing
50% or more of your retirement
savings just got critical.
Dear Fellow Americans,
With Biden As President elect, has your anxiety subsided? It shouldn't have, unless you can you afford to lose 50% or more of your retirement savings.
Are you ready to give up the life you've grown accustomed to? No
more outings to restaurants, golfing with your friends, spoiling your
grandchildren. Are you ready to go back to work? Do we not value freedom
and liberty anymore? Are we ready to become a nation that is not
allowed to dream anymore?
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On Fox News, Portman Urges Elected Officials Not to Play Politics with People's Lives By Sowing ...
This evening on Fox News's The Story with Martha MacCallum, Senator Portman applauded the Trump Administration's Operation Warp Speed, which ...
| FOX |
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| NEWS |
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| Trump faces economic redline **Want FOX
News Halftime Report in your inbox every day? Sign up here.** On the
roster: Trump faces economic redline - Warnock's faith top target ... |
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November 20th, 2020
 | | The mania has just begun… |
| Just this morning
I saw articles by YahooFinance, CNBC and Reuters reporting similar findings.
The last time this happened, you could have made 400% in just 24 hours. Read More › | | |
 | | The COVID Feedback Loop
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In the first of a three-part series published by Bank of America, the
bank's global economist Ethan Harris looks at the theoretical feedback
loops and trends linking the economy and coronavirus,... Read More › | | |
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