LAND OF THE CROOKED DEMOCRATS TRAITORS AND THIEVES
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| ADVERTISEMENT |
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Good morning. This Friday afternoon will be the most Friday afternoon-est of all Friday afternoons.
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NASDAQ
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11,918.79
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+ 2.83%
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S&P
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3,523.30
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+ 2.32%
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DJIA
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28,436.81
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+ 2.12%
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GOLD
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1,950.90
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+ 2.88%
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10-YR
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0.778%
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+ 0.90 bps
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OIL
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38.61
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- 1.38%
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*As of market close
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Election update: They’re still counting votes
in a few states (including Nevada, Pennsylvania, and Georgia), and as
of last night the electoral college leader Joe Biden still hasn’t hit
the magic 270 number yet. Will today be the day?
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More election: In an evening speech, President Trump repeated numerous unfounded claims of voter fraud in an effort to discredit the election process.
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Markets: After another day of going up and to the right, U.S. stocks are on pace for their best week since April.
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Sarah Silbiger/Getty Images
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In a week
filled with a crush of push notifications and 72pt font headlines,
yesterday the Federal Reserve decided no news is the best news.
Following its November policy meeting, the central bank is sticking to near-zero interest rates (already the plan through 2023) and running inflation
at a 2% average. To kickstart a slowing economic recovery, the Fed will
also continue flexing its quantitative easing muscles, buying assets
like mortgage-backed securities and U.S. Treasuries to put around $120
billion/month in circulation.
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Reminder: The Fed handles monetary
policy, manipulating the money supply to shape macroeconomic conditions
like inflation and employment. Congress, on the other hand, sets fiscal
policy—taxing and spending.
Fed Chair
Jerome Powell acknowledged the rising wave of Covid-19 cases is
"particularly concerning" and the path forward "extraordinarily
uncertain." But against the backdrop of an undecided election, the Fed
wasn't expected to make big changes.
This election has personal implications for Powell
While the
Fed's Board of Governors has two open seats that require Senate
confirmation to fill, they've been empty for years, and the bigger
question is who takes over as chair when Powell's term ends February 2022.
The leading
pick may be *drumroll please*....Mr. Jerome Powell. The bespectacled
banker was appointed to the board by former President Barack Obama in
2012 and made chair by President Trump in 2018. Over the last eight
years, he's built a lot of capital on the Hill ;).
- Unlike previous chairs,
he's held long talks and swapped secret handshakes with lawmakers on
both sides of the aisle. That bipartisan goodwill helped Congress
entrust the Fed with a prominent role in the CARES Act pandemic
response.
Powell has
also pushed for more transparency with the public, doubling the number
of press conferences about monetary policy, setting up a "Fed Listens"
series, and leaning more into conversations about inequality in the U.S. economy.
Big picture: For
investors, the Fed chair can be just as (if not more) important than
who sits in the Oval Office. Even after this election ends in 2135,
Powell may not be going anywhere.
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Francis Scialabba
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Yesterday,
two companies’ earnings reports revealed a pair of consumer trends that
have endured in a year when nothing's certain.
Papa John's
The pizza joint reported
a fifth straight quarter of same-store sales growth. CEO Rob Lynch
added that sales spiked on Tuesday and Wednesday, as everyone gnawed on
pepperoni while watching Steve Kornacki defy the limits of human
endurance. That's not unusual when an election happens, but this year
delivery sales are continuing to soar as the election drags on.
Yeti
The premium outdoor brand reported revenue up 29% to $295 million and profit up a staggering 126% on increased interest in outdoor activities.
- Yeti has a loyal
customer base despite selling coolers that cost more than small
diamonds. It began in 2006 by targeting hunters and anglers, but has
since broadened to anyone who likes their coffee warm and their iced tea
chilled.
- Its reach has only grown during the pandemic, since outdoor recreation has become the safest recreation.
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Yesterday, Uber posted Q3 earnings that gave investors that "sure seems like this guy is taking a pretty roundabout route to the airport" feeling.
A Covid-induced plunge in business and consumer travel has hit Uber's core ride-hailing business hard.
- Gross bookings were down
53% year-over-year...which was actually an improvement over Q2 when
they dropped 75% yearly. Total revenue fell 18% to $3.1 billion.
Zoom out: Despite these numbers, this is a good week for Uber. On Tuesday, California voters approved
Prop 22, a ballot measure which challenged a state law that undermined
the foundational business models of Uber and other gig economy
companies—the classification of drivers as independent contractors, not
employees. Uber shares popped 15% Wednesday on news of the victory.
Speaking of gig economy companies...the
Prop 22 win gave DoorDash and Instacart a boost as they both eye IPOs
later this year. EB Exchange Funds Managing Partner Larry Albukerk told CNBC
he's seen serious demand for both companies in the private markets,
though Uber's and Lyft's stock charts since going public in 2019 don't
inspire much confidence.
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The Washington Post/Getty Images
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ESPN is laying off
300 employees and letting 200 open positions go unfilled, chairman
Jimmy Pitaro said yesterday. That's equivalent to roughly 10% of the
network's workforce.
What happened? The
pandemic caused a "tremendous disruption in how fans consume sports,"
said Pitaro, which is to say we do it at our homes, by ourselves, and
less often than before.
- ESPN is paying more than
$7 billion for the rights to air live sports in 2020, the NYT writes.
But due to the Covid-19 outbreak, it basically had no games to broadcast
for four months of the year.
- And when live sports did return in the summer, TV ratings didn't return with them.
Broken record alert: The
pandemic accelerated pre-existing trends for many businesses, ESPN
included. Because of the pickup in cord cutting, the Disney-owned
network was already reorienting itself around direct-to-consumer
offerings, such as the streaming service ESPN+. These layoffs reflect
the ongoing shuffling of resources.
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Francis Scialabba
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The feeling
of getting a 5/5 on the Brew's Weekly News Quiz has been compared to
correctly pronouncing Chopin in front of all your friends.
It's that satisfying. Ace the quiz.
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New Covid-19 cases are at their highest levels in the U.S. and yesterday surpassed 114,000.
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Facebook removed a pro-Trump group that called for "boots on the ground."
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The DOJ sued to block Visa's $5.3 billion acquisition of fintech company Plaid.
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GM
reported a big earnings beat thanks to its popular trucks and SUVs.
Still, it was surpassed in market cap by Chinese electric vehicle maker
Nio.
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Bitcoin
has once again entered the chat, pushing past $15,000 to its highest
level since January 2018. Also yesterday, U.S. officials said they
seized $1 billion worth of bitcoin that was linked to the dormant darknet marketplace Silk Road.
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Vimeo, the IAC-owned video platform, is now worth $2.8 billion after raising $150 million.
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SPONSORED BY THE MOTLEY FOOL
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Francis Scialabba
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If you work
in retail or have a mild-obsession with DTC trends, make sure you read
Retail Brew, where our very own Halie LeSavage breaks down all the news
and insights retail pros need to know 3x/week. A few recent stories to
give you a taste:
Sign up for Retail Brew here.
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It's been a while since we went straight-up logic puzzle, so here it goes:
A girl meets
a lion and unicorn in the forest. The lion lies every Monday, Tuesday,
and Wednesday, and the other days he speaks the truth. The unicorn lies
on Thursdays, Fridays, and Saturdays, and the other days of the week he
speaks the truth. “Yesterday I was lying,” the lion told the girl. “So
was I,” said the unicorn. What day is it?
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Thursday
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