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TOGETHER WITH
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Good morning. Yesterday,
two Connecticut lawmakers proposed making pizza the state's official
food. We all know Frank Pepe's is the GOAT, but pepperoni-for-pepperoni
does CT actually have the best pizza in the country? Hmmm....
In other news, don't write newsletters when you're hungry.
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NASDAQ
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13,610.54
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- 0.02%
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S&P
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3,830.17
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+ 0.10%
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DOW
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30,723.60
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+ 0.12%
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GOLD
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1,834.80
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- 0.02%
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10-YR
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1.139%
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+ 3.80 bps
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OIL
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55.96
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+ 0.48%
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*As of market close.
Here's what these numbers mean.
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Stimulus: President Biden said he’d be open to narrowing eligibility for $1,400 direct payments as part of his broader relief proposal, but he’s not backing down from that check size.
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Covid: New Jersey is allowing more capacity at indoor facilities and lifting a curfew on indoor dining. And California and New York announced plans to open mass vaccination sites at sports arenas, including Yankee Stadium on Friday.
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Francis Scialabba
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Let's all just soak in that image for a second before moving on.
Okay, ready.
Yesterday, Jazz Pharmaceuticals announced
a $7.2 billion acquisition of GW Pharmaceuticals, a company whose
product Epidiolex (a treatment for children with severe epilepsy) was
the first cannabinoid to secure FDA approval. Cannabinoid = drug derived
from cannabis.
The tie-up
is especially notable because pharmaceutical-grade cannabis products
tend to have an easier time with regulators than recreational products
like the cannabis-laced stroopwafels and cotton candy you can get in
states where pot is legal.
It’s one sign of broader momentum in cannabis
Cannabis stocks have been on a roll
since President Biden’s election, and bulls have high hopes that his
administration will soften the US’ harsh cannabis laws. Pot stocks
surged even further this week after three Democratic senators, including
Majority Leader Chuck Schumer, pledged to prioritize marijuana reform
in the current Congress.
- The ETFMG Alternative Harvest exchange-traded fund, which tracks cannabis companies, gained almost 10% yesterday alone.
Biden
himself has opposed complete legalization, and that’s key because,
without federal legalization, pot businesses will stay barred from
accessing the federally insured banking system.
The Beltway scoop:
Schumer has favored legalization in the past, but the cause could gain
momentum now that his party holds a majority in the Senate. Owen
Bennett, an analyst at financial services firm Jefferies, wrote in a
note to clients that he expects legislation in the not-too-distant
future that allows pot businesses to 1) use federally insured banks 2)
list on US exchanges and 3) access capital markets.
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Giphy
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Like
Commissioner Gordon beaming the Bat-Signal into the night sky, Italy’s
president is calling on his own Dark Knight, economist Mario Draghi, to save the country from its deepest economic crisis since WWII.
The enormous
task ahead requires less repelling and Krav Maga and more
relationship-building and inspired policymaking, which is great news for
a guy with Draghi’s experience.
- As president of the European
Central Bank during the continent's debt crisis, Draghi famously vowed
in 2012 to do “whatever it takes” to save the euro. And he’s widely
respected among Europe’s financial elite for doing just that.
- The Italian stock market rose yesterday following the news that Draghi would take charge.
Zoom out: Italy’s economy shrank almost 9% last year because of the pandemic, but even before Covid-19, growth was disappointing and national debt was escalating.
Looking ahead...if
Draghi is able to corral lawmakers into forming a new government, he’ll
have $240 billion in EU economic recovery funds to play with.
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Francis Scialabba
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MIT graduate student Anubhav Guha turned $500 into more than $200,000
in less than three weeks trading options on GameStop. Other amateur
traders paid off their student loans with their $GME earnings.
But as the
biggest finance story of 2021 continues to shake out, we’re starting to
learn that many bigger, institutional players also cleaned up on the
epic rally in meme stocks.
While Reddit forums were murmuring about GameStop, asset manager Fidelity was snapping up 10% of the retailer's total outstanding shares.
Those holdings would have been worth over $2 billion at the end of
January had it not sold off portions during GameStop’s rise.
Private
equity group Silver Lake and hedge fund Mudrick Capital also both
notched $100+ million gains on AMC, another Reddit favorite.
But the real winners have been market makers
Market
makers provide the plumbing for US financial markets, carrying out
trades on behalf of online brokerages like Robinhood. And the more
people trade, the more money they make. More than 93 billion shares changed hands last week, including a daily record 24.4 billion on Wednesday, per the FT.
Bottom line: Reddit traders were rewarded for their early faith in GameStop...but so were many of the pros.
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Bad IT can be a horrorshow.
If you’re a small or medium-sized company, you literally can’t afford
to be worrying about your IT infrastructure at all hours of the day.
We’ve got a lightning bolt of an answer for your IT needs: Electric.
Electric has helped over 400 small and medium-sized businesses
upgrade their IT strategies. They’re setting the new standard for IT,
and they’re doing it in ways that make sense for your small(er) biz,
from reducing your costs by up to 70% to lightning-fast helpdesk support.
Electric
wants to show you what they can do. Right now, if you’re an IT
decision-maker at a US-based company with 15-250 employees, they’ll give
you an Eero 6 home wi-fi system for free if you take a meeting with them.
IT doesn’t have to be scary. Get a free demo (and a free wi-fi system) from Electric here.
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Startups
have raised an alphabet soup of new rounds in the past few days. Here
are some interesting disruptors newly flush with cash.
Wine recs: Vivino, a wine recommendation app
for people who don’t know a Pinot Gris from a Pinot Noir, closed a $155
million Series D. Its user base has nearly doubled in the last three
years to 50 million as more people endeavor to identify wines beyond
their color schemes.
Grocery delivery: Imagine a more organic-focused version of Instacart and you get Good Eggs.
It’s an e-commerce service that delivers everything from groceries to
meal prep kits, all from local sources. It’s using the $100 million it
recently raised to expand in Southern California.
Preschool software: Former Shark Tank
contestant Brightwheel’s latest $55 million raise values it at $600
million. Brightwheel provides software for preschools and daycares to
communicate with parents, and grew its business last year despite most child care centers shutting their doors for a period.
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Giphy
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Both Sacha Baron Cohen and Netflix had a Wednesday morning for the ages—Netflix nabbed a jaw-dropping 42 Golden Globe nominations, while SBC picked up noms for his roles in both Amazon Studios’s Borat: Subsequent Moviefilm and Netflix’s The Trial of the Chicago 7.
To put
Netflix’s haul in a deep focus shot, 42 nominations = 35% of the total,
and 3x more than any other studio or network in either the TV or film
categories.
- David Fincher’s Mank and The Crown, both released on Netflix, earned the most nominations in either category, with six each.
Zoom out (lol): Netflix’s recognition reflects 1) its evolution in original content since the 2013 release of House of Cards,
its first original series, and 2) a new Hollywood landscape dominated
by streaming. Amazon and Hulu tied for the second-most nominations.
Wondering how Succession got snubbed? The pandemic threw a wrench in many shows’ production schedules, so TV favorites including the Roy family and The Marvelous Mrs. Maisel didn’t have an eligible season. As for the I May Destroy You snub...we have no explanation.
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Francis Scialabba
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Super Bowl
parties are a fantastic tradition—you get showered with compliments on
your eggplant dip, everyone gives their hot take on the halftime show,
and, if we’re lucky, there’s a thrilling football game to top it all
off.
This year,
the pandemic pretty much sacked Super Bowl parties. Many of us will be
watching the big game solo, or with our relatively small pod crews, who
we love...but it’s not the same as the typical queso-soaked bash. So to
make a distanced Super Bowl a bit more fun, we’ve spun up some articles
and guides to help get you through Game Day feeling a bit less lonely.
Check it out.
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The CDC director said that schools can open safely even if teachers aren’t vaccinated against Covid-19.
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Parler CEO John Matze said he was fired by the company’s board.
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PayPal said it processed a record $936 billion in payments last year.
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McKinsey
has reportedly agreed to pay a $573 million settlement over its role in
the opioid epidemic. The agreement will be announced publicly today.
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Daimler is splitting its truck and Mercedes-Benz car business into two separate public companies.
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Sigh of relief: Peeps are coming back by Easter.
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The stock
market has been a little less crazy this week...but not the news cycle.
Three of these headlines are real, and one we made up. Can you spot the
fake?
- "Nissan Altima makes a prominent appearance in Volkswagen Super Bowl commercial after creative agency mixup"
- "Six arrested after changing Hollywood sign to 'Hollyboob'"
- "US toddler to release debut album recorded in the womb"
- "Scientists have taught spinach to send emails and it could warn us about climate change"
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A Nissan Altima didn't actually sneak into a VW commercial.
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Biden’s
Press Secretary Scrambles to Cover Up His Latest Scandal
[COVID-19 Notice] Get Your FREE Face Shield
Here (sponsor)
CNN
proves the left can blame ‘climate change’ for ANYTHING
The
Person Presiding over Impeachment Trial Will Make you Sick
Graham
warns Dems against calling witnesses in Senate impeachment trial
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