Thursday, March 11, 2021

BREW AND HEADLINES

Daily Brew

TOGETHER WITH

Policygenius

Good morning. The first round of the Greatest Product of All Time tournament is here, which means we’ll begin narrowing down the field of 64 contenders to crown the one and only GPOAT.

It’s sure to be a wild day of upsets, buzzer-beaters, and a few tears. Here are some key matchups to watch.

  • Legends region: #8 New York Yankees hat vs. #9 Bud Light, #2 Lego vs. #15 Denny’s Grand Slam breakfast
  • Unsung Heroes region: #3 Duct tape vs. #14 Kleenex, #6 Intel chip vs. #11 Velcro

How to play along: First-round voting will take place exclusively on our Twitter account beginning at 9am ET. So read your Brew, sip your brew, then go vote!

MARKETS


NASDAQ

13,068.83

- 0.04%

S&P

3,898.81

+ 0.60%

DOW

32,297.02

+ 1.46%

GOLD

1,725.10

+ 0.19%

10-YR

1.518%

- 7.80 bps

OIL

64.64

+ 0.31%

*As of market close. Here's what these numbers mean.

  • Markets: The Dow closed above 32,000 points for the first time ever, propelled by new data that showed inflation is under control (for now).
  • DC: Merrick Garland was confirmed as attorney general. The biz implications? In his confirmation hearing, he said that antitrust was his “first love.” 

COVID

We Woke Up on March 11, 2020, and...

One Eternity Later sign

365 days ago, Americans were confronted with a series of headlines that seemed to be lifted from a sci-fi novel: the NBA was suspended, Tom Hanks announced he had Covid-19 (we were still adding the -19 back then), and the WHO declared the novel coronavirus a global pandemic. 

It’s been a long year. Here are some of the most important numbers across business, the economy, and public health to put things in perspective.

Health: Nearly 118 million people globally fell ill with the coronavirus, and 2.6 million people have died. In the US, almost 528,000 people have died due to Covid; a year ago today, the US death toll was 38.

Vaccines: More than 321 million vaccine doses have been administered in 118 countries. 1 in 4 adults in the US have now received their first vaccine dose, per the White House.

Stimulus: Including the latest stimulus bill, DC will have spent more than $5 trillion on emergency aid for Americans over the past year. For reference, Obama’s stimulus package following the Great Recession was $840 billion.

Jobs: Despite adding 379,000 jobs last month, the US economy is down 9.5 million jobs from pre-pandemic levels in February 2020. Some companies hired like crazy, though—Amazon was bringing on an average of 1,400 new workers a day last year. 

Stocks: The S&P 500 has climbed more than 50% in a year, and the Nasdaq, which is focused on tech companies, has jumped more than 75%. Stocks that were primed for at-home life soared (Etsy +368%), while those that weren’t...still soared (Norwegian Cruise Line +206%).

Businesses: Loads of new businesses emerged from the pandemic wreckage—487,577 to be exact, says Yelp. That number is only down 14% year-over-year. 

Looking ahead...tonight, Biden will deliver his first prime-time address to the country to mark the occasion.

        

Roblox

Roblox, an online multiplayer video game platform, popped 7.75% in its public debut yesterday to close with a market cap of $38 billion. 

The backstory: Roblox is a free platform that allows players to create their own mini games. For example, one user might construct an obstacle course that another can attempt to complete, or a performer could host a concert like Lil Nas X did last November.

Kids love it

With an estimated 199 million monthly active users as of January, more than half of which are under the age of 13, the game is more popular with the youths than saying “yeet” for no reason. 

  • It’s also been minting money. Roblox generated $923.9 million in revenue last year, primarily through the sale of virtual in-game currency called “Robux.” And although it has yet to turn a profit, the company expects to rake in between $1.44 billion and $1.52 billion in 2021 revenue. 

Bottom line: Roblox went public via direct listing, a stiff-arm to the traditional IPO process and its hefty investment banking fees. This method ensures that company shareholders themselves, not investment banks, capture more of the stock’s gains.

        

ECONOMY

What a Relief Package

Yesterday, the House followed the Senate’s lead and passed President Biden’s enormous $1.9 trillion Covid relief package. He’s expected to sign it into law tomorrow. 

As we wrote earlier this week, this bill is more focused on giving money to governments and individuals rather than businesses. But it does provide billions in relief to some struggling sectors, including...

Restaurants: The bill contains a $28.6 billion “revitalization fund” that will dole out grants to cover pandemic-related revenue shortfalls. Lobbyists for the sector say it’s lost $255 billion during the social distancing era. 

Event venues: They received $1.25 billion in grant money, on top of the $15 billion the live entertainment industry secured in the stimulus package approved in December. The “Save Our Stages” campaign rallied support from lawmakers and high-profile artists, pointing out that you can’t sell a takeout concert.

Airlines: American Airlines told 13,000 employees who had received furlough notices to "tear them up" following the passage of the bill, which provides more funding for the Payroll Support Program.

Zoom out: Other businesses like gym operators were miffed they were left out of this round of support, arguing they were subject to the same restrictions as restaurants and entertainment venues. 

        

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GRAB BAG

Key Performance Indicators

Google Trends map

Google Trends

Stat: Searches for “fully vaccinated travel” jumped 750% and “CDC guidelines for travel” spiked 650% on Tuesday, per Google Trends. You can see where everyone’s going on the map above.

Quote: "It is never a good idea to invest in a SPAC just because someone famous sponsors or invests in it or says it is a good investment.”

The SEC warned investors about celebrity-backed SPACs, saying that just because a famous person endorses it, it’s not necessarily good for you. Wish we woulda known that before ordering that oil diffuser made of Swarovski crystals...

Read: Open up a time capsule by reading our newsletter from March 12, 2020, which recapped all the craziness of the previous day. (Morning Brew)

        

ENERGY

Fukushima, a Decade Later

Fukushima, Japan, after the 2011 nuclear meltdown disaster

Shunsuke Kikuchi/Getty Images

Covid isn’t the only anniversary we’re remembering today. 10 years ago, the largest earthquake in Japan’s recorded history (9.0 magnitude) unleashed a massive tsunami. That tsunami flooded a generator that powered a cooling system at the Fukushima Daiichi nuclear power plant, causing three reactors to melt down. 

What happened next: the worst nuclear disaster since Chernobyl in 1986. More than 22,000 people died or went missing, and about 150,000 had to be evacuated. 

What it means now: Japan, which is the world’s third-largest economy and is committed to significant emissions reductions, is highly uneasy about nuclear energy. 

  • The government recently offered incentives to any towns that were willing to study hosting nuclear waste. Only two (out of about 1,700) took them up on it, and the home of the mayor of one of those towns was targeted by a Molotov cocktail. 

Zoom out: Some of that uneasiness around nuclear energy has spread to other countries since the disaster, including Germany. But other countries, including the US, France, and the UK, are more willing to consider it as a zero-emissions energy source. 

        

WHAT ELSE IS BREWING

  • GE’s big makeover continues. It’s merging its aircraft leasing business with Ireland’s AerCap in a deal worth over $30 billion.
  • Goldman Sachs pledged $10 billion over 10 years to support Black women.
  • McKinsey has selected Bob Sternfels as its new global managing partner. Sternfels will be tasked with restoring the consulting firm’s health following multiple PR bruisings.
  • Warren Buffett’s net worth hit $100 billion.
  • Lego sales boomed 21% last year.

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FROM THE CREW

Brew's Bookshelf

books

Francis Scialabba

Every other Thursday, Brew’s Bookshelf brings you a few of our favorite, business-related reads. In honor of Women’s History Month, we’re sharing some stories about women who rose to the top of the corporate world.

  • In Own It, Ellevest CEO Sallie Krawcheck reflects on a career with plenty of ups and downs to share her advice for succeeding in business and building financial security. 
  • Melinda Gates’s The Moment of Lift recounts her experiences at Microsoft and in the public health sector to show why lifting up women benefits everyone.
  • What I Told My Daughter by Nina Tassler is a collection of advice from prominent women in government, entertainment, business, and culture.

GAMES

Three Headlines and a Lie

Like a teenager trying to dupe their parents, our headline quiz effortlessly combines facts with fibs. Three of these headlines are real, but one is made up. Can you spot the fake? 

  1. "Trader buys $36 million of copper and gets painted rocks instead"
  2. "Lost volleyball officially becomes the fastest uncrewed vessel to cross Pacific Ocean"
  3. "Covid-19 inspires 1,200 new German words, like 'Gesichtskondom,' or 'Face Condom'"
  4. "A Brazilian entrepreneur is crafting bikinis out of tape to give customers perfect tan lines"

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ANSWER

We made up the volleyball one.



wreckage from Japan earthquake and tsunami of 2011
FEATURED EVENT
2011
Japan struck by earthquake and tsunami

READ MORE
Dorothy Gish
FEATURED BIOGRAPHY

Dorothy Gish

READ MORE
 


March 11


MORE EVENTS ON THIS DAY
COVID-19 pandemic
2020: The World Health Organization declared that the COVID-19 outbreak was a pandemic. [What's the difference between an epidemic and a pandemic?]
Michelle Bachelet
2006: Chilean politician Michelle Bachelet became the first woman to serve as the country's president as she was sworn into office. [Take our quiz of women's famous firsts.]
Madrid train bombings of 2004
2004: Madrid suffered a series of terrorist attacks when 10 bombs, detonated by Islamist militants, exploded on four trains at three different rail stations, killing 191 people and injuring some 1,800 others. [ Test your knowledge of European history.]
Lithuania
1990: Following a vote in the parliament, Lithuania became the first Soviet republic to declare its independence from the U.S.S.R. [Take our quiz about countries of the world.]
Mikhail Gorbachev
1985: Mikhail Gorbachev succeeded Konstantin Chernenko as leader of the Soviet Union. [ Sort fact from fiction in our Russia quiz.]
Douglas MacArthur
1942: During World War II, Allied forces in the Southwest Pacific Theatre came under the command of U.S. General Douglas MacArthur following his tour on the Bataan Peninsula in the Philippines. [ Test your knowledge of war personalities.]
SEE ALL EVENTS ON THIS DAY
ALSO BORN ON THIS DAY
1931
Rupert Murdoch
Australian-born American publisher
1936
Antonin Scalia
United States jurist
1978
Didier Drogba
Ivorian football player
1952
Douglas Adams
British author
1916
Harold Wilson
prime minister of United Kingdom
1950
Bobby McFerrin
American musician
SEE ALL BIOS ON THIS DAY


 
 

George Floyd Juror Dismissed Over Concerns Of Rioters Targeting His House

Sweet Gridlock Is the Path to Political Power

Watch Psaki Trying and Failing to Laugh Off Question from Fox’s Doocy

Gov. Abbott Goes Public After Biden Asks Texas for Help with ‘Illegal’ Program


Simply Patriot


Columnists
The Emperor Is Naked and Senile Too

Kurt Schlichter


Harry's Really to Blame Here, Right?

Larry O'Connor


Happy COVID Anniversary, We’ve Learned Almost Nothing

Derek Hunter


A Year Is Enough

Chris Stigall


Democracy Is Often Abused

Dinesh D'Souza



Rule by Left-Wing Lunatics

Ann Coulter


Journalism Is Using Qanon As a Crutch

Brad Slager


Some Final Thoughts on Reparations

Larry Elder


Identity Politics Goes Too Far

Emmett Tyrrell


ADVERTISEMENT
COVID Hypocrisy at the White House

Betsy McCaughey


Royal Posturing

Laura Hollis


How Long Can President Biden Hide From Real News Conferences?

John Kass


On the Pursuit of Tyrannical Policies and Zero-Risk Societies

Veronique de Rugy


Democrats Extending Cancel Culture to Congressional Republicans

Brian Darling


Nonprofit 'Disclosure' Requirements Are an Assault on the First Amendment

Jacob Sullum


Buyer's Remorse for Some Evangelicals

Cal Thomas


The Upside-Down World of the Left

Kevin Grieve


Free Your Thinking

Jackie Gingrich Cushman


Cultural Outrage

Armstrong Williams


“In God We Trust?”

Jerry Newcombe


Are Whites the Most Hated Race in America?

Will Alexander


Nebraska Abortion Darling Seeks to Allow Non-Physicians to Commit Abortions in Dangerous, Misogynistic Move

Kristan Hawkins



INVESTING
Amidst Global Warming Hysteria, NASA Expects Global Cooling


Tipsheet
'Written in Hell by the Devil Himself': The Bill Mike Lee Warns Will Cement Democratic Rule For Decades

Leah Barkoukis


The New York Times' Response to Tucker Carlson Yesterday Is Why the Left Can't Use the 'Snowflake' Attack

Matt Vespa


Why Michael Moore's Hot Take on Minimum Wage Is All Wrong

Beth Baumann


Number of Illegal Aliens Flocking to the Border Will Skyrocket After Biden's Adviser Made a Costly Slip-up

Beth Baumann


Sen. Tim Scott Is the Hero We Need to Save Us from the ‘Woke Supremacy’

Rebecca Downs


Trump Sounds Off on Biden's Vaccine Rollout

Beth Baumann


Xavier Becerra Would Be The Most Partisan HHS Secretary We’ve Ever Had, And He’s Not Even Qualified

Rebecca Downs


These Are the Stipulations CA's Largest School District Agreed to In Order to Reopen

Beth Baumann


Even CNN Is Not Buying the Biden Administration's Spin About the Ongoing Crisis at the Border

Julio Rosas


Peak Absurdity: A ‘Fact-Checker’ Thought they Just Had to Defend Joe Biden on this Particular Stumble

Matt Vespa


ADVERTISEMENT
Political Cartoons
Bearing Arms
NJ Man Arrested for Unlawful Gun Possession, Breaks No Laws | Bearing Arms Contributor

How Gun Control Moves Women's Rights Backwards | Mom at Arms

Op-Ed Gets Gun Rights And Constitutional Carry All Wrong | Tom Knighton

House Debates First Pieces Of Biden's Anti-Gun Agenda | Cam Edwards

Gun Control Activists Offer Snake Oil As "Innoculation" Against Violence | Cam Edwards

Trump Blasts Biden’s Handling Of Border Crisis

Trump Blasts Biden’s Handling Of Border Crisis

Here's What We Know >>

 
Learn more about RevenueStripe...
Lawmaker probes Biden Admin’s role in a $1 billion...

Lawmaker probes Biden Admin’s role in a $1 billion...

Read This Alert >>>

Jimmy Carter blasts election integrity bills backed by...

Jimmy Carter blasts election integrity bills backed by...

Read This Alert >>>


March 11th, 2021

Here Come the Trillions: Biden to Unveil The "Next Phase" Of COVID Response
Just hours after the House passed the Democrats' $1.9 trillion stimulus package (which will unleash another wave of "stimmies" that will... Read More ›
1 Serving After Dinner Flattens Your Tummy
Taking a few seconds to make this tiny change to your after-dinner routine teaches your body to start releasing belly fat once you fall asleep.
Take 1 Sip After Dinner To Help Flatten Your Tummy Overnight
Read More ›
Biden adviser: It's no coincidence border crisis erupted when Joe took office
 President Joe Biden and First Lady Jill Biden prepare to board Marine One on the South Lawn of the White House Friday, Feb. 26, 2021, en... Read More ›
Texas officially lifts mask mandate, much to Fauci's dismay
Texas officially lifted its state-wide mask mandate on Wednesday, much to the chagrin of the National Institute of Allergy and Infectious Diseases director -- Dr. Anthony Fauci.Republican Gov. Greg... Read More ›
Democrats' Abortion Funding in The COVID Bill 'Unprecedented', Pro-Lifers Say
Republican leaders and pro-life advocates condemned the massive coronavirus relief package that cleared Congress on Wednesday, telling the... Read More ›
Watch Psaki Trying and Failing to Laugh Off Question from Fox's Doocy
White House press secretary Jen Psaki tried to laugh off a question from Fox News reporter Peter Doocy about school closures and child migrant detention centers which are full during Wednesday’s media... Read More ›
Do you want to carry a gun?
Because of a legal loophole you can still download a certification for America's top CCW gun permit from this website. (And you don't have to leave your house to do it). Read More ›

New US Award Honors Anti-Corruption Advocates Around The World


Today's Top Headline

Cellphone Inventor, Martin Cooper- Reflects On The First Cellphone Call And Driven Innovation

 

Sponsored

Stay Safe & Protect Your Rights With This Simple Device...

 

Trending

Record Number Of Kids Are In Border Patrol Custody

"My Work Is Done"- Piers Morgan After Meghan Markle Formally Complained About His Criticism






 




FOX
Daily update March 11, 2021


NEWS

Nancy Grace to host crime series in new deal with Fox Nation
The long-running crime series returns to the Fox broadcasting network on Monday with Elizabeth Vargas as host. After each show, Grace's 'America's ...
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Fox News looks the other way as Biden's $1.9 trillion relief bill is passed
Fox's first mention of the bill's passage, which is widely considered to be a major early achievement for Biden, came in passing. Before cutting to a ...
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Nancy Grace to host crime series in new deal with Fox Nation
Grace also frequently appears on Fox News Channel to discuss criminal justice stories. Copyright 2021 The Associated Press. All rights reserved. This ...
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House passes landmark $1.9T COVID bill, delivers Biden first legislative win
Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. The House of Representatives Wednesday finalized a massive $1.9 ...
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Nancy Grace to host crime series in new deal with Fox Nation
Grace will host a weekly program on the Fox Nation streaming service that is tied to the return of "Americas Most Wanted." The long-running crime ...
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Border encounters top 100000 in February as migrant crisis spirals
A source told Fox News that the total border encounters for the month were 100,441. Two separate sources had previously told Fox the numbers ...
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White House press corps ushered away after asking Biden questions — again
Rep. Michael Burgess with reaction on 'Fox & Friends First.' CRUZ, HAWLEY BLAST BIDEN AFTER OVERWHELMED BORDER PATROL SHUTS ...
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Texas mayor: Border situation under Biden is 'going to get bad fast'
Fox News' Sam Dorman contributed to this report. Nikolas Lanum is a digital production assistant at Fox News.
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Take a spring lantern walk to benefit Fox Chapel Parks Conservancy
“Fox Chapel's parks are an essential component of the beauty and well-being in our communities,” Steele said. “In the last year, more families have ...
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WEB

Nancy Grace to host crime series in new deal with Fox Nation
NEW YORK (AP) — Veteran news anchor Nancy Grace will host a weekly program on Fox Nation tied to the return of “America's Most Wanted.”
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Sign-up for Our Newsletters
... Jobs at FOX 26 & My20 · Contact Us. This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX Television Stations.
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The Recount on Twitter: "Fox News Correspondent Peter Doocy asks WH Press Sec. Jen Psaki if ...
Fox News Correspondent Peter Doocy asks WH Press Sec. Jen Psaki if the Biden administration has a “messaging problem” with migrants at the ...
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