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TOGETHER WITH
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Good morning. If
this were an Applebees, we’d be in the back prepping the chocolate
molten lava cake for our Sunday Edition’s birthday tomorrow.
For a little tease of what to expect: We're not saying we interviewed the man of steel, but we did interview a man of steel...and he’s got some business chops on and off the silver screen.
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MARKETS 1-DAY PERFORMANCE
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*Stock data as of market close, cryptocurrency data as of 7:00pm ET.
Here's what these numbers mean.
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Nation: A Capitol Police officer was killed
and another was injured after a man rammed into a barricade with a car.
The suspect emerged with a knife, and later died after being shot by
authorities.
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Markets: The stock market was off
yesterday, but crypto never rests. Ether, the second-largest
cryptocurrency behind bitcoin, jumped to an all-time high yesterday.
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Francis Scialabba
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The March
jobs report, released yesterday by the Labor Department, was like being
on a 12-hour flight next to a crying baby when the captain says, “We
have begun our descent.”
The economy added 916,000 jobs
in March, the biggest gain since last August and way up from the
468,000 added in February. The unemployment rate also ticked down from
6.2% to 6%, its lowest level since before the pandemic.
The biggest winners:
- Leisure
and hospitality = 280,000 jobs added. Newton’s third law says that the
sector that was battered the most during the pandemic also has the most
to gain from a recovery.
- Construction
= 110,000. Brew readers know the housing market has been on fire since
at least last summer, and in January home prices posted their biggest annual gain in 15 years.
Putting it in perspective
Economists
say this jobs report represents a turning point in the labor market’s
road back to health. Because not only was this the third straight month
of positive job growth...the future looks even brighter.
- The
vaccination rollout has ramped up, raising hopes that the public health
crisis that forced businesses to close could come to an end in the next
several months.
- The
economy basically just raised a $1.9 trillion Series E in the form of
Biden’s stimulus plan. Flush with pandemic-era savings and additional
$1,400 stimulus checks, consumers are ready to spend.
But we haven’t landed the plane yet. Of
the 20+ million jobs lost in March and April of 2020, 8.4 million have
yet to be recovered. And the number of Americans who’ve been out of work
for at least six months increased last month.
Looking ahead...with
the wind at his back, Biden wants to proceed full sail. The $2.3
trillion infrastructure proposal he introduced this week, literally
called the American Jobs Plan, would create 13.5 million jobs
by the end of his first term, as opposed to 11.4 million without the
plan, per Moody’s Analytics. But with the GOP and corporate America wary
of a tax hike, getting that done won’t be easy.
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Major League Baseball announced it was moving its All-Star Game
and the 2021 draft out of Georgia due to the state’s new restrictive
voting law. The All-Star Game, which was supposed to take place at
Atlanta’s Truist Park in July, had been planned since 2019, but the
league said Georgia’s law is at odds with its values.
Commissioner Rob Manfred elaborated on those values in a statement:
- “Major League Baseball
fundamentally supports voting rights for all Americans and opposes
restrictions to the ballot box. ...Fair access to voting continues to
have our game's unwavering support."
In response,
Georgia Gov. Brian Kemp said the league's decision indicates that
"cancel culture and woke political activists are coming for every aspect
of your life, sports included."
Big picture: This week, GA-based corporations including Delta and Coca-Cola came out forcefully
against the bill. But MLB’s is the first big action taken by a company
in order to inflict economic pain on the state. We’ll see if others
follow.
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Francis Scialabba
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In the US…the latest numbers from the White House: More than 100 million Americans
(almost a third of the population) have received their first dose of a
coronavirus vaccine, and yesterday the US administered 3.975 million
doses, a new daily record.
Around the world...150 countries have given more than 630 million doses. Nearly 50% of the UK population has received a first dose.
More headlines
Airplane mode: Vaccinated people just got the all-clear
from the CDC to start traveling recreationally again, which is great
news ahead of the busy Easter weekend. But the agency says to keep the
mask on and practice social distancing.
Florida, man: Florida Gov. Ron DeSantis issued an executive order yesterday banning “vaccine passports,” or documents that prove vaccination. If anyone still wants to show off, Recode reports that vaccine-themed merch is huge on Etsy right now.
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That’s what you’ll say to your pal, Richard, when you show him your new outdoor sofa from Outer.
Outer set out to create outdoor furniture that was a triple threat: bed-comfy, indoor furniture-stylish, and camping gear-durable. Everyone said the necessary fabric didn’t exist...so Outer invented it. Outer’s performance fabric is stain, fade, and mold resistant.
Outer’s patented OuterShell® technology
rolls out over the sofa to protect it from dirt and debris, so there’s
always a dry, clean spot for Richard to sit. When the two of you settle
in for a chat, you can just tuck the OuterShell behind a cushion.
And...just in case Richard gets on your case about sustainability: Outer uses materials from recycled plastic bottles.
It’s a great time to invest in your home and an even better time to hang out on a comfy sofa in your backyard. Do both with Outer.
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Stat: At
least 55 of the largest companies in the US, including Nike, FedEx, and
Salesforce, paid no federal corporate income tax in the most recent
fiscal year, per a report
from the left-leaning research group Institute on Taxation and Economic
Policy (ITEP). How’d they get around it? Government tax breaks,
particularly from the 2017 tax bill and 2020’s CARES Act, according to
ITEP.
Quote: “People underestimate the difficulty of scaling ‘vibe,’ where WeWork has a proven talent."
Prof. Scott Galloway lays out a bull case
for WeWork, which is set to go public via SPAC at a $9 billion
valuation. When WeWork initially tried to go public a few years ago at a
valuation of $47 billion, Galloway said, “Any equity analyst who
endorses this stock above a $10 billion valuation is lying, stupid, or
both.”
Read: This is a story about how I lost $10,000,000 by doing something stupid. (Andrew Wilkinson)
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Giphy
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Mergers and acquisitions did gangbusters last quarter, breaking all-time Q1 records for global M&A and private equity-backed deals, according to Refinitiv.
- The value of pending and completed deals jumped 93% from Q1 2020, even though the number of deals only increased 6%.
- About half of M&A activity was US-based.
- Private equity deals worldwide rose 116% from last year, making this PE’s strongest Q1 ever.
What happened? Super
low borrowing costs, investors making up for lost time during the
pandemic, and everyone’s favorite acronym. SPACs, or special purpose
acquisition companies, accounted for ~28% of US dealmaking in the first
quarter.
- The largest SPAC deal to date happened in February, when veteran investor Michael Klein’s SPAC took Lucid Motors public in a $24 billion deal.
Looking ahead...the
current M&Amentum could slow down if SPAC mania stalls. The SEC is
ramping up oversight and, since the start of last week, four deals were
postponed, per Bloomberg.
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Giphy
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What do you
get when you combine BTS, Ariana Grande, Justin Bieber, and Demi Lovato?
One killer pop playlist, and now, a global powerhouse of a music
company. HYBE acquired Ithaca Holdings for about $1 billion yesterday, but unless you own some turntables, you might want a refresher on who these two audio giants are:
HYBE is
a South Korean music company formerly named Big Hit Entertainment. It
manages a little-known group called BTS, as well as other rising K-pop
artists like SEVENTEEN and TXT.
Ithaca Holdings
is Scooter Braun’s multi-label music empire. It oversees a) SB
Projects, which manages The Biebs, Grande, Lovato, and more, and b) the
country-focused Big Machine Label Group, known in part for its terse
breakup with Taylor Swift.
Zoom out: A
South Korean music company acquiring some of the US’s most prominent
labels, instead of the other way around, is a sign that the
entertainment industry has come out from the Hollywood sign’s shadow.
Looking ahead...HYBE
has ambitions to be a lifestyle brand with its hands in travel, real
estate, and more. It’s unclear exactly what that’ll look like, but if
BTS’s rabid “Army” fan club backs it, it’ll be big.
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Tesla delivered 185,000 electric vehicles last quarter, more than doubling up its deliveries from a year ago.
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John Krafcik is stepping down as the CEO of Waymo, the Alphabet subsidiary making self-driving cars.
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At least 50 passengers were killed when an express train derailed in Taiwan.
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The US and Iran have agreed to restart talks about returning to a nuclear deal, the State Dept. said yesterday.
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Francis Scialabba
Today's Brew
Crossword was created by our very own Toby Howell. If you know Toby,
then you know this puzzle is a must-play. If you don't know him...trust
the people that do.
Play the puzzle here.
+ Think you have what it takes to make your own crossword? Spoiler: You do. Check out our tutorial, and then be sure to submit. If we select your crossword, we'll also send you the iconic Brewneck sweatshirt.
You’ll
FUME at this Question the Media Just Asked Biden
REAL Right Wing Americans Fly the “Don’t Tread on Me”
Flag (sponsor)
McEnany
Reveals the SAD TRUTH about Any More Biden Press Conferences
U.S.
Special Ops Command Just Made the WORST Staffing Choice in History
Universal
Background Checks Are Dems’ “Guiding Light” to More Gun Control
SATURDAY 4.3.2021
BREAKING NEWS
These massive changes could dramatically affect your IRA/401k. Here’s what you need to know…
Click now to read more
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The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE:
You should assume the sender of this email has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this message and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service.
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WH Backs Plan to Vaccinate Illegal Immigrants While Americans Aren’t Vaccinated
“Rules-Based International Order” Is An Existential Threat To The US
John Boehner Kicks His Own Party While Its Down
Governor Pritzker Commutes Sentence of Double Murderer
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| ADVERTISEMENT |
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April 03
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| FEATURED BIOGRAPHY
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| Fazlur R. Khan
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| FEATURED EVENT
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| 1948
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| Implementation of the Marshall Plan
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SEE ALL BIOS ON THIS DAY
| MORE EVENTS ON THIS DAY
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2016: Private papers from a Panama
law firm were made public and revealed how wealthy clients concealed
their wealth and avoided paying taxes; the “Panama Papers” represented
one of the biggest leaks of confidential data.
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1922: American singer and actress Doris Day,
whose performances in movie musicals of the 1950s and sex comedies of
the early 1960s made her a leading Hollywood star, was born in
Cincinnati, Ohio. [Take our quiz about A-list actors.]
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