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TOGETHER WITH
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Good morning.
Morning Brew has been proud to offer same-day email delivery since our
founding in 2015. To make sure this newsletter is hitting your inbox
every morning, you can take the following steps:
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Thanks!
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Nasdaq
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14,141.48
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S&P
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4,224.79
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Dow
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33,876.97
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Bitcoin
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$32,021.15
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10-Year
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1.499%
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Dogecoin
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$0.18
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Here's what these numbers mean.
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Markets: The Dow posted its best day
in more than three months, with energy and industrials setting the
pace. Bitcoin prices continue to feel the heat from China's crackdown on
crypto mining, and dogecoin is going wherever the opposite of "to the
moon" is.
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Economy: Jerome Powell testifies before Congress today. In his prepared remarks, the Fed chair will echo last week’s press conference where he said the central bank expects inflation to fall back closer to its longer-term 2% target.
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College athletes scored another big W in their looooong quest to get paid for their work on the field.
Yesterday, the US Supreme Court ruled unanimously that the NCAA cannot stop colleges from compensating student athletes, as long as that compensation is tied to education.
So you won't
see your favorite running back receiving a salary (yet). But athletes
can now receive monetary benefits like tutoring, study abroad, academic
awards, and more.
The Xs and Os
Writing the
court's decision, Justice Neil Gorsuch explained that the NCAA, the
115-year-old organization that governs college athletics, is not exempt from antitrust laws put in place to promote fair competition. But it was Justice Kavanaugh who really skewered the NCAA with the passion of an aggrieved LSU baseball fan.
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“The bottom line is that the NCAA and its member colleges are suppressing the pay of student athletes who collectively generate billions of dollars in revenues for colleges every year.”
- “But
the student athletes who generate the revenues, many of whom are
African American and from lower-income backgrounds, end up with little
or nothing.”
Interesting fact: College coaches were the highest-paid public employee in 40 states in 2019.
For its
part, the NCAA claims that compensating student athletes would undermine
the “amateur” flavor of college sports, damaging fans' enjoyment of the
product.
But that argument is increasingly sounding tone-deaf
And
lawmakers are chipping away at the NCAA's stranglehold. At least seven
states have passed bills allowing college athletes to make money from
their names, images, and likenesses that go into effect next week.
Looking ahead...this
trickle of bad news for the NCAA could turn into a flood. If more
justices adopt Kavanaugh's aggressive stance, “It could only be a matter
of time before all of the NCAA's restrictions on compensation are
struck down as antitrust violations,” Tulane sports law administrator
Gabe Feldman told the NYT.
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Like Jon Snow, WeWork's making the most of its second chance. From April to May, the company sold more desks than it had cancellations, making it WeWork's best stretch for sales since September 2019, Bloomberg reported.
Although its occupancy rate has improved to 53%, that's still well below its former peak of ~70%.
Give WeWork some credit
After
shelving its IPO plans in 2019, it went from most-anticipated stock to
laughing stock. But then WeWork implemented tough-but-necessary changes
under the supervision of major investor SoftBank. It parted ways with
CEO Adam Neumann and dramatically cut expenses, including through
thousands of layoffs.
While the pandemic was initially a gut punch, it also offered the company a shot at reinvention. More
offices are looking for hybrid or remote-friendly setups, and WeWork is
once again poised to scratch the labor market's newest itch. The
company is already offering more flexible memberships with on-demand
booking and access to multiple locations.
Looking ahead...WeWork
is tracking for $1.9 billion in revenue and aims to go public this year
exactly how you'd expect: a $9 billion SPAC deal with BowX Acquisition
Corp.
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Giphy
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Steven Spielberg's production company, Amblin Partners, is speeding toward the future of entertainment with a new Netflix deal.
The company has agreed to produce two or more movies a year for the
streamer, some of which could be directed by Spielberg himself.
- The deal won't affect Amblin's current partnership with Universal, to which it supplies three-to-five movies a year.
This is a sign of changing times
for Hollywood: In a 2018 interview, Spielberg said this about
streaming: “You certainly, if it's a good show, deserve an Emmy, but not
an Oscar.” This year, Netflix received 36 Oscar nominations.
And Netflix wants more
The company
plans to release 70 movies in 2021—which may seem overly ambitious, but
streaming companies are in a sprint to stockpile the most, and best,
content. Just last month, Amazon acquired MGM, and with it the historic
studio's entire back catalog, including all the James Bond, Legally Blonde, and Rocky movies.
Bottom line: Striking a deal with Spielberg is a flex for Netflix; he has more Oscars under his belt than any other living filmmaker.
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SPONSORED BY LIQUID PISTON
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Investors, start your engines. Which engines? Specifically the ones made by LiquidPiston.
That name alone should get you revved up, but just wait until you learn how LiquidPiston is revolutionizing vehicle efficiency and electrification by reinventing the internal combustion engine.
Oh, and you can invest in that revolution.
Yep,
investing in their engine that is 10x smaller, 30% more efficient, and
can run a variety of fuels like hydrogen and diesel is totally something
you can achieve right here.
Having earned over $30 million in contracts and investments, LiquidPiston has its foot smashing that acceleration pedal.
Don’t miss your chance to ride LiquidPiston to the top of your investment portfolio.
Become an investor today before this round closes on June 25.
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Costco
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Stat: The number of Costco memberships is now higher
than the number of US households that pay for cable TV, according to
Bloomberg. The renewal rate was 91% last year, when Costco's stock
jumped 33%.
Quote: "My life isn't worth a dead-end job."
23-year-old Aislinn Potts of Tennessee told the Washington Post why she left her $11/hr job
at a national pet chain retailer to pursue her interests writing and
making art. She's not alone: More people quit the retail industry in
April (~649,000) than any other month on record.
Read: Covid proved the CDC was broken. Can it be fixed? (NYT Magazine)
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Thighstop
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Yesterday, restaurant chain Wingstop launched
a new virtual brand, Thighstop, selling crunchy chicken thighs. Alas,
Wingstop's embrace of the mighty thigh has not come about because
consumers finally realized they've been overpaying for the worst cut of
chicken.
It's because wings are in short supply. They've
been a popular takeout dish during the pandemic, but now that strong
demand is crashing up against a nationwide chicken shortage, prices are
flying. Wingstop's wholesale prices have risen from as little as 98 cents last year to over $3 now, according to the company's CEO.
Thighstop
won't just be a departure from Wingstop's namesake business. The company
will use its existing physical restaurants to prepare the meals, but
the menu will be available online only as Wingstop tries to keep its
"digital momentum" from the pandemic going.
- Digital sales now account for 65% of Wingstop's business and topped $1 billion last year.
Zoom out: Changing demographics have boosted dark meat's popularity in recent years. Thighstop may be as mainstream as it gets.
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Carl Nassib, a defensive end for the Las Vegas Raiders, became the first active NFL player to announce that he is gay.
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Sweetgreen filed confidentially for an IPO. And Soho House has kicked off the process of going public.
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Facebook rolled out its live audio product and a podcast tool.
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Exxon Mobil plans to cut its US workforce between 5%–10% annually over the next three-to-five years, according to Bloomberg.
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The NYC mayoral primary is today. Because the city’s using ranked choice voting for the first time, we may not know who won for weeks.
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Is it time to get a Bitcoin tat?
We have thoughts, but it’s safe to say crypto is here to stay. As a
result, it’ll call for more secure and comprehensive methods of trading
and storing. But before we get ahead of ourselves, get all the deets in
our latest article with Ledger, Will Crypto Rule the World?
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Tech Tip Tuesday: Try this free online photo editor as an alternative to Photoshop.
Get a load of these events: Emerging Tech Brew is talking robots and jobs on Thursday (register here), and next week Retail Brew is discussing transformations in the workplace post-Covid with Warby Parker co-CEO Dave Gilboa (register here).
Pike Place at the right time: Check out Starbucks’s complete training manual for an encyclopedia of coffee.
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Before you dig into today's trivia, first play our Brew Mini crossword puzzle.
Okay, this
one's a full-brain workout: We'll give you the name of the chapters to a
particular Wikipedia entry, and you have to name the entry.
Chapter titles: Plato's dialogues, Interpretations, Location hypotheses, Literary interpretations, Artistic representations
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Enjoying the Brew? Consider sharing it with a friend.
When you reach 3 referrals, you'll be invited to Monthly Exclusive Events with our co-founder Alex and the biggest names in business.
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June 22
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| FEATURED BIOGRAPHY
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| Meryl Streep
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| FEATURED EVENT
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| 1611
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| Mutiny against Henry Hudson
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| MORE EVENTS ON THIS DAY
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1969: In Cleveland the severely polluted Cuyahoga River
caught on fire when an oil slick floating on the surface ignited;
although it was not the first fire on the river, the incident garnered
national attention and led to antipollution measures that substantially
improved the river's condition. [Take our quiz about pollution.]
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June 22, 2021
AZ Senate to Adjourn BEFORE Audit Results – Not Scheduled to Reconvene Until 2022
The ‘National Task Force on Election Crises’ Isn’t Only Trying to End the AZ Audit…
39 NYPD cops recommended for discipline amid dropped charges against rioters
BREAKING: Arizona House passes bill that requires signature verification
Dems
Prep to Vote on Power-Grab, Despite Expected Failure
Iranian
Election Dashes Biden’s Hopes of Friendly Relations
SPECIAL: What
Are You Willing to Surrender for a Vaccine Passport?
NJ
School District Reverses Plan to Replace Holidays
Judge
Dismisses BLM Lawsuit Over Trump Clearing Rioters
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