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TOGETHER WITH
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Good morning. We
couldn't let the Olympics pass by without adding some of the Brew's
special sauce. So we created the Business Olympiad, a competition in
which our readers will award medalists in various business-related
events, like best WFH flex and biggest business flameout.
The best part? Fans are not only allowed to attend, but encouraged. To participate, just head to our Twitter or Instagram after reading the news. Voting opens at 9:30am ET.
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Nasdaq
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14,836.99
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S&P
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4,411.79
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Dow
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35,061.55
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Bitcoin
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$38,124.56
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10-Year
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1.261%
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Ethereum
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$2,304.72
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*Stock data as of market close, cryptocurrency data as of 11:00pm ET.
Here's what these numbers mean.
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Markets: Stocks
begin the week at all-time highs, propelled by a wave of fantastic
earnings reports. And crypto surged last night, extending a winning streak that began when boosters Elon Musk, Jack Dorsey, and Cathie Wood endorsed cryptocurrencies at a conference last Wednesday.
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Covid: With the US facing yet another wave of Covid-19 infections, Dr. Fauci said the country was going in the “wrong direction”
in battling the pandemic. He also said booster shots may be needed for
the most vulnerable and that the CDC is considering revising its relaxed
mask guidelines in light of the Delta variant’s spread.
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Robinhood
execs gave a livestreamed presentation to the public Saturday, ahead of
the company’s much-anticipated IPO later this week.
Like many aspects of the company’s public offering, that isn’t normal.
Typically, this investor presentation, known as a “roadshow,” is given
behind closed doors to hedge funds and bankers to hype them up ahead of
the offering.
But Robinhood isn’t just trying to court professional investors, it’s trying to court you, the trader who has a non-finance job but loves to talk stocks in your group chat.
As part of its mission to “democratize investing,” Robinhood plans to sell as much as 35% of its shares,
or $770 million worth, directly to customers on its app. That will
allow individual traders to buy stock in the company alongside
professionals, and perhaps get ahead of any first-day “pop” in the stock
price.
Companies have historically reserved only 1%–2% of shares for customers, because what Robinhood is doing is risky. Here’s why:
- When
professional investors buy shares in an IPO, they tend to hold them for
a long time. Individual traders could sell the stock immediately.
- Robinhood
has experienced technical glitches in the past when trading volume is
particularly intense. Any snags during its IPO would be disastrous and
could potentially lead to lawsuits.
Even if the
offering does go smoothly, don’t expect a flood of companies trying to
replicate this model. As the app that single-handedly revolutionized the
world of stock trading, Robinhood has far greater name recognition with
the average investor than most companies and is uniquely positioned to
take advantage.
OK, back to the presentation
Did the
investors reveal anything interesting? Actually, yes. Robinhood CEO Vlad
Tenev said the company was considering offering retirement accounts, IRAs and Roth IRAs, through the platform. “We want to make first-time investors into long-term investors,” he said.
Looking ahead...Robinhood
will price its IPO on Wednesday night and start trading on Thursday.
It’s aiming for a valuation of around $35 billion.
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Francis Scialabba
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Jacek Olczak, the CEO of Marlboro maker Philip Morris, told The Mail yesterday that the company will stop selling cigarettes in Britain in the next 10 years.
Yeah, we did a double take too, but it is not fake news: Olczak is urging the British government
to treat cigarettes like fossil-fuel cars and basically regulate them
to death (the government is banning the sale of gasoline-powered
vehicles in 2030).
So how will that work from a business perspective, exactly? Philip
Morris wants to transition to a “healthcare and wellness company” where
half of its sales come from non-smoking products.
- The
company currently generates a quarter of its revenue from alternatives
such as its electronic IQOS device that heats tobacco instead of burning
it.
- Earlier this month, Philip Morris said it would buy Vectura, a company that makes asthma inhalers.
Big picture: Critics
say the public shouldn’t trust cigarette companies to lead a campaign
that would ban smoking, especially when they’re still marketing
cigarettes in lower income countries where most of the world’s smokers
now reside.
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A = antitrust
With last week’s nomination of Jonathan Kanter to lead the DOJ’s antitrust division, President Biden has assembled a three-headed beast of a team to take on Big Tech’s market dominance.
Let’s look at the players.
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Jonathan Kanter: He’s a private lawyer who’s represented companies, like Yelp, that have accused Google of abusing its position to quash rivals. A favorite of progressives, he has criticized the current antitrust framework for years.
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Lina Khan: The
new chair of the Federal Trade Commission is just 32, but she could
fill libraries with her writings on antitrust policy. Her 2017 paper, Amazon’s Antitrust Paradox, put her on the map as a fresh thinker in the space.
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Tim Wu: The
Columbia law professor now serving on the National Economic Council has
encouraged the government to break up Facebook. He thinks the Obama
administration, which he also worked for, was too lenient in letting some tech mergers slide.
Zoom out: Some
of these folks have been so vocal with their criticisms of Big Tech
that they might be asked to recuse themselves from investigations over
conflicts of interest. Facebook and Amazon have asked Khan to step back
on any matters involving their companies, while Google could ask the
same of Kanter.
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This summer, your little feetsies can make big statements with the shoes that are back after a 26k waitlist. That's right. CARIUMA’s crazy comfortable sneaks are hittin’ the streets with statements like these.
Statement numero uno: style. In your OCA Canvas sneaks, you’re telling the world that you have impeccable taste in lightweight, super comfortable footwear. Fair warning: People will stare at you—in a good way.
Which brings
us to statement two: eco-friendly. Now that you’ve captured the
attention of, well, everyone, you can tell them that not only are your
shoes fabulously fashionable, they’re fabulously sustainable. CARIUMA sneaks are super comfy, like walking on a cloud made of bubbles, and they come in summer shades like Rose, Green, and Yellow.
Just make sure you grab your CARIUMAs and get 15% off some Brew-approved sneaks before we grab them all (or before there’s another 26k waitlist).
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Wally Skalij /Los Angeles Times via Getty Images
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Stat: The opening ceremony of the Tokyo Olympics drew just 16.7 million viewers in the US, down 37% from Rio 2016 and the smallest audience for the event in 33 years.
Quote: “I’ve
been trying to find some silver linings and I guess one of the good
things that I tell myself is that the next Olympics is only three years
away now instead of four.”
American
beach volleyball player Taylor Crabb described what it felt like to
train for years to compete in the Olympics only to be quarantined
in a Tokyo hotel room. Crabb tested positive for Covid-19 when he
arrived in Japan on Sunday and can’t leave the country for 10 days.
Read: Can Silicon Valley find God? (New York Times)
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Francis Scialabba
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Earnings: More than a third of S&P 500 companies will report
their Q2 results this week, including Tesla, Facebook, Amazon,
Microsoft, Alphabet, McDonald’s, Starbucks, and Boeing. Q2 earnings are
projected to have increased 74% annually, the biggest rise since Q4
2009.
Fed meeting: The central bank surprised the business world last meeting when it said it would hike interest rates by 2023. Will we get some information on its bond-buying program this time around? Tune in Wednesday.
Economic data: GDP for the second quarter will drop on Thursday. It’s expected to show the US at peak growth—9.7%.
Everything else:
- Lots and lots of Olympics
- The NBA Draft is on Thursday. So is Lollapalooza.
- Wanna feel old? Harry Potter turns 41 on Saturday.
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Olympics rundown: Golfers Jon Rahm and Bryson DeChambeau tested positive for Covid-19 and are out of the competition. USA men’s basketball lost to France, its first loss at the Olympics since 2004. Russia topped the US women’s gymnastics team in qualifying. A math PhD took gold in a historic cycling upset.
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GM and its Cruise subsidiary sued Ford to stop it from calling its hands-free driving tech “BlueCruise.”
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Crocs sued Walmart, Hobby Lobby, and other companies for copying the “iconic design” of its shoes.
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Armani sales increased 34% in the first half of 2021, but said revenue wouldn’t get back to pre-pandemic levels until next year.
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The Dixie Fire,
California's biggest fire and one of 86 major fires burning out west,
destroyed dozens of homes in the northern region of the state.
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This company’s got the juice. Blendid
recently signed a deal with Jamba to deploy robot-operated smoothie
kiosks around the country. Each kiosk is expected to generate
$200k–$400k annually. You can get in on the juicy action by investing in Blendid today.*
Eye makeup that screams ‘I got 9 hours of sleep.’ This mascara
will instantly wake up your eyes with lashes so long, people will think
you’re wearing extensions. No wonder it has over 16,000 5-star reviews.
Brew readers can get 10% off, just point your peepers here.*
Dive back into the week:
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Shallow dive: Basketball robot
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Medium dive: Football robot
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Deep dive: Why we’re blind to the color blue
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Cannonball: I breed pigeons that are bred and trained to steal other pigeons. AMA.
*This is sponsored advertising content
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Kriss Kross: The feedback for our new Kriss Kross game has been hugely positive. If you haven't played, see what the hype is about.
Final Jeopardy
Yes, you absolutely must phrase your answer in the form of a question for full credit.
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New
COVID Panic May Derail Tokyo’s Rescheduled Olympics
Amazon
Bribes Landlords for Keyless Access to Apartments
SPECIAL: Do
You Want to Win $25,000 in Trump Silver Coins or Just Cash?
Newsom
Begs Homeless to Move to California
Modern-Day
Marxists Vindicate Cold-War McCarthyism
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| e  | Former Obama Doctor Predicts Biden Will Resign Or Be Removed ‘At This Point’ | | During a Fox News appearance on Thursday, former White House physician Ronny Jackson, who served for both President Obam [...] | | |
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| | Former Obama Doctor Predicts Biden Will Resign Or Be Removed ‘At This Point’ | | During a Fox News appearance on Thursday, former White House physician Ronny Jackson, who served for both President Obam [...] | | | |
[New] I’m Joe Biden, And I Forgot This Message (SPONSOR)
July 22, 2021
Photo: Ina Fried/Axios
Axios' Ina Fried reports from Tokyo: I'm at Ariake Gymnastics Centre, site of the men’s gymnastics final.
- This a temporary venue — explaining the unfinished wood seats, which make this look like the world's biggest and most complicated IKEA set.
Keep reading.
| 1 big thing: It's not working
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Data: CDC. Chart: Axios Visuals The graph above shows the wrong kind of "flattening the curve." - The COVID vaccination rate tailed off, and Anthony Fauci warned on CNN's State of the Union: "We're going in the wrong direction."
It's in everyone's interest to persuade the unvaccinated to get the jab, rather than shame them. Chris Christie said it exactly right yesterday on ABC's "This Week": - "What they don't want
is to be indoctrinated — they're willing to be vaccinated," the former
New Jersey governor said. "And so let's be smart about this."
- "I think that
one of the places where our leaders have fallen down is they're not
explaining it," Christie added. "They're just saying: Get vaccinated.
... [T]hese folks do not respond to being ordered to do those things."
Christie said he had a "very smart guy" visit him who said: "I don't want the government telling me what I have to do." - "It's a libertarian type
of response," Christie said. "I sat with this guy and I walked him
through the facts, and then he said: 'OK, I'm going to go get
vaccinated.' That's what we need to be doing."
There are lots of reasons the vaccinated need to worry more about the unvaccinated, Axios health care editor Tina Reed writes: - Breakthrough infections
— infections in vaccinated people — are still rare, and few are
life-threatening. But COVID's continued circulation makes them more
probable, and helps give rise to new variants.
Some experts fear the COVID rebound could slow economic growth. - In a note to investors, Bank
of America economists Stephen Junaeu and Anna Zhou say Delta is
expected to shift consumer behavior, including a "sharp pullback in
services spending," Insider reported.
Keep reading.
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2. Left warned not to get greedy
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President Biden speaks Friday in Arlington, Va., for gubernatorial candidate Terry McAuliffe. Photo: Evelyn Hockstein/Reuters
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Joel Benenson, who
led polling for President Obama, tells me liberal Democrats are
endangering the House majority in next year's midterms by trying to load
too much onto President Biden's spending packages. - Why it matters: Benenson
has years of data showing that the more lawmakers add to a massive
piece of legislation, the less likely that swing voters will swallow it.
And, as Benenson put it: "You gotta win the middle to win."
Lemme tell you a secret: You know someone who agrees with Joel Benenson? President Biden. - I'm told Biden
firmly believes that politically, the country lives in the middle.
He'll resist pressure from the party's muscular left to add elements to
his proposals that could sink them.
Benenson did polling on infrastructure in 2019 in six crucial states: Colorado, Florida, Iowa, North Carolina, Pennsylvania and Texas. - The takeaway: Overwhelming
majorities, of all political stripes, support infrastructure spending.
Support is strongest the closer it's connected to their lives — Benenson
is big on broadband and clean water, both in the Biden plan.
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3. China's cold greeting for Biden
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Deputy SecState Wendy Sherman and her delegation meet her Chinese counterpart today in Tianjin. Photo: China's CCTV via AP
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China came out swinging at face-to-face talks with
Deputy Secretary of State Wendy Sherman, blaming the U.S. for a
"stalemate" in relations and calling on America to change "its highly
misguided mindset and dangerous policy," AP reports from Tianjin, China. - Why it matters: Sherman,
America's No. 2 diplomat, is the highest-ranking U.S. official to visit
China since President Biden took office. The world's two largest
economies are at odds over a host of issues, including technology,
cybersecurity and human rights.
Axios between the lines: China continues to lecture Washington, like in Alaska in March, testing Biden’s mettle. Clearly synchronized: Also this week, Secretary of State Blinken travels to India, and Defense Secretary Lloyd Austin becomes the first member of Biden's Cabinet to visit Southeast Asia. - Austin, in a keynote speech in
Singapore tomorrow and in meetings in Vietnam and the Philippines,
"will call out aggressive Chinese behavior in the South China Sea," Reuters reports.
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A message from Google
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Google’s AI-driven security protects billions of people
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We keep more people safe online than anyone else in the world by blocking malware, phishing attempts, spam messages, and potential cyberattacks.
We’re partnering with public and private sectors to develop and implement security technologies to make us all safer.
Learn more.
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4. Ina's Tokyo diary
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Photo: Ina Fried/Axios  In photos: Day 3 highlights ... Axios Olympics Dashboard.
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5. Conservative courts could rescue tech
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Illustration: Brendan Lynch/Axios
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The Biden administration's push to increase
competition in the technology industry could be on a collision course
with a formidable obstacle: the courts, Axios' Kim Hart writes in her "Tech Agenda" column. - Why it matters:
Regulatory-agency actions — whether adopting new rules or bringing
enforcement cases against companies — are almost always challenged and
litigated in the courts.
As president, Donald Trump appointed 226 federal judges, leaving a huge mark
on the judicial system, particularly appellate courts. Conservative
judges across the country tend to take a narrower view of antitrust law
focused on proving "consumer harm" to justify antitrust enforcement. What's happening: Proponents of taking antitrust measures against Big Tech were dealt a huge blow last month when a federal district judge dismissed the FTC's December complaint against Facebook. - That ruling has
made progressives push harder for Congress to enact stronger antitrust
rules while giving additional clarity and authority to the key agencies —
the FCC, DOJ and FTC.
Keep reading.
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6. Exclusive poll: Deep divide over trans athletes
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Data: Momentive. Chart: Connor Rothschild/Axios Americans are deeply divided over how transgender athletes should compete in Tokyo, with no option coming close to a consensus, Oriana González writes from an Axios/Momentive poll. - While 39% of people
say transgender athletes should compete against others of the gender
they were assigned at birth, 20% say they should compete against others
of the gender with which they identify.
- 14% say trans athletes shouldn't be allowed to compete at all, and 23% say they don’t know.
The big picture: This
year's Games include at least 142 athletes who are publicly part of the
LGBTQ community — "more than have participated at all other Summer
Games combined," Axios' Jeff Tracy reports. Our thought bubble,
from Axios' Ina Fried: Polling is one way of assessing how people feel,
but not all issues boil down to how things poll. Many people see this
as a matter of fundamental human rights.
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7.  New business risk: Post-ransom lawsuit
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"Companies that have been locked out of their
computer networks by hackers are now getting sued by consumers and
workers claiming they were hurt by lax cybersecurity," the WashPost's
Gerrit De Vynck reports. - Why it matters:
"Cybersecurity lapses at major companies have led to class-action
lawsuits and settlements in the hundreds of millions of dollars."
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8. First look: Don Jr., DeSantis edge for '24
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Data: Fabrizio, Lee & Associates. Margin of error: ±3.46%; Chart: Danielle Alberti/Axios Don Jr. and Florida Gov. Ron DeSantis top a poll — provided first to Axios — gauging the popularity of seven key GOP figures. Tony Fabrizio of Fabrizio, Lee & Associates, who was pollster on both of Donald Trump's presidential campaigns, concludes: We
found Mitch McConnell’s image has significantly improved since
February, while Kevin McCarthy’s has remained consistent but positive.
Liz Cheney is incredibly unpopular, while Matt Gaetz and Marjorie Taylor
Greene have positive images but are largely undefined and driven by the
far right of the party. Ron DeSantis and Donald Trump Jr. are
well-known and very well-liked by most Republicans, doing best among
President Trump’s biggest supporters. Between the lines: Don
Jr. is the Trump child with the strongest connection to the base, and
the most political promise should he ever decide to run. And the results
reaffirm Ron DeSantis’ rise as an early 2024 front-runner should Trump
decide not to run.
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9. Sneak peek: Biden to tout ADA's bipartisan roots
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31
years ago today, President George H.W. Bush and Barbara Bush were
applauded by 2,000 people from disability groups who gathered for the
ADA signing. Photo: Bettmann Archive President Biden will highlight the
bipartisan roots of the Americans with Disabilities Act when he holds a
Rose Garden event today with Vice President Harris to mark the law's
31st anniversary. - Biden, a co-sponsor of the bill as a senator, will say that the ADA was a Democratic bill signed into law by a Republican president, George H.W. Bush, who was surrounded by both Democrats and Republicans.
Biden, who'll be joined
at the event by lawmakers of both parties, will note that more than
three decades later, leaders from across the aisle are standing together
again because the ADA is a product of passion and compassion — not
partisanship.
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10. Remembering Bob Moses
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Bob Moses speaks with a classroom of student volunteers in Oxford, Ohio in 1964. Photo: Steve Schapiro/Corbis via Getty Images Bob Moses —
a civil rights activist who was shot at and endured beatings and jail
while leading Black voter registration drives during the 1960s, and
later helped minority education in math — died at 86 in Florida, Axios'
Russell Contreras, an AP alumnus, writes in this AP obit. - Moses worked to dismantle segregation
as the Mississippi field director of the Student Nonviolent
Coordinating Committee, and was central to the 1964 "Freedom Summer," in
which hundreds of students went to the South to register voters.
The press-shy Moses, born
in Harlem, started his "second chapter in civil rights work" in 1982 by
founding the Algebra Project, including a curriculum Moses developed to
help struggling students succeed in math. - Former President Obama tweeted:
"Bob Moses was a hero of mine. His quiet confidence helped shape the
civil rights movement, and he inspired generations of young people
looking to make a difference."
Keep reading.
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A message from Google
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Google protects against cyber attacks with products that are secure by default
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As our nation faces alarming cyberattacks, we’re keeping billions of people safe online
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including Gmail’s anti-phishing protections, which block more than 100
million phishing attempts every day.
Learn more. |
Four Billionaires Issue Ominous Warning?
What do billionaires Warren Buffett, Paul Tudor-Jones, Stanley Druckenmiller,
and Bill Ackman all have in common? (Click
here to see their recent quotes.)
They're all warning about a major economic shift in America that now appears to
be in Stage 1 of its unfolding.
Why does this matter to you?
Because this phenomenon has a history of creating both enormous gains and
massive losses, depending on how you are positioned in the markets, and depending
on which assets you own.
A former Goldman Sachs banker named Dr. David Eifrig explains the full
story, in a brand-new analysis, right
here.
Eifrig says this "terrifying new trend" will radically change our country over
the next few years.
He adds that on one side will be those who understand what's happening
(including the four billionaires I just detailed), who take the necessary steps
– these folks will continue to get richer.
On the other side, says Eifrig... well... unfortunately, that's most
Americans... who won't understand what's going on... and will fall further and
further behind.
Take
a few minutes to get the facts for yourself.
Dr. Eifrig and his team have produced a brand-new analysis, which explains
everything you need to know, including exactly what these four billionaires are
saying, and the 4
Steps he strongly recommends you take right now.
We've posted Dr. Eifrig's brand-new work on our website. You can check it out
free of charge.
Click
here to view.
Gavin Newsom, the soon-to-be recalled Governor of California, blames a rise in homicides on legal gun...
DAILY NEWS - JULY 25, 2021
Earlier this year, Joe Biden made the troubling and inexplicable move to lift...
When recent Cuban protests broke out, White House officials did everything...
Infrastructure negotiations “will fall apart, and they need to fall apart” because...
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FEATURED BIOGRAPHY
Born On This Day
John Howard
prime minister of Australia
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FEATURED EVENT
1956
Suez Canal seized
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MORE EVENTS ON THIS DAY
1990: The Americans with Disabilities Act was signed into law by President George H.W. Bush; the legislation provided civil rights
protections to individuals with physical and mental disabilities and
guaranteed them equal opportunity in public accommodations, employment,
transportation, state and local government services, and
telecommunications.
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SEE ALL BIOS ON THIS DAY
Breaking News: Mark Levin Leaves The Audience Shocked
Employee With Down Syndrome Fired By Walmart Wins Discrimination Lawsuit
NFL Superstar On Woke Olympians: If You ‘Don’t Like The Rules, Why Are You Here?’
Woke Wake-Up Call? WNBA Players Reverse Course, Will Not Protest During National Anthem At Olympics
‘Silencing Voices’: LeBron James’ Company Blasts Olympics Over Rule Banning Medal Stand Protests
THE END
Influencer Reportedly Plunges 160 Feet To Death While Recording For Social Media
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