(Elijah Nouvelage/Getty Images) |
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Australia’s “right to disconnect” laws went into effect this week, enshrining Aussies’ right to ignore their boss outside work hours. Because slacking off is more relaxing when Slack is off.
Falling tech shares — especially chip stocks — knocked the S&P 500 and Nasdaq off their throne yesterday, ending the indexes’ strongest two-week stretch of the year. Investors seemed jittery ahead of Nvidia’s earnings tomorrow. |
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If it pleases the cart… Nearly two years after announcing their $25B supermarket mega-merger, this week Kroger and Albertsons head to court with regulators over the deal. Combining America’s second- and fourth-largest food sellers would create a $200B grocery goliath with 5K US stores and 720K employees. In February, the FTC sued to block the deal, which it said could hurt competition and lead to higher grocery prices. Kroger and Albertsons say they must combine to compete with Walmart, Costco, and Amazon.
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- Right back at ya: Last week Kroger sued the FTC in a move that antitrust experts called a stunt. The grocer argues that the agency's challenge is unconstitutional.
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Double-bagged: Because many Kroger and Albertsons stores are close to one another, regulators fear a merger could create localized monopolies and suppress wages.
- Supermarket heap: To appease regulators, Kroger and Albertsons agreed to sell ~580 stores to C&S Wholesale Grocers. The FTC says C&S, which owns 23 US supermarkets, can’t handle a deal that would make it the size of Trader Joe’s.
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Price check on everything… The portion of Americans’ income spent on food is at a 30-year high, with prices up ~21% since July 2020. The White House said that major grocery chains have been enjoying their highest profit margins in two decades. This month, VP Kamala Harris proposed a federal ban on grocery price gouging. But as consumers balk at checkout, national retailers like Walmart and Target have cut prices to reel ’em back in.
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Lower prices are a winning argument… that’s why everyone’s making it. With food costs at the top of many Americans’ concerns, both sides of the grocery-merger hearing are pitching their victory as a way to keep bills manageable. While regulators say that the merger risks further inflating food costs, Kroger and Albertsons said they’ll spend $1B on cutting prices if the deal’s approved. |
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Weight loss isn’t all about willpower. |
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Weight loss isn’t all about willpower. |
Your body, your blueprint… Losing weight isn’t the same for everyone. Weight Loss by Hims takes a holistic approach, assessing the underlying factors affecting your weight to provide a personalized treatment plan that works for you.
Customized and convenient… 100% online, with no office visits — a licensed medical professional will thoroughly review your intake information to build your weight loss treatment plan. Hims’ science-backed programs combine expert guidance on nutrition, movement and sleep with custom medication options, including compounded GLP-1 injections. Customers report losing over 11.7 lbs in their first month while on compounded GLP-1 injections through Weight Loss by Hims.1
Check-ins when you want with a care team, plus no insurance required. Discover Weight Loss by Hims today.2
1 Compounded drug products are not approved or evaluated for safety, efficacy, or quality by the FDA. Based on self-reported data from approximately 1400 Hims customers on a personalized treatment plan including compounded GLP-1 injections, along with a reduced calorie diet and exercise. Customers reported their weight at their initial medical consultation and their first check-in approximately 4 weeks later. Stopping weight loss treatment has been shown to result in weight regain.
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Electric van-couver… Canada’s taking a cue from the US with new tariffs on China-made EVs. In June, President Biden said the US would hike duties on Chinese EVs to over 100%, arguing China was "flooding global markets with artificially low-priced exports." Now Canada’s following suit with its own 100% EV tariff (plus a 25% duty on China-made aluminum and steel). Canadian Prime Minister Justin Trudeau said China isn’t “playing by the same rules” as its competitors.
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- Charged up: Last year, Canada's EV imports from China surged more than 5x at its largest port in Vancouver, as Tesla shipped Shanghai-made Model 3s and Model Ys.
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Full speed: Canada’s tariffs, which go into effect in October, could expand to include Chinese chips, battery parts, and solar panels.
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EV overdrive… China produces over half the world's electric vehicles. Its EV dominance has been driven by lower labor costs, hefty government subsidies, and cheaper batteries. Now countries are laying down speed bumps to curb oversupply. In May, EU regulators hit Chinese EV makers with a 38% tariff, but last week they recalculated duties for each company (Tesla got a significant slash). The tariff hikes come as countries try to protect their auto industries from budget Chinese competition: China’s BYD (one of the world’s biggest EV makers) plans to launch its $10K electric Seagull in Europe next year.
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Moving fast can make others furious… While China says its souped-up EV production keeps prices low and supports the shift to eco-friendly cars, other governments argue it undercuts competition. It’s not just a global issue: China’s oversaturated EV market has caused problems for domestic carmakers too. Local competition has sparked a price-slashing war that’s squeezed profits. China expects 100+ new EV models to hit the market this year. |
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As Apple dismantles its walled garden, other services revenue could become more important. Read more. |
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Stranded: Boeing’s Starliner will return to Earth without the astronauts it ferried to the ISS in June (their stay was supposed to last nine days). They’re now set to return on a SpaceX craft in February.
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2BR: The Justice Department sued property-management software company RealPage, alleging it shared sensitive info and enabled landlords to collude on maximizing rent prices for millions of Americans.
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Sando: Subway introduced a limited-time $7 footlong promo (down from ~$10), a sign that inflation trumps alliteration (RIP, $5 footlong). Rivals like McD’s and Wendy’s have also recently launched meal deals.
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Returned: PDD Holdings, the parent of Chinese ecomm titan Temu, said its sales growth slowed, and it gave a drab outlook. The stock dropped nearly 30% yesterday, its worst day ever.
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Surge: A Dutch watchdog fined Uber $324M (a record penalty for both Uber and the Dutch org), saying the ride-hailer didn’t sufficiently safeguard drivers’ data. Uber plans to appeal the fine.
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S&P Case-Shiller home-price index
- Conference Board’s consumer-confidence indicator for August
- Earnings expected from Bank of Nova Scotia, Bank of Montreal, and Nordstrom
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Authors of this Snacks own shares of: Amazon, Nvidia, Tesla, Uber, and Walmart |
Advertiser's disclosures:
2 Not available in all 50 states. Weight Loss by Hims is a holistic program that includes nutrition support, technological tools, and compounded GLP-1s or medication kits including customized compounded medications prescribed based on what your provider determines is medically appropriate and necessary for you. See website for full details, important safety information, and restrictions, including online provider consultation requirements.
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
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