__I like million dollar deals, where's my pen?...__ Trick, I'm (Docu)signing. The latest trend accelerating in the corona-conomy: e-sigs (not the fruit vapor kind). Electronic signature icon __[DocuSign](https://robinhood.com/stocks/DOCU)__ topped earnings expectations for the quarter, as the WFH/lockdown life triggered a digital shift for businesses: 

- __DocuSign's sales grew 39%__ and it added 68K new customers, for a global total of 661K paying customers. 
- __The demand surge__ was driven by an increased need for eSignatures as you execute contracts from your parents' basement.
- __DocuSign CEO:__ "*We don’t anticipate customers returning to paper or manual-based processes*" — even when the corona-crisis is over. 

__It pays to be known...__ As the largest player in the e-signature world — with [70%](https://www.forbes.com/sites/robertdefrancesco/2019/05/19/docusign-aims-to-build-upon-its-25-billion-e-signature-opportunity/#5f6756eb4082) of the market — DocuSign was the first company many thought of when needing to remotely execute a contract. 

- __In 2018,__ it was [estimated](http://www.prweb.com/releases/2018/01/prweb15068518.htm) that less than 30% of all business paperwork processes are fully digital. Now, many are sending their John Hancocks over the ether. 
- __Google searches for DocuSign__ jumped 50% from February to March, when mandatory WFH policies started hitting.


_When you run out of free e-signatures on DocuSign_

Sign

__DocuSign is a shining example of the top-of-funnel strategy...__ Businesses flock to DocuSign for its free trial e-signatures — then DocuSign tries to sell them unlimited plans or its "Agreement Cloud," which includes a wider array of contract-management functions. The free e-sigs bring DocuSign traffic, attention, and gratitude — but [94%](https://seekingalpha.com/article/4352495-docusign-new-reality-fortune-maker) of its sales actually come from paid subscription services like unlimited plans and Agreement Cloud. 


DocuSign suggests e-signatures are here to stay, along with its "free sample" strategy

__Getting wahed of the curve...__ __Wahed Invest__ just [raised](https://news.crunchbase.com/news/new-york-based-wahed-raises-25m-for-islamic-investment-platform/) $25M for its Islamic investment platform, in a round led by __Saudi Aramaco__'s venture capital arm. The NY-based fintech calls itself the world’s first halal robo adviser. *Halal:* permitted under the laws of the Quran, the religious text of Islam.

- __Wahed identified a problem with the typical robo-adviser:__ Most investment firms will put money into large, market-tracking funds such as the S&P 500. Problem?
- __Many companies are at odds with Sharia law__ because of the products they sell — for [example](https://wahedinvest.com/ethical-investing/): companies that sell alcohol, pork, tobacco, or gambling products. 
- __Since Sharia extends to all aspects of life,__ including money and finance, Wahed solves the barrier for Muslims by screening investments for [Sharia-compliance](https://support.wahedinvest.com/hc/en-us/categories/115000852989-Shari-ah-Compliance).
- __Interest too:__ Companies with excess debt are also excluded, since Shariah forbids Muslims from earning or paying interest.

__Include Islamic finance in the wide world of Fintech...__ In its last financing round in 2018, Wahed was valued at $100M after raising $8M in seed funding. Since May 2019, Wahed has expanded from the US & UK to service over 100K clients across 130 countries. Last October it launched in Malaysia, a country governed by Sharia law.  

Raise

__This could be a big customized market opportunity...__ And Wahed [isn't](https://sifted.eu/articles/islamic-fintechs-europe-survive/) the only Islamic fintech trying to cater to the world's 2B Muslims. In an industry in which customizing to consumer needs is key, these companies could expand quick — especially in Sharia-governed countries like Saudi Arabia. But they'll still face massive competition from traditional banks.


Wahed raises $25M for its Sharia-compliant investment platform 

__Throw on the "Cross-Country" playlist...__ __[Thor Industries](https://robinhood.com/stocks/THO)__ is the impressively named owner of big RV manufacturers like Airstream and Heartland. Thor's slogan: "Go Anywhere. Stay Anywhere." — doesn't seem very feasible in the corona-conomy. But Thor stock is up 43% over the month because investors think RVs can make it possible:

- __Thor's sales fell 33%__ for the quarter ending in April — but, many RV dealers have reopened since then, and Thor restarted production at its North American plants.
- __Thor's CEO [says](https://www.wsj.com/articles/rv-maker-thor-lifted-by-first-time-buyers-amid-pandemic-11591629115?mod=lead_feature_below_a_pos1) sales picked up significantly in May__ after he took the time to actually call a bunch of dealerships.

__An aluminum box on wheels sounds appealing...__ when your Caribbean cruise was cancelled and you're terrified to get on a plane. Thor is seeing a growing number of first-time buyers and renters in 3 categories:

- __Vacationers:__ Rampant unemployment and virus fears have boosted RVs' appeal as cheap, sanitary travel options — pile the whole family in for a trip to Tahoe (mask optional). 
- __Mobile workers:__ A step up from the "work-from-car" trend — people are using RVs as mobile offices while they work remote 9-to-5.
- __1st time “home” buyers:__ Some are ending their leases and financing RVs instead (RV with ocean view is cheaper than house with ocean view).

_Summer 2020: the Caribbean cruise is cancelled_

Vacation

__Vacation demand is actually increasing...__ All the stay-at-home-ing has recently been unleashed in a pent up demand for travel. People aren’t waiting for a COVID-19 vaccine to go on vacation — we're seeing more road trips, and also more staycations at rentals: __Airbnb__ had [more](https://www.bostonglobe.com/business/2020/06/08/airbnb-joins-vacation-rental-sites-seeing-surge-demand/Y7Qax3drupdebsrWzMn0HK/story.html) US bookings from May 17 to June 3rd than it did for the same period last year. *More than the same period last year.*

RVs are back: Thor Industries soars on mobile vacations (and WFmobileH)

Dow Jones

S&P 500

Nasdaq

Bitcoin

10-Yr US Treasury

✍️ DocuSign's corona-conomy takeover 

__Just when it seemed like 2020 couldn't surprise us anymore...__ The May jobs report dropped. We were [expecting](https://www.cnbc.com/2020/05/28/jobs-data-shows-millions-went-back-to-work-but-unemployment-rate-for-may-is-still-expected-at-20percent.html) to get hit with a 20% unemployment rate, but were pleasantly surprised (rare 2020 occurrence): unemployment actually *fell* in May, and 2.5M jobs were added to the US economy — the largest monthly job gain on record.

- __May's 13.3% unemployment rate__ reveals that 1 in 7 Americans in the labor force can't find work — not exactly confetti-worthy news. But improvement from April is encouraging given the past quarantine-ful months.
- __The unemployment rate was 3.5% in February__ — then it jumped dramatically from 4.4% in March to 14.7% in April, when 20.5M Americans lost their jobs (a post-WWII high). 
- __A footnote in the jobs report__ indicates there could have been a "misclassification error" — unemployment may have been as high as 19.2% in April and 16.1% in May. Either way, it decreased significantly.

__May the (labor) force be with you...__ Over half of people laid off during the pandemic may be [earning](https://www.wsj.com/articles/may-jobs-report-coronavirus-2020-11591310177) *more* than they did at their jobs, largely thanks to stimulus checks and extra $600/week in beefed up unemployment pay. Americans' personal incomes actually [jumped](https://snacks.robinhood.com/newsletters/2sS10g2Vr8bBHTxXSaIGxl/articles/2xmu4pzB8cZ6rnal1iQRnk) 10.5% in April. While that might suggest a slower return to work, the latest stats are encouraging:

- __Restaurants and bars__ added 1.4M workers last month, or 56% of the overall May job gains. Construction, healthcare and retail also added jobs.
- __80% of the people who lost jobs__ during the corona-crisis expect the loss to be temporary.
- __But still TBD__ whether May's stats indicate positive future momentum, or just the bare minimum necessary to reopen the economy.

_Unpacking the jobs report_

Return

__The economy is still using training wheels...__ They get taken off on July 31st, when the beefed up unemployment benefits are scheduled to end. The US government has pumped trillions into aid programs for households and businesses — those will start to run out this summer. If we don't get a second COVID-19 outbreak and Americans feel safe enough to return to work, we could see a sharp decline in unemployment. But 2020 has a thing for surprises. 



The shocker May jobs report: largest monthly job gain ever recorded

- __Be my (e)bae...__ Like dating in the time of coronavirus, __[eBay](https://robinhood.com/stocks/EBAY)__ thrives on a virtual adrenaline rush. Shares of the OG e-marketplace hit an all-time high after it aggressively [raised](https://investors.ebayinc.com/investor-news/press-release-details/2020/eBay-Reports-Stronger-Volume-Growth-and-Raises-Revenue-and-GAAP-and-Non-GAAP-EPS-Guidance-for-Q2-2020/default.aspx) sales forecasts for next quarter (like outbidding yourself in an e-auction). EBay added 6M buyers in April and May, while small biz sign-ups surged 55%. Plus, there was perfect timing: eBay raked in $4B after selling ticket brand __StubHub__ in February, just before live events disappeared. 

- __Restock the Biscoff cookies...__ Airline stocks have [popped](https://snacks.robinhood.com/newsletters/7BlNIqvY4ohy1MtgRGqxKr/articles/GtLkoNokz6uPdh4586Z75) since Warren Buffett sold __[Berkshire Hathaway](https://robinhood.com/stocks/BRK.B)__'s entire airline stake (at a $3.B loss) a month ago. On April 16th, the volume of passengers traveling was 3.6% of last year's — on June 4, it was 15%. And by July, some airlines expect 50% of normal levels. These TSA stats, mixed in with economic reopening, sent stocks of America's 4 biggest airlines soaring: since May 7, __[American Airlines](https://robinhood.com/stocks/AAL)__ is up 95%, __[United](https://robinhood.com/stocks/UAL)__ is up 86%, __[Delta](https://robinhood.com/stocks/DAL)__ is up 58%, and __[Southwest](https://robinhood.com/stocks/LUV)__ is up 50% (insert Warren silently sipping Coke).




Highs

Who's up...

- __When you're called a slacker...__ Because everyone's just comparing you to __[Zoom](https://robinhood.com/stocks/ZM)__. Shares of __[Slack](https://robinhood.com/stocks/WORK)__ took a 14% plunge after the work messaging icon [reported](https://www.cnbc.com/2020/06/05/slack-stock-down-after-q1-earnings-slower-growth-than-zoom.html) 50% sales growth for its first quarter (compared with 49% the quarter before). Given the corona-conomy WFH frenzy, investors were expecting jaw-dropping numbers (like Zoom's 169% sales surge). With great hype comes great disappoint-ability. 

- __An apocalypse thriller...__ __[AMC Theatres](https://robinhood.com/stocks/AMC)__' headline-making [quarter](https://snacks.robinhood.com/newsletters/7nl8PEIlFGFKKefr2SL0WW/articles/30oszoyxCgWFTLfdGVVVdR/). The world's largest movie theater chain's 11K+ screens have been dark since March. In April, AMC suggested it had enough cash to make it until Thanksgiving. Now, it has "substantial doubt" about that — key issue: "We are generating effectively no revenue." AMC expects a $2B+ loss last quarter and even worse in the one we're in now. Its future depends on your choice to show up and studios choosing to make movies.

Lows

...and who's down

💼 April showers bring 2.5M May jobs 

__Warren Buffett just spat out his Coke...__ Exactly a month ago, the investment legend [sold](https://snacks.robinhood.com/newsletters/3o6fm1unqkQI9smatHu2oa/articles/26FCU1DkYrfGSkm5F7gNFJ/) __[Berkshire Hathaway](https://robinhood.com/stocks/BRK.B)__'s entire airline stake (at a $3.5B loss). Air travel was down 95% compared to 2019, and even long-term obsessed Warren gave airlines a vote of no confidence. But airline stocks have rebounded big since then:

- __Since May 5th,__ __[American Airlines](https://robinhood.com/stocks/AAL)__ stock is up 76%, __[Delta](https://robinhood.com/stocks/DAL)__ is up 59%, __[Southwest](https://robinhood.com/stocks/LUV)__ is up 45%, and __[United](https://robinhood.com/stocks/UAL)__ is up 62% — those are America's 4 largest airlines (and also the ones Berkshire sold). 
- __As the economy slowly reopens,__ airline stocks (along with other corona-conomy losers) have been some of the biggest gainers.
- __The hype for homebound stocks__ like __[Zoom](https://robinhood.com/stocks/ZM)__ and __[Slack](https://robinhood.com/stocks/WORK)__ has chilled — shares of both companies actually *fell* after they reported high-growth earnings (when success becomes boring). 

__But it all flies back to the data...__ Investors are focused on a fresh uptick in air travel, a trend that airlines believe will continue as summer approaches.

- __On April 16th,__ TSA checkpoint data revealed that passenger volume was just 3.6% of last year's. On June 3 (aka 2 days ago), that number rose to 13.6%. 
- __Airlines are adding more flights__ as demand picks up: American [plans](https://www.cnbc.com/2020/06/04/american-airlines-and-other-carriers-are-adding-summer-flights-as-passengers-slowly-return.html) to fly 55% of its domestic schedule in July, up from 20% in May.

"_You're in my middle seat_"

__Stocks rally because investors focus on the future...__ And the latest airline data suggests a slow (but steady) return to normalcy. COVID-19 still has no tangible solution. Trade tensions with China are bubbling. Civil unrest is breaking out nationwide. But the Nasdaq 100 just hit a record high and the S&P 500 is down only 8% from its February peak — all because investors are focused on a more blue-skied financial future. 

Airlines help explain the market rally — and their stocks are soaring to post-COVID altitudes 

__When you have the same name as a famous person...__ restaurant reservations come easier. __[ZoomInfo](https://robinhood.com/stocks/ZI)__ (*not* Zoom) is a subscription-based data service that companies buy for their sales teams. ZoomInfo's AI-powered database "crawls" the interwebs to retrieve the juicy deets that employees need to stalk their prey. And it takes a no-BS approach: the [slogan](https://www.zoominfo.com/) is basically "Hit Your Sales Number." 

- __Biggest tech IPO of the year:__ ZoomInfo shares [soared](https://www.cnbc.com/2020/06/04/zoominfo-rockets-over-80percent-in-first-tech-ipo-of-covid-19-era.html) over 60% in its Nasdaq debut yesterday — it's also the 1st tech IPO of the corona-conomy.

__Business reach relies on customer reach...__ And customer reach relies on the quantity and quality of info you have on your customers. ZoomInfo — which was formed out of DiscoverOrg — is trying to provide that:

- __15K customers__ use ZoomInfo's data fetching service to build out and reach their sales network — that automates things like building out org charts and collecting emails/digits of potential leads. 
- __Tech giants__ like __Salesforce__, __Oracle,__ and __Microsoft__ have integrated ZoomInfo with their own sales tools. Fun fact: 90% of the __Zoom Video__ sales team ironically uses the ZoomInfo platform to prospect (#meta).









_Crawling the interwebs for sales lead info_

__ZoomInfo is the dairy farmer...__ But it doesn’t control the milk (aka, the data). It highlighted a key risk in its IPO filing: “*We rely heavily on internet search engines.*” ZoomInfo's core subscription product depends on Google to reel in its customer-stalking info — but search engine algorithms can change, putting it at risk of losing its sales milk. 





Biggest tech IPO of the year: ZoomInfo's data-crawling biz valued at $13.4B

 🔎 Biggest tech IPO of the year

__Warner has got New Rules...__ as a [newly](https://www.reuters.com/article/us-warner-music-ipo/warner-music-strikes-a-chord-as-shares-pop-on-nasdaq-debut-idUSKBN23A1IN) publicly-traded company. __[Warner Music](https://robinhood.com/stocks/WMG)__ stock popped 20% during its first day on Nasdaq (ticker symbol WMG — so much for JAM). Warner owns major labels like  Warner Records and Atlantic Records, signing deals with Dua Lipa, Cardi B, and Ed Sheeran's vocal chords. 

- __It's the third largest of the music "[three-opoly](https://snacks.robinhood.com/newsletters/1WiwiJZ2IRsY4gKeFWU4um/articles/4sBaguWCpI98yjIJ31UiSz/),"__ after __Universal Music__ and __Sony Music__. Those two are owned by big conglomerates, making Warner the only pure-play "music stock."
- __It's the biggest American IPO in 2020__ so far — Warner saw enough market momentum to take its music public as the economy begins to pick up. 

__Thinking out loud...__ Streaming music success makes sense, but what about the blow from cancelled concerts? Warner did lose out on concert promotions and tour merch. Buut — streaming has been accounting for more of Warner's biz each year:

- __Recorded Music made up 86% of Warner's total sales__ in [2019](https://www.sec.gov/Archives/edgar/data/1319161/000119312520026877/d805716ds1.htm), and that was mostly thanks to streaming sales/licensing, which popped 23%.
- __Warner signs artists and negotiates__ with streamers like __[Spotify](https://robinhood.com/stocks/SPOT)__ to get paid on listens, then dishes out [40%](https://www.rollingstone.com/pro/features/warner-music-group-ipo-ar-costs-952821/) of that as artist royalties. 
-   __Warner had a 12% surge in recorded music__ streaming sales this April, fueled by heavy hitters like Dua Lipa's latest album. The more streams, the more $$$.

_Rolling into the (virtual) IPO_

__Music could be COVID-proof...__ Unlike __[Live Nation](https://robinhood.com/stocks/LYV)__ and __[Eventbrite](https://robinhood.com/stocks/EB)__, whose entire businesses rely on people attending live events, Warner can stay afloat on digital revenues. When big live events do return (could be a while), they'll provide some added bonus bucks. Live Nation actually put in a [bid](https://www.hollywoodreporter.com/news/live-nation-puts-bid-warner-173655) to buy Warner's Recorded Music division back in 2011 (now its FOMO has turned into just MO).

Warner Music soars on its first day of public trading: it's the Cardi IPO

__Best actor in a heating role...__ Cream of Mushroom. In March, we talked about how canned soup is making a [comeback](https://snacks.robinhood.com/newsletters/2p7mRmqVVFiLJPwVlHXfcT/articles/4SfcbHp5u7jngjQt0s9Kjd/)  — __[Campbell](https://robinhood.com/stocks/CPB)__'s CEO was (pleasantly) *shocked* at a 1% sales growth driven by Millennials. Campbell's latest quarterly [earnings](https://investor.campbellsoupcompany.com/static-files/b4749261-fee0-4189-a812-605173e0f271) reveal soup is still thriving: 

- __Campbell's soup sales soared 35%__ and total sales jumped 15% during the 3 months ending April 26 (aka, pre to mid corona-conomy).
- __Confidence soared 100%__: Campbell's CEO expressed newfound confidence that elevated demand will continue, and Campbell's raised its 2020 sales forecast.

__A tomato bisque timeline...__ Consumer behaviors shifted quickly and dramatically with the quick/dramatic onset of COVID-19: 

- __Pre-corona:__ For years, consumers moved away from uber-processed packaged products (soup sales fell for 7-straight years), opting for fresher and less unpronounceable ingredient-packed foods (the reason why __[Kellogg](https://robinhood.com/stocks/K)__'s acquired Rx bars).
- __Early-corona:__ As fear/lockdowns set in, consumers super-stocked up on cheap and nonperishable foods like canned soup and Kraft mac & cheese with expiration dates in 2038.
- __Mid-corona:__ When unemployment rose and the economy took a major hit, the move toward cheaper, non-perishable Big Foods brands (like Campbell, __[Kraft](https://robinhood.com/stocks/KHC)__, __[General Mills](https://robinhood.com/stocks/GIS)__) continued.



_Sticking with the packaged cookies_

Slurp

__Consumer behavior usually doesn’t change so quickly...__ But when it does, it could be *sticky.* It literally took a force majeure global pandemic and economic crisis to get people mass buying Campbell’s soup again. Now, even as the economy slowly reopens and summer brings warm, non-soup-friendly weather, Campbell's CEO [believes](https://www.cnbc.com/2020/06/03/campbell-ceo-expects-elevated-demand-to-continue-after-soup-sales-soar-35percent.html) the trend will stick. “We do expect the stickiness, if you will, of these behaviors to continue moving forward." *If you will.* 

Campbell Soup soars on corona-conomy buying shifts — now canned soup might be "sticky"

__Blame the Trolls...__ It's been a wild year for the world's largest movie theater chain — we'd never thought we'd cover so many __[AMC](https://robinhood.com/stocks/AMC)__ headlines in our lives. AMC's 11K+ movie screens around the globe have been closed since mid-March — now everyone is biting their nails over how this blockbuster will end:

- __In April,__ AMC shares soared on word it had enough cash to survive until partial theater reopenings around Thanksgiving — AMC also said it would raise $500M in debt.
- __A few weeks later,__  [drama](https://snacks.robinhood.com/newsletters/76jnSWZc6iKnCka8DwnCwj/articles/12pFjiFXKs4qKrpQFtdJav) erupted over the *Trolls World Tour* movie, which was a smash success after Universal released it straight to streaming. Then AMC banned all Universal movies from its theaters.
- __In May,__ rumors [swirled](https://snacks.robinhood.com/newsletters/3E2MYqmOkTAKbBTKPPKQw7/articles/4IOYTvbMXdjgzwwFYRqYdL/) around the possibility of an AMC acquisition by __Amazon__.
- __*Now,*__ AMC [says](https://www.cnn.com/2020/06/03/media/amc-theatres-business-coronavirus/index.html) it has "substantial doubt" that it can remain in business. Lots of twists.

__"We are generating effectively no revenue..."__ Not the first thing investors want to see in a regulatory filing. But as we know, public companies are required to be brutally honest about financials.

- __Sales fell 22%__ in the first quarter, and AMC expects to have lost between $2.1B-$2.4B.
- __AMC still believes__ it has enough cash to survive until a reopening "this summer or later." But opening isn't the only issue...

Watch

__No one can be 100% self-reliant...__ Most businesses are reliant on others in some form or other to continue doing what they do. Even if *movie theater* restrictions are lifted, *movie studios* could still hold back on production and new film releases. Plus, some consumers might not feel comfortable going back to stranger-packed theaters for a while. These factors are out of AMC's control — but their timing will determine how long it can survive.

AMC’s 1st quarter is a drama-filled apocalypse thriller — that could end in failure

🎶 The Cardi IPO

__Stan Smith meets Millennial HENRY...__ Didn't see it coming. Brand collaborations usually happen between companies that don't directly compete  — think: Spotify and Uber, Ben & Jerry's and Netflix, Cheetos and Forever 21 (a classic). But __Allbirds__ and __[Adidas](https://robinhood.com/stocks/ADDYY)__ are shaking things up: 

- __The Team:__ Adidas, the sportswear giant that's obsessed with stripes, is [teaming](https://www.engadget.com/adidas-allbirds-lower-carbon-footprint-sneaker-153232460.html) up with Allbirds, the Millennial-friendly footwear unicorn that's *obsessed* with sustainability.
- __The Situation:__ The carbon footprint of sneakers made with synthetic materials ranges from 11.3-16.7 kg of CO2 per pair, according to Adidas. Allbirds says its sneakers take about 7.6 kg of CO2 to produce (a leg up, in terms of sneaker footprints).
- __The Collab:__ "[Create](https://www.allbirds.com/) the lowest carbon footprint performance shoe ever, with the ultimate goal of a net-zero product." Nice. 

__Put those (sneaker) heads together...__ Adidas and Allbirds will join their resources to reach their carbon-reducing, performance-maintaining goal. But what's in it for each brand?

- __Adidas wants to expand its sustainability rep:__ It shipped a sneaker made from the ocean's plastic waste, and one made from 100% recyclable material (now its Yeezy brand is working on an algae-foam clog). Adidas also promised to use only recyclable materials by 2024.
- __Allbirds wants to expand its performance rep:__ Its Silicon Valley approved everyday shoes are made out of wool and sugarcane waste (VC vest not included), but now it wants in on your sweat game. In April it released a running shoe made of sugarcane and eucalyptus. Delicious.






_Not the biodegradable eucalyptus seafoam sneaker type_

__It's all about brand affinity...__ Although Adidas and Allbirds directly compete in the footwear market, they each get a key brand value they need out of this collab. Without having to do a full blown brand/biz makeover, Adidas gains affinity with Allbirds' sustainability market, while Allbirds' gets some street cred with Adidas' athletic/performance market. In an era where brand is everything, collabing with a rival could become fashionable.




Adidas and Allbirds' unusual sneaker collab — it's all about the "brand affinity"

__Two roads diverged in the social media world...__ And __[Facebook](https://robinhood.com/stocks/FB)__ and __[Twitter](https://robinhood.com/stocks/TWTR)__ are definitely not on the same one. Last Friday, we talked about the [Twitter feud](https://snacks.robinhood.com/newsletters/6gEsMVqlGxt5w2dRl1MD3H/articles/6DJORdl1tbZXO3RABAheOP) that erupted when Twitter labeled President Trump's tweet about mail-in voting "potentially misleading." *Now,* a new Twitter feud is [pitting](https://www.wsj.com/articles/facebook-employees-stage-virtual-walkout-over-trump-posts-11591034647) two social media giants against each other:

- __It all started__ with a Trump tweet calling looters "THUGS" who are "dishonoring the memory of George Floyd." The really problematic part: "when the looting starts, the shooting starts." Trump cross-posted on Facebook.
- __Twitter flagged and shielded__ the Minnesota riots tweet, saying it violated its policy against glorifying violence. Users now have to click a box and read the notice to view it (and it can't be retweeted).
- __Facebook left the post up as is__ — its policy is to refrain from fact-checking or removing politicians’ posts, but also to remove posts glorifying violence. Zuck controls 58% of FB's voting shares — unlike most CEOs, he has final say over everything (including this). So...

__FB employees (literally) left the chat...__ Some employees staged a virtual walkout over Zuck's decision. Think: shutting down MacBook, deleting Zoom, signing out of Workplace (FB's Slack copycat). Some even changed their internal company profiles to Twitter's logo. Their arguments:

- __Zuck said__ that despite finding the post "deeply offensive," it's "better to have this discussion out in the open." He argues that FB is helping democracy by not shielding the President's post.
- __Twitter argues__ it's helping democracy by shielding people from the President's post. See the problem?


_Leaving the (Facebook) chat_

Post

__Government regulation is Facebook and Twitter's biggest threat...__ And it's even bigger now that Trump [signed](https://snacks.robinhood.com/newsletters/6gEsMVqlGxt5w2dRl1MD3H/articles/6DJORdl1tbZXO3RABAheOP) an executive order threatening their immunity from legal liability for their users’ posts/actions. Despite Trump's consistent [portrayal](https://www.newsday.com/news/nation/trump-in-tweet-facebook-is-was-always-anti-trump-1.14284707) of Facebook as an antagonist, FB has an interest in getting on the government's good-ish side (avoid regulation). But despite their diverging stances, any regulation that applies to Twitter will likely apply to Facebook, too.

Facebook and Twitter are taking majorly divergent paths (and a "virtual walkout") because of Trump posts

👟 Adidas runs with Allbirds

__My lipgloss is droppin'...__ Kylie Jenner was a human unicorn (aka, a billionaire) — she may have lost her horn. In August 2018, Forbes celebrated Kylie with a glossy cover as she neared billionaire status thanks to the success of __Kylie Cosmetics__. An exclusive distribution deal with __[Ulta](https://robinhood.com/stocks/ULTA)__, which sells Kylie's $29 Lip Kits at 1K+ stores, seemed to seal it:

- __In March 2019, Forbes [confirmed](https://www.forbes.com/sites/natalierobehmed/2019/03/05/at-21-kylie-jenner-becomes-the-youngest-self-made-billionaire-ever/#38d025d22794)__ that the then 21-year-old beauty mogul was "The Youngest Self Made Billionaire Ever" (insert sad Zuck). 
- __In January 2020, Kylie brought home $600M__ after selling 51% of Kylie Cosmetics to 116-year-old beauty giant __[Coty](https://robinhood.com/stocks/COTY)__. 
- __The deal was valued at a snatched $1.2B__ — Kylie still owned 49% of the company, adding around $600M in value to her $600M cash (quick math: billionaire). 

__The truth is more Matte than Glossy...__ Forbes just published an [article](https://www.forbes.com/sites/chasewithorn/2020/05/29/inside-kylie-jennerss-web-of-lies-and-why-shes-no-longer-a-billionaire/#229454d825f7) titled "Inside Kylie Jenner's Web of Lies" (big tonal shift here). Financial filings from publicly traded Coty reveal that Kylie’s business is much smaller (and less profitable) than the media was led to believe:

- __What the Jenners told the media:__ Kylie Cosmetics did $307M in 2016 sales, $330M in 2017 sales, and $360M in 2018 sales.
- __What Coty revealed:__ Kylie Cosmetics did $125M in 2018 sales and $177M in 2019 sales. 
- __If the 2016/2017 numbers are true__ (the 2018 ones definitely aren't), Coty paid a fortune for a "high growth brand" whose sales shrank from $330M to $125M in one year — instead, Forbes thinks the tax returns it was shown as proof of value were likely forged.


_Questioning the Lip Kit_

Beautify

__Much more important than Kylie's billionaire status...__ Is it Securities Fraud? Publicly traded companies like Coty are required by law to report (accurate) financials each quarter to the [SEC](https://learn.robinhood.com/articles/1iinrIv3s01qSQVEBvYhNj/what-is-the-securities-and-exchange-commission-sec/). Public execs can be criminally charged for lying about company-related things (and misleading public investors like us). Buuut — since Kylie Cosmetics was *private*, what actually matters is whether the info presented to Coty in the [purchase agreement](https://www.sec.gov/Archives/edgar/data/1024305/000102430520000016/a101-purchagrmtkingkyl.htm) was accurate. And Coty signed it. 

Kylie Cosmetics may be worth much less than the media thought — but is it fraud?

__Words With Friends across the Atlantic...__ __[Zynga](https://robinhood.com/stocks/ZNGA)__ is the social gaming giant behind mobile hits like FarmVille, WWF, and Okey Plus. Okay, if you've never heard of Okey Plus, you probably haven't spent much time in Turkish coffee houses. 

- __Zynga just dropped a super-charged $1.8B__ to [buy](https://techcrunch.com/2020/06/01/zynga-acquires-turkeys-peak-games-for-1-8b-after-buying-its-card-games-studio-for-100m-in-2017/) Istanbul-based gaming company, __Peak Games__ — it's the first $1B+ acquisition of a Turkish startup. 
- __This isn't Zynga's first cruise down the Bosphorus:__ In 2017, Zynga snatched up Peak's mobile card games division (which includes rummy-style Okey Plus) for $100M.

__Spill the Raki...__ This acquisition is a huge growth opportunity for Zynga and its in-game buying biz (tokens, etc), as well as its smaller advertising biz (those things you accidentally click on mid-game):

- __Instant Success:__ Peak's Toon Blast and Toy Blast titles have more than 12M daily users combined and are among the highest-grossing games in the App Store — Zynga doesn't have to pour time and money into developing a hit-or-miss game (they're already hits).
- __Global Reach:__ Most of Peak's users are outside of Zynga’s home market (the US) — Zynga says cross-selling across Peak's users will boost its total daily users by 60%. Zynga thinks that'll win it a $40M sales boost for the year.

"_I will make this deck of cards turn into $1.8B_"

Play

__Zynga acquired its way back to relevance...__ And relevance is all about the "forever franchises" — aka, games that outlive fad-status. After its 2011 IPO, Zynga stock plummeted 80% in its first public year. But the stock has tripled over the past 5 years, because Zynga realized it doesn't have to consistently make popular games to offer popular games. It can buy them — and it's spent nearly $1B on acquisitions since 2017. 

Zynga drops $1.8B to acquire Turkey's Peak Games — biggest Turkish startup exit ever

💄 Kylie pulled a Luckin Coffee

__Like Benjamins in the freezer...__ Despite [41M](https://www.npr.org/sections/coronavirus-live-updates/2020/05/28/863120102/40-8-million-out-of-work-in-the-past-10-weeks) jobs lost in the past 10 weeks and a stunning 15% unemployment rate, Americans' household saving and personal income posted record *increases* in April. It's confusing, but it also makes sense. Check out these April stats:


- __Consumer spending plunged 13.6%__, *the biggest monthly decline on record*. Not surprising given nationwide lockdowns. Americans mainly spent on essentials given the economic uncertainty. Buut... 
- __Personal income jumped 10.5%__, thanks to $1.2K government stimulus checks and $600/week extra in unemployment benefits. According to a new study, [68%](https://fivethirtyeight.com/features/many-americans-are-getting-more-money-from-unemployment-than-they-were-from-their-jobs/) of unemployed workers who can receive benefits are eligible for payments *larger than* their original salaries. 
- __Wages and salaries fell 8%__ but that was more than [offset](https://www.wsj.com/articles/consumer-spending-personal-income-coronavirus-april-2020-11590701150?mod=hp_lead_pos4&mod=hp_lead_pos4) by unemployment/stimulus checks. *People made more money this April than last April, on average*. 
- __The personal-saving rate soared to 33%__ in April, meaning Americans saved 33% of their disposable income — *an all-time high*. That's a dramatic increase from 12.7% in March and is quadruple February's rate of 8.2%. 

__Americans are historically terrible savers...__ The United States is a more consumerist and debt-loving country with inequality that has many living on the financial edge. 

- __[78%](https://www.cnbc.com/2019/01/09/shutdown-highlights-that-4-in-5-us-workers-live-paycheck-to-paycheck.html) of US workers__ were living paycheck to paycheck in January 2019 — around [40%](https://www.axios.com/americans-emergency-savings-coronavirus-f11deffc-b8c1-48e0-a3db-0aeb3ce74fb9.html) of US households wouldn't be able to come up with $400 for an emergency expense.
- __Now that jobs and economic stability are far from a sure thing__, Americans are turning to saving as a survival instinct in a time of crisis.


_Checking out the emergency fund_

Save

__Too much saving could actually hurt the economy...__ A prolonged period of extra saving and conservative spending will slow the economic rebound — your not buying is someone else's [not earning](https://learn.robinhood.com/articles/29d9WQgPq119raQYS1Wm6H/what-is-gross-domestic-product-gdp). Crucially, the enhanced unemployment benefits and small biz loans keeping many afloat start to run dry in July. So we need some combo of economic re-opening, COVID outbreak control, and more government emergency assistance. Fast.


Americans have shockingly higher incomes than pre-COVID — what April meant for our wallets

- __Napping on the Pottery Barn couch...__ __[Williams-Sonoma](https://robinhood.com/stocks/WSM)__ is the CA-based home goods retailer behind Pottery Barn, West Elm and (wait for it...) Williams-Sonoma stores. Its stock surged 13% after unboxing some chic (*yet comfortable*) [results](https://ir.williams-sonomainc.com/investor-information/news-releases/news-release-details/2020/Williams-Sonoma-Inc-announces-strong-results-for-the-first-quarter-of-2020/default.aspx): despite closed stores, WS sales actually grew thanks to its online prowess (it's now calling itself: "digital first"). Ecommerce sales jumped 30% on lockdown-induced home makeovers.


- __Less CBD protein powder promos in-feed (please)...__ __[Facebook](https://robinhood.com/stocks/FB)__-owned Instagram will [share](https://snacks.robinhood.com/newsletters/712Ibsc2krjNf8bYFdUGZm/articles/5gQaNkwPYGtwKv3SL2WdnV/) ad revenue with influencers for the first time (ever). Insta will run ads on IGTV, then give creators a 55% cut of revenue from their vids (__[Google](https://robinhood.com/stocks/GOOGL)__ does the same with YouTube). This move could help Insta lure more famous creators (like big YouTubers) onto IGTV. Popular creators = popular content = more users = more ad $$$ for Facebook. YouTube got Zuck'd. 

- __A billion up in smoke...__ Earth's largest cannabis company, __[Canopy Growth](https://robinhood.com/stocks/CGC)__, took a [$1.3B](https://markets.businessinsider.com/news/stocks/canopy-growth-stock-recreational-pot-demand-sinks-amid-pandemic-marijuana-2020-5-1029264349) hit last quarter. The Canadian pot producer saw a 14% decline in direct-to-consumer sales, which it blamed on "off-peak seasonal demand decline" and COVID-related store closures. Canopy burned its 2021 financial guidance and its stock dropped over 21% on the buzz-kill news. 

- __When Liam Hemsworth can't extract you...__ Mobile-first streamer __Quibi__ may be running out of time to turn its "meh" reputation around. Two months after launching, the $1.8B "quick bites" streamer hasn't lived up to the hype. Now advertisers are [reportedly](https://www.wsj.com/articles/advertisers-seek-to-revise-deal-terms-with-streamer-quibi-11590519825?mod=djemalertNEWS) looking to defer payments over low viewership concerns. Those in-between moments in life Quibi was designed for aren't happening with COVID, so Quibi's adding AirPlay streaming in hopes that'll attract more at-home viewers.

Record-breaking April: Savings ⬆️ Spending ⬇️ 

__It started with a tweet...__ But the battle with social media giants has been #trending in DC for a while. On Tuesday, __[Twitter](https://robinhood.com/stocks/TWTR)__ (for the first time) flagged two of Trump's tweets with links for additional information, as Twitter deemed the words from the President about mail-in voting "potentially misleading." Then *yesterday*, Trump [signed](https://www.wsj.com/articles/trump-to-sign-executive-order-targeting-social-media-11590681930?mod=hp_lead_pos1) an executive order targeting social giants — TLDR: he's not a fan of Section 230:

- __Section 230:__ Beautiful name — it's part of Congress' Communications Decency Act — it gives social media companies two key (and somewhat contradictory) things...
- __Immunity:__ Social media companies have broad immunity from liability for their users’ posts/actions.
- __Moderation:__ Social media companies *also* have broad powers to moderate/remove content on their sites (this is the more contentious one #spicy). 

__If Trump's order succeeds...__ Without immunity powers, Twitter and __[Facebook](https://robinhood.com/stocks/fb)__ would have never grown into the giants they are today. If Facebook got sued every time someone posted something offensive or false, the 'Book would never have made it past Mark Zuckerberg's dorm room. Losing broad immunity would be disastrous for social media companies.

_Watching the Trump-Dorsey feud_

Order

__Investors didn't break a sweat...__ Despite being (pretty much) directly targeted with an Executive Order by the President of the United States, Twitter's stock moved only slightly downward (4% Thursday). Facebook, which is equally affected by the move, barely budged (it's near an all-time high). Why? 

- __Threats to regulate Big Tech have been hollow__ for years — despite all the fanfare since 2016, nothing much has changed. 
- __The order is likely going to be challenged__ in court and may get blocked for overstepping the executive power. Section 230 was passed by Congress, and likely requires congressional action to repeal.


Twitter barely budges after Trump targets social media giants with Executive Order

__Tuning into Russian ping-pong...__  __[DraftKings](https://robinhood.com/stocks/DKNG)__ took its fantasy sports app public juuust over a month ago. The sports betting company's stock has soared 85% since, even though live sports aren't happening right now (though ESPN *did* stream a [spelling bee](https://espnpressroom.com/us/press-releases/2020/04/espn-to-present-seven-hour-scripps-national-spelling-bee-finals-marathon-on-sunday/)). Yesterday, DraftKings [announced](https://www.fool.com/investing/2020/05/28/why-draftkings-shot-almost-6-higher-on-thursday.aspx) it'll start live-streaming sports events through its app. Despite the current state of live sports (almost none), investors are optimistic:

- __Unity is key:__ Live streaming in-app could significantly increase DraftKings' user engagement, in terms of both time and money spent in-app.
- __Live sports are (kinda) returning:__  The MLB is on pace to restart sooner than planned, and the NHL and NBA are looking to resume playoffs sometimes this summer. But...

__Live sports might be very different...__ DraftKings' push into streaming was pretty timely. We could be remote-watching big games played in empty stadiums for a while. Sports teams and stadiums will lose out big on missed ticket revenues, but sports *betting* probably won't change too much.

_Live sports 2020_

__DraftKings might be getting help from the corona-restless...__ Sports fans may be looking for ways to feel more engaged in games, now that the electric excitment and sound of a packed stadium is gone. Couple that with non-existent public social events, and it's not hard to see how couch-bound boredom could give DraftKings a boost. FYI, gaming peer __[Penn National](https://robinhood.com/stocks/PENN)__ is up 76% for the month. 

DraftKings surges after announcing live sports streaming (despite current lack of live sports)

😴 Twitter's unfazed investors  

__Less CBD lotions on your Insta feed...__ Something we can all get behind. And it might happen now that __[Facebook](https://robinhood.com/stocks/FB)__-owned Instagram is [adopting](https://www.cnbc.com/2020/05/27/instagram-ads-coming-to-igtv-with-revenue-sharing-for-influencers.html) YouTube's money-maker strategy: ad revenue sharing with content creators. It starts with IGTV, the one Instagram feature that you (probably) never use:

- __IGTV:__ Instagram launched the video app back in 2018 to compete with YouTube. You can use it separately, or directly through the Insta app to watch/upload up to 1 hour of video.
- __Insta will start running ads on IGTV,__ then give creators a 55% cut of revenue from their vids (__[Google](https://robinhood.com/stocks/GOOGL)__ has the same split for YouTube creators — #Zucked).

__This is a first...__ In 2019, Instagram made $20B on the ads it placed in your feed and between friends' stories — that accounted for 25% of Facebook's total revenue. But Instagram has never shared ad revenue with creators before (even though creators drive usage):

- __"Influencer marketing"__ is the main way creators can monetize their Insta followings — eg: "casually" posing with a tub of protein powder or an oversized watch in the Maldives.
- __"Revenue sharing"__ on IGTV gives influencers a 2nd (and possibly much larger) money-making stream for their personal brands.


Instagram: "_Beautiful day in Ibiza... also link in bio for this CBD wine_"

Stream

__It's all about the user-generated content...__ Creators follow the ad bucks. By intro'ing revenue-sharing, Instagram may woo more famous creators onto IGTV. More popular creators = more popular content = more users = more ad money for Facebook. If Instagram's 1B+ users start tuning into IGTV to see their favorite YouTuber, Alphabet (YouTube's owner) is in a Zuck load of trouble. 

Instagram will share ad revenue with influencers for the first time ever

__Bringing sex apeel to food waste solutions...__ __Apeel Sciences__ is like an anti-aging cream, but for your avocados. And it just [hit](https://techcrunch.com/2020/05/26/preventing-food-waste-nets-apeel-250-million-from-singapores-government-oprah-and-katy-perry/) a $1B+ valuation after raising $250M from investors like Oprah, Singapore's government, and Katy Perry (waiting for the invite to the investor conference);

- __Today, 40% of food grown goes to waste__, [according](https://apeelsciences.com/our-story/) to Apeel. And it's [worse](https://www.politico.com/news/2020/04/05/food-waste-coronavirus-pandemic-164557) in the corona-conomy: with restaurants and colleges closed, milk is being dumped and veggies are turning to mulch.
- __Apeel offers a food-preserving solution:__ Its proprietary plant-based product acts like a 2nd peel on your fruit's skin, slowing water loss and oxidation (aka, rotting). That can triple shelf-life of produce - so far this year, Apeel saved 20M pieces of fruit.
- __The catch:__ Right now, it's only "apeeling" avocados, asparagus, lemons, and limes. Eventually, it could expand to the wider world of fruits and veggies. 

__You can't buy Apeel (directly)...__ Apeel's customers are big grocery chains like Kroger that are looking to shrink their "shrinkage" — aka, how many fruits they have in store vs. how many they can actually sell (no one wants the mush avocado). By reducing food inventory that gets wasted, Trader Joe's can save big money.



_Best man wins the Apeel banana_

Preserve

__"Is this avo apeeled?"...__ If consumers start to ask that question, Apeel has won. Brand labels matter — if shoppers associate Apeel with 3X shelf life, it could gain consumer love (and even more investor $$$). Slapping a label on it for consumers like you and us could boost sales for Apeel, retailers, and fruit producers. 


The Unicorn that won't expire: Apeel raises $250M for food preservation

__"Disneyland on the streets"...__ What __Zoox__ [wants](https://www.wsj.com/articles/amazon-in-advanced-talks-to-buy-self-driving-car-tech-company-zoox-11590538611) to bring to the world — and don't call it a robo-taxi or self-driving car service: Zoox wants to build "an advanced mobility service." In 2018, the self-driving car company (sorry) hit a $3.2B valuation. Now, it might get acquired by __[Amazon](https://robinhood.com/stocks/AMZN)__ ... but reportedly at a lower value.  

- __Zoox tried to differentiate itself__ by bringing the triple whammy of autonomous vehicles together as one: self-driving, electric, taxi. That brought in big investment bucks. But now...
- __Bigger competitors are going for that same hat-trick:__ __[Uber](https://robinhood.com/stocks/UBER)__ acquired a self-driving startup, __[GM](https://robinhood.com/stocks/GM)__ snatched up Cruise Automation, __[Google](https://robinhood.com/stocks/GOOGL)__'s Waymo started testing self-driving taxis, and __[Tesla](https://robinhood.com/stocks/TSLA)__ has [said](https://www.caranddriver.com/news/a32159871/tesla-robo-taxis-still-coming-2020/) electric robotaxis will be ready this year. 

__Amazon might get Zoox at a discount...__ Investors aren't so hot on Zoox anymore now that all these bigger, better-funded companies are going for the robotaxi gold. Amazon is seizing the moment to level up its driverless tech ambitions, without having to build anything from the ground up. Zoox gets some much needed cash, and Amazon gets some much desired tech.



_When you can't get a Zoox_

Drive

__If automation is involved, Amazon is probably interested...__ Amazon is all about speed, effectiveness, and cost. Where it can cut out expensive humans for tireless robots, it likely will. 

- __In 2012,__ Amazon paid $775M to [acquire](https://pitchbook.com/news/articles/ma-flashback-amazon-announces-775m-kiva-systems-acquisition) robotics startup __Kiva Systems__ — now it has 10K of their robots in warehouses fulfilling orders (and potentially saving it billions).
- __Last year,__ Amazon invested $530M in self-driving tech company __Aurora Innovation__ — by acquiring Zoox, Amazon could get even closer to its goal of having driverless vehicles deliver its goods. 

Amazon might acquire a self-driving tech company to help automate deliveries

📸 YouTube gets Insta-Zucked

__To infinity, and Elon'd!...__ Cancel your Netflix plans — we’re tuning into [NASA Live](https://www.youtube.com/watch?v=21X5lGlDOfg&feature=emb_logo). Today at 4:33 PM ET, __SpaceX__ plans to [launch](https://www.theverge.com/2020/5/26/21266277/spacex-nasa-commercial-crew-dragon-demo-2-launch-human-mission) its first ever human passengers into space on the Crew Dragon (sounds like an EDM DJ — actually a reusable spacecraft). The Elon Musk-founded and CEO'd space company (valued at around [$36B](https://www.cnbc.com/2020/02/21/spacex-raising-250-million-elon-musks-company-valuation-36-billion.html))  is making history: 

- __For the first time ever,__ a private spacecraft (aka, not gov-owned) will be sending people to space — the Crew Dragon was developed by SpaceX as part of a NASA initiative to get companies' help with sending people to the International Space Station.
-  __For the first time in almost 10 years,__ astronauts will be launched into orbit from US soil. SpaceX has spent six years prepping for this moment — last year, the Crew Dragon successfully made it to the ISS (without humans onboard).

__Soyuz saying you don't need us?...__ Since 2011, NASA astronauts have bummed rides to the space station on *Russia’s* Soyuz capsule, paying a neat $80M/passenger (no SpaceMiles program yet). So NASA awarded billions to SpaceX and __[Boeing](https://robinhood.com/stocks/BA)__ to develop a non-Russian-government option. SpaceX finished first.





_Wondering if this thing has Ludicrous Mode_

Launch

__One small step for man, one giant leap for capitalism?...__ If the intrepid launch goes well, Elon's dream of colonizing Mars (or, at least, commercializing space travel) may not be so far-flung. 

- __Today,__ "space customers" mainly consist of governments paying to launch cargo, satellites, and people into space. 
- __In the not-so-distant future,__ space companies hope to service commercial customers — __[Virgin Galactic](https://robinhood.com/stocks/SPCE)__ already sold spaceflight tickets for [$250K](https://www.nytimes.com/2019/10/16/science/virgin-galactic-spacesuit.html). 
- __One day,__ space tourism could be a major profit puppy for companies — timeshare on Mars? 

Today, SpaceX will be the 1st private company to try to send humans to space

__Summertime, and the living is...__ Uneasy AF, but not as uneasy as before. As the first day of summer (*June 20th*) approaches, temperatures are heating up and states are loosening up: two months after lockdown started, all 50 states have begun some form of reopening. The "new normal" is slowly reverting back to a "new but *kinda* familiar" normal. Americans are:

- __Driving more:__ Requests for driving directions on Apple Maps have [returned](https://www.nytimes.com/2020/05/26/business/dealbook/coronavirus-reopening-economy.html) to January levels (though public transport is still abysmal). 
- __Traveling more:__ Passengers per flight  [quadrupled](https://www.npr.org/2020/05/23/861242027/after-months-of-steep-declines-air-traffic-is-picking-up) since April — on Thursday, the TSA reported the highest number of screenings since March (but still 88% way less than last year). 

__It's not just the travel stats...__ Investor and consumer optimism is shining through some key indicators:

- __Consumer confidence__ (our relationship status with the economy) got a slight boost in May as some businesses started reopening.
- __Weekly mortgage applications__ are down only 1.5% from last year (a month ago, they were down [35%](https://www.cnbc.com/2020/05/20/weekly-mortgage-applications-point-to-remarkable-bounce-in-homebuying.html)) despite 40M Americans being unemployed. 
- __The S&P 500,__ which measures the stock prices of the 500 largest American companies, is just 11% off its record high. 

"_The new (kind of) familiar normal_"

Open

__Optimism should be tempered with caution...__ Reports of new COVID-19 cases are slowing or levelling off in [most](https://www.usnews.com/news/us/articles/2020-05-26/where-us-coronavirus-cases-are-on-the-rise) states. Twenty states reported an increase last week (could also be a result of more testing). Optimism is also fueled by 118 potential vaccines in the works. But the WHO [warned](https://www.cnn.com/world/live-news/coronavirus-pandemic-05-25-20-intl/h_f260b669316ece8af17b56e6dc0ab64b) about a "second peak" of the virus — and lifting restrictions makes transmission more likely...and put this month's economic progress at risk.