__Baby Yoda *sad*...__ Investors weren’t chanting “Hakuna Matata” after __[Disney's](https://robinhood.com/stocks/DIS)__ quarterly earnings. Mickey's biz hasn't quite rebounded to pre-pandemic levels. Last quarter, sales jumped to $18.5B (compared to $19.1B for the same quarter back in 2019). Worse, Disney's profits were less than 25% of what they were pre-Covid. While Space Mountain is back, Disney's Parks and Experiences unit disappointed on profit big time. Streaming *did not* save the day...

- __Disney minus:__ Disney+ gained 2.1M subscribers, the [smallest](https://www.reuters.com/business/disney-revenue-falls-short-streaming-business-suffers-2021-11-10/) rise since it launched two years ago and less than half what Netflix added.
- __Frozen audience:__ CEO Bob Chapek said Disney+ is still on track to hit 230M to 260M subs by 2025, but some investors worry growth is tapping out.
- FYI: Disney's media biz, including streaming and cable, now makes up 70% of its sales.

__From Belle to betting...__ Now that's a pivot. Chapek said "sports betting is a very significant opportunity" for Disney, and the company is pursuing it "aggressively" through its ESPN brand. ESPN has suffered as millennials continue cord-cutting, and streamer ESPN+, like Disney+, is still losing money. Gambling could be a lucrative way for Disney to attract young sports fans.

- __ESPN has reportedly had talks with sportsbooks,__ including __[DraftKings](https://robinhood.com/stocks/DKNG)__ and __[Caesars Entertainment](https://robinhood.com/stocks/CZR)__, to [license](https://www.wsj.com/articles/espn-explores-sports-betting-deal-worth-at-least-3-billion-11630089962) its famous name for a whopping $3B.
- __ESPN already has sports-betting content__ on its platforms through marketing deals, but licensing could create an ESPN-branded betting platform. 


Wager

__Some vices might be losing taboo status…__ According to Disney's research, gambling won't hurt Disney's brand but will strengthen ESPN's. Chapek said gambling doesn't have the same rep it did a decade ago. Thirty-two US states have legalized sports betting, and this week New York approved online-betting licenses for nine operators. Yet shares of sports-gambling companies tell a different tale: DraftKings, __[Penn National Gaming](https://robinhood.com/stocks/PENN)__, and FanDuel owner __[Flutter](https://robinhood.com/stocks/PDYPY)__ are all down this year.

Disney eyes sports betting to fuel its entertainment biz as streaming slows

__Pea protein takes an L…__ Plant-based-patty powerhouse __[Beyond Meat](https://robinhood.com/stocks/BYND)__ has lost some of its bite. While overall sales grew last quarter, Beyond’s US sales [dropped](https://www.wsj.com/articles/beyond-meat-shares-fall-after-disappointing-forecast-11636582932) 14% from last year — and its loss nearly tripled. Beyond blamed lower demand, plus production-related snags. It also gave a disappointing forecast for this quarter, citing pandemic uncertainty. Shares tumbled 13% yesterday, pulling Beyond’s market cap down to $5B from its 2019 high of $14B.

__Beyond Beyond…__ Beyond is estimated to control about a quarter of the US alt-meat market, but plant-based competition is growing. Big Food companies may be an even bigger threat than smaller rivals, like __Impossible Foods__. Globally, Beyond sells in 122K stores while Impossible is in 20K — but Big Food companies like __[Tyson](https://robinhood.com/stocks/TSN)__ and __[Kraft](https://robinhood.com/stocks/KHC)__ are nearly everywhere. 

- __[Kroger](https://robinhood.com/stocks/KR)__ saw a surge in sales of its plant-based meat brand Simple Foods last year, while food giants like Tyson, __[Hormel](https://robinhood.com/stocks/HRL)__, and Kraft have launched their own alt-meat products. 
- __Beyond and Impossible__ have lowered prices to compete with Big Food, which can afford to undercut smaller rivals.
- __Partnerships__ with chains like __[Starbucks](https://robinhood.com/stocks/SBUX)__ and __[McDonald’s](https://robinhood.com/stocks/MCD)__ have helped Beyond and Impossible grow, but aren’t taking off as fast as expected.

A little undercooked [Giuseppe Elio Cammarata via Getty Images]

Burnt

__Novelty builds brands…__ but it doesn’t necessarily build loyalty. Restaurant partnerships helped make Beyond the most recognized plant-based brand. __Dunkin__ dumped Beyond in June because of low Beyond Sausage sales. McDonald’s is serving the Beyond “McPlant” burger at only eight of its 14K locations. And __KFC__ still hasn’t given Beyond Meat chicken nuggets a permanent spot on its menu. Impossible has also [had](https://www.bloomberg.com/news/articles/2021-09-24/which-fast-food-has-fake-meat-not-many-serve-beyond-meat-impossible-foods?sref=q3KSFp38) a few partnership fails.

Beyond Meat serves up undercooked earnings as plant-based growth wilts 

Disney’s sports-betting play, Beyond Meat’s slump, and more of today’s top Snacks stories

Dow Jones

S&P 500

Nasdaq

Bitcoin

🏈 Disney’s sports-betting play

__Cry me a pork chop...__ Pork-chop prices are up 16% from last year, and they're not the only ones. The Labor Department just [dropped](https://www.bls.gov/news.release/pdf/cpi.pdf) October’s Consumer Price Index, which measures prices of 80K common items. Overall, consumer prices jumped 6.2% from October last year — *the fastest yearly increase in 30 years*. The pace of inflation accelerated sharply from September, and it was the fifth straight month above 5%. Price increases were broad, but we’ve pulled some gems:

- __#PumpAnxiety is real:__ Gas prices were up 50%, but your wallet already knew that. Meanwhile, used cars and trucks were up 26%.
- __Breakfast is swerved:__ Bacon was up 20%, eggs 12%, and peanut butter 6%. Lunch isn't much better, with salad dressing up 8%.
- __Home is pricey:__ Laundry equipment is up 15%, furniture and bedding is up 12%, TVs are up 10%, and smart home assistants 8.4%.
- __So is away from home:__ Hotel prices were up 26%, and transportation services (cough, __[Uber](https://robinhood.com/stocks/UBER)__) were up 5%.

__The price is not right...__ While the Fed still expects inflation to be temporary, prices have been surging longer (and higher) than expected. This #flated sitch is a result of multiple factors, including pandemic-related supply shortages, labor shortages, supply-chain backlogs, and booming consumer demand. Americans' wallets have been padded by trillions in stimulus cash, which has triggered faster-than-expected rebound in demand. But supply bottlenecks are making it hard to *meet* that demand and are driving up prices.

Checking bacon prices like [fotostorm/E+ via Getty Images]

Flated

__Inflation can be a self-fulfilling prophecy...__ aka self-flating. *Expectations* of inflation can make inflation worse, or even cause prices to rise unnaturally. If people expect higher prices, they're more likely to demand higher wages and accept inflated costs. And expectations *are* high: Americans' three-year inflation expectations have hit 4.2%, the highest level on record. If it continues, inflation could stay elevated even after supply bottlenecks ease.

Inflation nation: US consumer prices hit a 30-year high, and they could be self-flating

__Forgot the extra ranch…__ __[DoorDash’s](https://robinhood.com/stocks/DASH)__ sales growth continued slowing last quarter after the pandemic dine-in boom, and net losses *doubled* from last year. Cue: a global feast. DoorDash announced [plans](https://www.wsj.com/articles/hungry-for-more-doordash-orders-a-heavy-dessert-11636543980?mod=rss_Technology) to buy Finland-based __Wolt__ for $8.1B. Dash shares jumped nearly 20% yesterday on the news. 

- __Euro-presence:__ When the deal closes, in 2022, Dash says it will add Wolt’s 2.5M customers in 23 European countries. Dash currently delivers in the US, Canada, Japan, and Australia. 
- __Piping hot growth:__ Last quarter, Wolt’s sales grew 3X as fast as Dash’s. But while the deal could boost Dash’s sales growth, it *won’t* increase Dash’s US market share or diversify its revenue streams.

__May the best promo code win…__ Delivery customers have little loyalty, which is why companies like Dash, __Grubhub__, and Uber Eats are constantly throwing out profit-sucking promo codes. Competition is fierce, so food-delivery giants have gobbled up rivals to accelerate growth and expand market share. Last year, __Uber__ acquired __Postmates__ for $2.7B, and Euro delivery heavyweight __[Just Eat Takeaway](https://robinhood.com/stocks/GRUB)__ bought Grubhub for $7.3B. DoorDash is still the biggest US food deliverer, but it’s losing its lead: Next quarter, Uber’s delivery sales are expected to grow twice as fast as Dash’s.

Hungry

__It’s hard to consistently deliver accelerating growth...__ by delivering the same thing. DoorDash's acquisition may boost growth for a few quarters, but that may still slow once European markets are saturated. Uber’s ride-hailing biz bought international rivals to expand, but it still had to invest in new revenue streams — like food delivery — to attempt to turn a profit. If food-delivery growth cools, Dash may seek new revenue streams: It’s already investing in [ghost kitchens](https://snacks.robinhood.com/newsletters/1yhXQqCSYUpB68NvcsJe1Y/articles/1QTAquYSO3cazbI0yE6t5Y/) and non-food deliveries, like its __[CVS](https://robinhood.com/stocks/CVS)__ partnership to shuttle staples like Advil and toothpaste.

DoorDash is hungry for growth, so it’s splurging $8B on a European rival

Inflation nation, DoorDash’s $8B order, and more of today’s top Snacks stories

👛 Inflation nation

__GE becomes G3…__ __[General Electric](https://robinhood.com/stocks/GE)__ is the 129-year-old electricity giant founded by Thomas Edison, who *invented* the commercial light bulb. Over the years GE expanded to produce everything from microwaves to financial products, becoming the world’s most valuable company by 2000. But GE’s biz has declined since then. Now it’s worth less than a quarter of what it was 20 years ago. __The plan:__ Yesterday GE said it would [split](https://www.wsj.com/articles/general-electric-to-split-into-three-public-companies-11636459790) into three smaller public companies to allow more focused growth. Shares jumped 5% on the news. 

- __Aviation:__ GE’s aviation biz, which makes jet engines for __[Boeing](https://robinhood.com/stocks/BA)__ and brought in $22B in sales last year, will keep the GE name.
- __Healthcare:__ GE Healthcare, which makes MRI and other medical machines, and earned $17B last year, will spin off as a new biz 2023. 
- __Energy:__ GE’s power, renewables, and digital divisions — which contributed $33B in revenue last year — will spin off in 2024. 

__The light bulbs went out…__ but GE isn’t done yet. It pioneered the conglomerate model: It developed disciplined management practices in one industry — manufacturing — and applied them to others: insurance, finance, TV. But as industries grew more complex, they required more specialized leadership, and the old-school conglomerate model fell apart. So GE faced pressure from investors to “*deconglomeratize*:”

- __Selloff:__ In the past six years, GE sold off its finance, appliance, lighting, and train businesses, which has put it on track to pay off $75B in debt by year’s end.
- __Fresh start:__ GE’s new companies will have industry-specific boards and execs, which could attract investors eager to invest in big wind [turbines](https://snacks.robinhood.com/newsletters/6kLH8dVkTILF9DDv2h7lL0/articles/2FCiqJHT4fUWlrwBmkRNOe/) but not MRI machines.

And then there were three [sturti/E+ via Getty Images]

__There’s a new kind of conglomerate in town…__ and it’s techy. Today tech conglomerates have taken the place of industrial conglomerates. __[Amazon](https://robinhood.com/stocks/AMZN)__ is no longer just an ecomm platform — it’s a cloud computing, streaming, and ad powerhouse too. __[Microsoft](https://robinhood.com/stocks/MSFT)__ has its OG business software, but also big gaming, cloud, and networking businesses. While tech giants expand into new industries, aging industrial behemoths __GE__, __[Siemens](https://robinhood.com/stocks/SIEGY)__, and __[DuPont](https://robinhood.com/stocks/DD)__ are focusing on *fewer* industries.

Corporate icon GE breaks into three, underscoring the decline of OG conglomerates 

__“Paytm me for that”...__ India's largest payments service, __Paytm__, went public Monday in India through its parent company, __One97 Communications__. The Venmo-like app lets you send money online, buy coffee via a QR code, and even purchase a new car. It has a whopping 330M customers (the size of the US), and represents 40% of India’s payment market. 

- __Big money:__ Paytm aims to raise $2.5B in an offering that ends today. The IPO’s expected to give Paytm a $20B valuation, making it one of India’s *most valuable tech companies*. 
- __Big backers:__ Massive Chinese fintech __Ant Group__, Japanese investment firm __[SoftBank](https://robinhood.com/stocks/SFTBY)__, and Warren Buffett’s __[Berkshire Hathaway](https://robinhood.com/stocks/BRK.B)__ together own a third of Paytm.

__E-cash is king…__ In 2016, India banned the most widely circulated currency notes to combat money laundering, wiping out [86%](https://www.bbc.com/news/world-asia-india-37974423) of the country’s cash overnight. That crushed businesses and family savings, but accelerated India’s move toward a cashless economy. Since then, mobile payments in India have skyrocketed, accounting for 26B transactions last year. Fintechs like Paytm benefited from the boom, which accelerated during the pandemic. That’s partly why:

- __[Walmart](https://robinhood.com/stocks/WMT)__ dropped $16B on Indian ecomm company __Flipkart__ in 2018, while __Amazon__ is investing $5B to expand its India operations. 
- Walmart-backed PhonePe has 300M mobile payments users in India, while __[Google](https://robinhood.com/stocks/GOOGL)__ Pay has 70M users in the country.

__India’s e-opportunity is huge…__ and growing. India is the second most populous country after China, but roughly [half](https://www.wsj.com/articles/google-to-invest-10-billion-in-india-11594635725) of its 1.3B population have yet to get online. While China’s mobile market is saturated and regulators are cracking down on tech, India’s e-market is growing fast: India’s IPOs have raised a record $9.7B this year. And while the web economy [accounts](https://www.barrons.com/articles/how-to-play-indias-stock-market-momentum-51634287500) for only a tenth of its GDP, the internet ecosystem could add up to *$400B* in market-cap creation for India in five years.

Digital payment giant Paytm could be the largest IPO in India’s tech boom

India’s IPO streak, GE becomes G3, and more of today’s top Snacks stories

🔥 India’s IPO streak

__A strange shareholder vote…__ unfolded on __[Twitter](https://robinhood.com/stocks/TWTR)__. The proposed [billionaires tax](https://snacks.robinhood.com/newsletters/584AsHjh5TeKtgP50rjco/articles/36KAN7Gde6BNGFOScj0LQ8/), which would’ve required US billionaires to pay taxes on unsold stocks, died just hours after its release last month. But Elon Musk [revived](https://www.wsj.com/articles/tesla-share-price-slides-after-musk-promises-to-sell-21-billion-stake-11636364256) the tax convo over the weekend by [asking](https://twitter.com/elonmusk/status/1457066048944066565) his 63M Twitter followers if he should sell 10% of his __Tesla__ shares — about $21B worth of stock — to trigger a tax payment. For context: Elon doesn’t pay much in regular income taxes since he doesn’t receive a salary. How the Twitterverse responded: 

- __58%__ said Musk should sell, which would mean he’d owe $10B+ in taxes on the sale.
- __Tesla shares fell 5%__ yesterday, even though Elon hasn’t sold yet — though he’s pledged to abide by the poll’s outcome. 

__The poll story isn’t the whole story...__ Elon needs to pay $15B in taxes next year to exercise billions’ worth of stock options. Basically, he needs to sell some shares to buy more shares — and this Twitter-fueled sale would give him the cash to do it. But since Elon is Tesla’s largest shareholder, the sale could also affect Tesla’s stock price. Tesla warned its shares could slip if Elon sells part of his 17% stake.

Didn’t expect this in the feed [Chris Gonz/EyeEm via Getty Images]

__Public perception is increasingly important…__ And billionaires’ tax status has come under scrutiny. In June, *ProPublica* [dropped](https://snacks.robinhood.com/newsletters/1ExFruUiLLc3sM39AgchDw/articles/28rBswpihWiU8dO8VwzWyB/) an investigation revealing how the 25 richest people in the US pay little to no income taxes relative to their net worth. As a rising number of retail investors enter the stock market, CEOs are increasingly appealing to regular investors. Elon’s Twitter poll was an extreme example, but other companies like __[AMC](https://robinhood.com/stocks/AMC)__ have also made moves to try to win over individual investors.

Elon polls Twitter on selling $21B worth of Tesla stock — but it’s really about the billionaires tax debate

__When the bill arrives...__ on President Biden's desk. On Friday, the House finally [approved](https://www.wsj.com/articles/house-moves-toward-votes-on-infrastructure-budget-bills-11636120392) a $1T bill to give America's old infrastructure a major facelift, after the Senate [passed](https://snacks.robinhood.com/newsletters/535eiAczcIj1qvPlNpbVcf/articles/3oxNV4QbHcdtoFaZVgY1sz/) it back in August. Biden could sign the bill this week, pouring $550B in fresh funds into transportation, broadband, and utilities. The other half of the bill reauthorizes existing infrastructure programs for five years. Where the new funds will go:

- __$110B__ to roads and bridges, $66B to railways, and $39B to public transit.
- __$65B__ to expand internet access, including $30 monthly vouchers for low-income families.
- __$50B__ to make the power grid more resilient to cyberattacks and natural disasters (see: [Hurricane Ida](https://snacks.robinhood.com/newsletters/4V221H51NGTebnJfxGViJU/articles/3MYdkqm3q0EmiHfYmE5WYS/)).
- __$55B__ to upgrade water systems (think: fewer lead pipes) and $7.5B to build EV charging stations.

__$1T charcuterie board...__ While it’s a major achievement for Biden’s agenda, the infrastructure bill is an appetizer to the main course: a separate $2T education, healthcare, and climate package. Think: universal pre-K, two free years of community college, public housing, and clean-energy development. Dems plan to vote on it before November 19. 

- __To help cover the $1T bill__ that just passed, Congress would repurpose existing Covid funds and apply new IRS tax-reporting requirements for crypto.
- __The $2T bill would largely be paid__ for by raising taxes on corporations and the wealthy. Dems plan to approve it through reconciliation, which wouldn't require GOP support.

Dine

__All eyes are on the dinner bill...__ And even raising taxes, repurposing funds, and adding crypto tax requirements won't cover the full check. The Congressional Budget Office (CBO) found that the infra bill would contribute $256B to the federal deficit over a decade. Deficit = how much more the government spends than it brings in. Progressive Dems expected to pass the $2T bill on Friday along with the $1T one, but centrist lawmakers are waiting for the CBO to say how much it would cost taxpayers. The US deficit hit a record $3.1T last year.

The $1T infrastructure bill is an appetizer: Now all eyes are on the price of the main course

Elon’s Twitter poll, Biden’s $1T appetizer bill, and more of today’s top Snacks stories

💰 Elon’s Twitter poll

__Elon's got company(s)...__ __[Tesla](https://robinhood.com/stocks/TSLA)__ no longer has its own lane. American EV startups __Rivian__ and __[Lucid](https://robinhood.com/stocks/LCID)__ have delivered their first models to customers' driveways. Rivian is the __[Amazon-](https://robinhood.com/stocks/AMZN)__ and __[Ford](https://robinhood.com/stocks/F)__-backed e-truck company that plans to go public on Wednesday. It's targeting a *$60B* IPO valuation — just $8B shy of Ford's market cap, though Rivian had zero sales in the first half of 2021. Lucid makes luxury EV sedans and went public in July.

- __Rivian's R1T__ has a range of 314 miles/charge and starts at $68K — a longer range, but pricier than most upcoming e-trucks. It's the first e-truck to reach consumers (sorry, Cybertruck) and has built-in drink coolers.
- __Lucid's Air__ sedan has a range of up to 520 miles/charge, *the longest of any EV sold in the US* (by 100+ miles). The Air starts at $77.4K, but its first orders cost ~$170K — more than any Tesla.

__Channeling Musk energy...__ Like Tesla, both Rivian and Lucid plan to sell directly to consumers (no OG dealers). Tesla's initial strategy was entering at the premium end of the market, then lowering costs as it scaled. Rivian and Lucid will likely take a similar approach. *Also* like Tesla: Rivian plans to build a charging network for owners, which is key to addressing #RangeAnxiety. There’s a reason newcomers are pulling from Tesla’s playbook:

- __Tesla's market cap crossed $1T__ last month, and it's now worth $1.2T — more than the market cap of one __[Toyota](https://robinhood.com/stocks/TM)__, five __[GMs](https://robinhood.com/stocks/GM)__, and six Fords *combined*.
- __US EV sales soared 57%__ in September from last year, and the Biden admin wants to extend the $7.5K EV tax credit and build more public charging stations.

Throwing shade at the Cybertruck [Mlenny/E+ via Getty Images]

Juice

__Doing it once doesn't guarantee doing it big...__ Rivian and Lucid have delivered their EVs. Their bigger challenge now is to *scale*. To catch up, new entrants have to master mass production and survive steep losses. Tesla delivered a record 240K cars last quarter, and made up nearly [80%](https://www.cnbc.com/2021/10/26/americans-are-buying-teslas-not-evs-heres-why-thats-about-to-change.html) of EVs sold in the US last year. Meanwhile, Lucid plans to produce 20K cars next year. But the biggest challenge for EV-only companies like Rivian, Lucid, *and* Tesla could be OG carmakers: GM, __[Volkswagen](https://robinhood.com/stocks/VWAGY)__, and Ford are all mass-producing accessible models.

Move over, Tesla: Rivian and Lucid deliver their first EVs, but the challenge is scaling

__e-Jordans…__ Could be your avatar’s digital kicks. __[Nike](https://robinhood.com/stocks/NKE)__ [filed](https://www.bloomberg.com/news/articles/2021-11-02/nike-files-for-virtual-goods-trademarks-in-footwear-apparel?sref=q3KSFp38) trademarks for virtual shoes, hats, bags, and gear. E-pparel is already big in gaming: __Fortnite__ players spend $1B+ yearly on swag and other in-game purchases, like NFL skins. While __[Facebook](https://robinhood.com/stocks/FB)__ (aka Meta) and __[Microsoft](https://robinhood.com/stocks/MSFT)__ build metaverses for immersive work, gaming, and socializing, the e-pparel market is expected to hit $190B by 2025. __Balenciaga__ and __Louis Vuitton__ already sell e-clothes, and __Gucci__ sold an e-bag for more than it costs IRL.

__Shoot for the moon…__ If you miss, you’ll land among the satellites. Last week, Amazon said it would [launch](https://www.cnbc.com/2021/10/26/verizon-partnering-with-amazon-project-kuiper-satellite-internet.html) its first satellites in 2022 (*unrelated* to Bezos’ __Blue Origin__ rocket biz). Amazon plans to spend $10B to launch 3K+ satellites that beam internet to some of the 4B people who lack web access. __OneWeb__, __[Astra](https://robinhood.com/stocks/ASTR)__, and __[Boeing](https://robinhood.com/stocks/BA)__ plan to build similar-sized satellite networks, and __SpaceX’s__ Starlink is building a network that’s 10X as big. The space satellite market was $66B last year and is projected to double by 2028.

Zoom Out

Stories we’re watching...

__Robux for my avatar…__ Tween-favorite gaming platform __[Roblox](https://robinhood.com/stocks/RBLX)__ posted record revenue in Q2, though user growth is slowing as IRL activities return. FYI: 75% of US kids ages 9 to 12 played Roblox last year. Now it’s focused on becoming a metaverse hub where its 43M users can learn, work, play, shop, and socialize. It’s not alone: Facebook is investing billions in its metaverse, and Microsoft is building meta-like virtual offices and games. We’ll get more on Roblox’s meta game plan when it reports Q3 earnings today. 

__Mickey prison…__ Last quarter, __[Disney’s](https://robinhood.com/stocks/DIS)__ Parks and Experiences biz turned a profit for the first time since the pandemic. But it hasn’t been smooth cruising: This month China locked 30K+ people inside Shanghai Disneyland after a former park-goer tested Covid-positive. Despite movie theater and park reopenings, Disney’s sales haven’t bounced back to pre-pandemic levels. Investors hope that Disney+ will save the day when Mickey reports earnings Thursday. Disney’s streamers (Disney+, Hulu, and ESPN) make up nearly a quarter of its sales, but Disney+ growth is slowing after gaining 110M subs in two years.

Events

Coming up this week...

- __[iBye](https://snacks.robinhood.com/newsletters/7q898Mvlp8z02ASmtrNovs/articles/56rsnplNGmPsih967zvoLi/):__ __[Zillow](https://robinhood.com/stocks/Z)__ shares plunged 37% last week after it said it was ending its house-flipping iBuying business, which contributed to a $330M quarterly loss. 
- __[Squid](https://snacks.robinhood.com/newsletters/6tLuNcjhXyEBeNkwvMiSsY/articles/35hA5ZwBVksopzvcj3xqCK/):__ A “Squid Game”-themed crypto coin crashed from $2.9K to nearly zero, after its mysterious creators stole millions from investors while preventing them from selling. BTW: Netflix is [reportedly](https://www.washingtonpost.com/world/2021/11/02/squid-game-crypto-rug-pull/) *not* affiliated with the coin. 
- __[Vax](https://snacks.robinhood.com/newsletters/4zGLBqWUG2iOwwbzKxZZ7J/articles/2AcFWH34zBrFnNObyNcLLD/):__ President Biden is urging large employers to pull a Tyson and make sure employees are fully vaxxed by January 4.

ICYMI

Last week's highlights...

Tesla’s new rivals, meta-Jordans, and more of today’s top Snacks stories

Pickup trucks accounted for half of the US auto industry’s top 10 best-selling vehicles last year — and the three best-sellers were all pickups

🚘 Tesla’s new rivals

__A game of chicken…__ The pandemic was tough for [Tyson](https://robinhood.com/stocks/TSN). Last year, meat giants pushed to keep facilities open as Covid spread, which resulted in shutdowns and 150+ worker deaths. But after masks and testing failed to control the surge, Tyson [required](https://www.nytimes.com/2021/11/04/business/tyson-vaccine-mandate.html?campaign_id=4&emc=edit_dk_20211104&instance_id=44583&nl=dealbook&regi_id=83712167&segment_id=73513&te=1&user_id=05114d149fce45660cf01aea64f5af7e) its 120K workers to get vaxxed in August, becoming one of the first large employers to mandate vaccines. The move was unpopular, but it worked: 

- __96%__ of Tyson workers are now vaxxed, after 61K workers got jabbed post-mandate.
- Tyson’s profit jumped 40%+ last quarter from 2020, despite $55M in Covid expenses.

__The great vax rush…__ is just starting. Yesterday, Biden said private employers with 100 workers or more have until January 4 to ensure their employees are fully vaccinated — or make sure they get weekly testing. The plan covers a whopping 84M workers, and it’s been polarizing: 50K Americans have died from Covid since October, *but* four in 10 say they’ll quit if they’re required to get vaxxed. This isn’t Biden’s first mandate. In September, he announced similar requirements for 4M+ federal workers. 

- __Early adopters:__ __[Google](https://robinhood.com/stocks/GOOGL)__, __[IBM](https://robinhood.com/stocks/IBM)__, and __[United Airlines](https://robinhood.com/stocks/UAL)__ already imposed their own mandates, and few workers quit. 
- __Late vaxxers:__ __[Walmart](https://robinhood.com/stocks/WMT)__, __[Amazon](https://robinhood.com/stocks/AMZN)__, __[JPMorgan](https://robinhood.com/stocks/JPM)__, and others still don’t require employee vaccination. Last month, only 13% of businesses had vax mandates. 
- __Objectors:__ Trade groups representing __[UPS](https://robinhood.com/stocks/UPS)__, __[Disney](https://robinhood.com/stocks/DIS)__, and __[Fidelity](https://robinhood.com/stocks/FNF)__ say Biden’s rule is too expensive. Twenty-four states threatened to sue to block it.

Tenders

It’s good to prep for the inevitable… even when it seems *evitable*. Tyson is in a better spot than others because it adopted an unpopular policy early. Now it may dodge expensive last-minute vax pushes and big fines. Companies with unvaxxed employees could pay a $14K fine for *each* noncompliant worker, which could add up for companies like Walmart, which has 1.6M employees. Experts say Biden’s mandate could cut the number of unvaxxed workers from 25M to 3.4M.

Biden pushes large employers to pull a Tyson and require vaccines ASAP

__Publix is sweating...__ __[Kroger](https://robinhood.com/stocks/KR)__, aka America's largest grocery chain, owns supermarket staples like Food 4 Less, Ralphs, and... Kroger. The 138-year-old Cincinnati-based grocer has 2.8K stores in 35 states. Now Kroger is getting techy to expand beyond its OG stores. Last year, Kroger [debuted](https://snacks.robinhood.com/newsletters/6CYbtZgaeQFf8W6pRxaYg0/articles/mvQBKD7b2NxVm6KXrVAa9/) two "ghost kitchens," or delivery-only restaurants. Kroger is going all out on ghost *grocery*.

- __Giant robo-warehouse:__ Kroger is [breaking into](https://www.cnbc.com/2021/11/04/kroger-is-taking-on-publix-in-florida-without-opening-a-single-grocery-store.html) Florida with a brand-new robot-powered warehouse that's nearly the size of eight football fields.
- __Call them Grobots:__ Grocery robots retrieve items like bananas, steak, and oat milk from the warehouse, passing them on to delivery drivers.
- __DIY delivery:__ Kroger is using its own grocery-delivery fleet, unlike __Publix__ (which uses __Instacart__) and __[Albertsons](https://robinhood.com/stocks/ACI)__ (which uses __[DoorDash](https://robinhood.com/stocks/DASH)__).

__The e-cart is hot...__ It’s a massive investment for Kroger, and a risky bet on its ecomm strategy. Kroger has already opened two automated warehouses, with plans for at least nine more over the next two years, including in the Northeast. It spent $55M just to *build* its FL warehouse and hired 900 employees to service it. Last year, Walmart [unveiled](https://gizmodo.com/walmart-wants-to-build-20-000-square-foot-automated-war-1840950647) plans to build a similar warehouse with robots that can pick 800+ grocery products/hour. Here's why:

- __Online grocery makes up 12% of all grocery sales__ — down from 20% mid-pandemic, but *way* up from 2% pre-pandemic. 
- __Half of US households ordered e-groceries__ in September. Kroger thinks that number will keep growing. 

The Grobots have arrived [onurdongel/E+ via Getty Images]

Grobot

__"Once it's obvious, it's too late"...__ Every time an industry transitions, there’ll be winners and losers. Kroger’s CEO believes that *leading* a blooming trend is key to staying relevant. Its main challenge will be to scale ecomm while turning a profit in an infamously low-margin industry. Robots, delivery fleets, and new warehouses are *pricey*. TBD if Kroger can make e-orders as profitable as — or even more profitable than — IRL sales. Kroger thinks it can break even in three years.

Ghost grocery: Kroger wants to lead the e-grocery trend with robots, not stores 

Biden’s big vax mandate, Kroger’s robo “ghost grocery,” and more of today’s top Snacks stories

💉 Biden’s big vax mandate

__Foreclosed…__ __[Zillow’s](https://robinhood.com/stocks/Z)__ stock plunged this week after the company reported a $330M quarterly loss and said it planned to end its house-flipping business, Zillow Offers. Zillow’s OG biz links home sellers to buyers for a fee. But in 2019, Big Z branched into iBuying — aka making instant cash offers on houses based on "Zestimates" and cutting out agents in the middle. Zillow’s goal: Fix up properties and resell them at a profit. Zillow’s iBuying revenues soared to $1.2B last quarter, but profits tanked:

- __Big losses:__ Offers lost $420M last quarter, which pulled Zillow into the red after making $40M in total profit in the same period last year. 
- __Empty houses:__ Zillow still needs to offload 18K houses. It expects to sell them at a 5% to 7% loss, and to lay off a quarter of its workers.

__iBlunder…__ Since Zillow already calculated Zestimates, iBuying seemed like a natural expansion two years ago. But it soon discovered the market wasn’t that simple: Home prices soared during the pandemic, and labor and supply shortages raised the cost of repairs. 

- __Veteran house-flippers__ __[Opendoor](https://robinhood.com/stocks/OPEN)__ and __[Offerpad](https://robinhood.com/stocks/OPAD)__ slowed their iBuying when the buying boom began to diminish in October, but Zillow bought *more* homes at above-market rates.
- __Blame the algo:__ Zillow said it ended up “unintentionally purchasing homes at higher prices” than the expected selling prices because of a faulty formula.

The dog days of iBuying [JDC/Stone via Getty Images]

Scroll

__Look before you pivot…__ Companies need more than a market opportunity to pull off new business lines — they need the right infrastructure too. Despite Zillow’s failure, others are still iBuying: Last month, tech-focused rivals Opendoor (which reports earnings next week) and __[Redfin](https://robinhood.com/stocks/RDFN)__ said they planned to *boost* iBuying. High demand for real estate is expected to continue: home prices jumped 15% this summer from a year ago, after a five-year decline.

Zillow’s house-flipping business flopped — then its stock dropped 30% in two days

__I've got the Powell...__ Probably Fed Chairman Jerome Powell's morning pump-up song. Yesterday the Fed finally [approved](https://www.wsj.com/articles/fed-dials-back-bond-purchases-plots-end-to-stimulus-by-june-11635962417?mod=hp_lead_pos1) plans to start scaling back its economy-boosting bond-buying program. The Fed will start this month, buying $15B less in bonds — *and will end bond purchases altogether by June*. ICYMI: The Fed has been dropping a whopping $120B a month to buy Treasury and mortgage bonds, adding trillions to the money supply since the pandemic started. Quick refresher:

- __The Fed buys bonds__ from banks, and that cash flows through banks to consumers and businesses via loans. More money = fewer problems.
- __All that new cash__ helped bring us ultralow interest rates, which made borrowing easier and boosted spending — but also contributed to rising prices.

__Feeling #flated...__ The Fed has been monitoring inflation, unemployment, and recovery — and decided the time was ripe to dial back economic medicine. While the Fed still expects inflation to be temporary, prices have been surging longer (and higher) than anticipated. Blame shortages, supply-chain headaches, and soaring consumer demand. Twelve-month inflation is at its [highest](https://www.wsj.com/articles/fed-dials-back-bond-purchases-plots-end-to-stimulus-by-june-11635962417?mod=hp_lead_pos1) level in decades, and oil prices have jumped 42% from last year. BTW: Fed officials don’t want to raise interest rates (by *selling* bonds) until they've fully ended bond purchases.

Jerome

__Wall Street isn't sweating...__ Stocks jumped yesterday after the Fed’s announcement, and have been cruising around records for weeks. Investors aren’t surprised: The Fed has been signaling it would taper bond purchases for nearly the whole year. Wall Street also sees the move as a sign that the economy is strong and ready for less hand-holding. The unemployment rate fell to 4.8% in September, just 1.3 percentage points higher than the pre-pandemic rate. While the US's growth majorly [slowed](https://www.cnbc.com/2021/10/28/us-gross-domestic-product-increases-at-2point0percent-annualized-pace-in-q3-vs-2point8percent-estimate.html) last quarter, the economy is expected to grow 5.6% this year as recovery continues.

The Fed is phasing out its market-boosting economic medicine, but investors aren’t rattled

Zillow’s iBuying bust, the Fed’s big money move, and more of today’s top Snacks stories

🏡 Zillow’s iBuying bust

__“Squid Game” over...__ Halloween is past us, but trends based on __[Netflix's](https://robinhood.com/stocks/NFLX)__ "biggest-ever" new series *aren't*. A crypto coin called Squid [launched](https://coinmarketcap.com/alexandria/article/i-lost-everything-how-squid-game-token-collapsed) last week at $0.01. The “play to earn” currency professed to let buyers play online games based on the South Korean thriller. Three days later, Squid was up 44,100%, to $4.42. As it gained media coverage, Squid [soared](https://www.washingtonpost.com/world/2021/11/02/squid-game-crypto-rug-pull/) *23 million percent* between October 26 and November 1, hitting nearly $2.9K. Yesterday it crashed to nearly $0.

- __“Rug pull” strategy:__ It's assumed that Squid's creators sold all the coins for real money, causing the coin to plummet, from $2.8K to nearly $0.
- __Scam vibes:__ Creators cashed out, stealing [$3.3M](https://www.washingtonpost.com/world/2021/11/02/squid-game-crypto-rug-pull/) from investors who never had a chance to sell Squid coins because of a buy-only restriction imposed by the developers. 

__Cracks in the honeycomb...__ There were red flags: a typo-ridden Squid website (“frist game,” “need pay the ticket”) and a leadership team that didn't exist on __[Google](https://robinhood.com/stocks/GOOGL)__ or LinkedIn — like: CEO Kevin Sam, "Founder of Squid Game." (BTW: Netflix reportedly said it was not affiliated with the coin). But Squid isn’t the only parody coin that’s surged recently: 

- __Coin explosion:__ Creating alt-coins is relatively simple, and about 100 new cryptos are created daily, adding to the 13.5K already in existence. 
- __Coins can be listed on decentralized exchanges__ as soon as they’re created, with virtually no due diligence. 
- __Coin crowding:__ In January, __[Bitcoin](https://robinhood.com/crypto/BTC)__ made up 70% of total crypto value. Now it makes up less than half as trend-driven altcoins have gained traction. Two meme-inspired coins, __[Dogecoin](https://robinhood.com/crypto/DOGE)__ and __Shiba Inu__, are among the [top 10](https://www.cnbc.com/2021/11/01/whats-driving-surge-in-meme-cryptocurrencies-shiba-inu-and-dogecoin.html) cryptocurrencies.

The Wild West of “Squid Game” [Matthias Clamer/Stone via Getty Images]

Squid

__It's a cautionary coin tale…__ Crypto markets and exchanges lack the controls and fraud protections that the stock market has. But SEC Chairman Gary Gensler wants the “Wild West” of crypto to be regulated in the same way the SEC oversees securities like stocks and bonds. While regulation could take years, the Squid debacle highlights the unique risk of investing in crypto without conducting due diligence.

Squid scam: Trend coin plunges to nearly zero after scammers steal millions from investors

__Hardcover kind of day…__ The Justice Department is eyeing yet another antitrust crackdown. Yesterday the DOJ filed to [block](https://www.wsj.com/articles/justice-department-sues-to-block-penguin-random-houses-acquisition-of-simon-schuster-11635866422) publisher __Penguin Random House__ from buying rival __Simon & Schuster__ from __[ViacomCBS](https://robinhood.com/stocks/VIAC)__, a $2.2B deal announced last year.

- __Regulators argued__ the combined company’s 27% market share would give it too much influence over which books are published and how much authors are paid. Penguin is the world’s largest publisher. 
- __Both publishers insisted__ the industry is [competitive](https://www.wsj.com/articles/justice-department-sues-to-block-penguin-random-houses-acquisition-of-simon-schuster-11635866422), thanks to publishers of all sizes and “newer entrants like __[Amazon](https://robinhood.com/stocks/AMZN)”__ (yes, the world’s biggest *bookseller* is also expanding its publishing biz). They plan to appeal the decision.

__Trust-bustin’s back…__ In July, Biden warned businesses across healthcare, tech, agriculture, and banking of plans to put an end to anticompetitive practices. But since then enforcement has been uneven. The DOJ blocked __[American Airlines](https://robinhood.com/stocks/AAL)__ and __[JetBlue](https://robinhood.com/stocks/JBLU)__ from merging to form an airline with a 24% market share, but other mergers have sailed through:

- __Eat up:__ The DOJ allowed __[UberEats](https://robinhood.com/stocks/UBER)__ to gobble up rival __Postmates__ in a $2.6B deal that gave the company a 37% food-delivery market share.
- __Sweet talk:__ The DOJ also signed off on a $26B merger between __[T-Mobile](https://robinhood.com/stocks/TMUS)__ and __Sprint__ that gave the biz an estimated 29% market share.
- __Plug in:__ The DOJ has allowed lots of Big Tech mergers and acquisitions. Most notably: __[Facebook](https://robinhood.com/stocks/FB)__ and Instagram.

Bookend

__Not all antitrusts are created equal…__ Regulators can crack down on airlines and publishers with the same anti-monopoly rules they’ve used to prevent mega-mergers for decades, while more omniscient businesses like Big Tech have been harder to tackle. But Big Tech is poised to face increasing antitrust pressure. Numerous bills have been proposed to curb Big Tech’s dominance, including a [bipartisan one](https://www.reuters.com/world/us/big-tech-face-another-bipartisan-antitrust-bill-2021-10-14/) in October aiming to prevent mega-platforms like Amazon, __[Apple](https://robinhood.com/stocks/AAPL)__, and Google from favoring their own products over those from third parties.

Antitrust regulators push back against Big Books amid antitrust scrutiny

The Squid-scam plunge, Big Book antitrust, and more of today’s top Snacks stories

🦑 The Squid scam plunge

__Candy Apples for breakfast...__ Being stuck in the Happiest Place on Earth isn’t as fun as it sounds. On Sunday, a woman who had visited Shanghai Disneyland tested Covid-positive somewhere else. Cue: China [locked](https://www.wsj.com/articles/shanghai-disneyland-suspends-operations-as-visitors-queue-for-covid-19-tests-before-exiting-11635755117?mod=breakingnews) over 30K Shanghai Disneyland visitors and staff inside the park. Visitors were forced to get Covid tested before being released from Mickey's house before midnight.

- __One picture of the scene__ shows __[Disney](https://robinhood.com/stocks/DIS)__ fireworks erupting behind people in hazmat suits. One visitor's reaction: “I never thought that the longest queue in Disneyland would be for a nucleic acid test.”
- __The 30K people tested negative,__ but were ordered to self-isolate for two days and take several more tests. The Disney fiasco is a stark example of China’s zero-tolerance Covid policy.

__Déjà vu...__ China's crackdown is reminiscent of the one instituted early in the pandemic. Except now, China has an 80% vaccination rate (higher than the US), and it's logging about 50 cases a day, out of a population of *1.4B*. For reference: The US recorded 30K cases on Saturday. Over the past few months, China has mandated business closures, event cancellations, and mass testing in certain areas. Meanwhile, other countries are loosening up:

- __Australia,__ which used to fine people thousands of $$$ for violating lockdowns, just eased border restrictions for vaccinated citizens.
- __South Korea and Japan__ relaxed distancing measures, while Thailand reduced quarantine requirements for vaxxed tourists.
- __The US__ plans to lift travel restrictions for fully vaxxed global travelers on Monday.

Unmagical

__Uncertainty is the bane of economies...__ especially when people aren’t sure when it'll end (China's goal = zero Covid cases). Economists believe China's policy could stunt its recovery. Chinese consumers have already started spending less on in-person activities. China’s economy grew only 4.9% last quarter, a dramatic slowdown from the previous quarter — and its full-year growth projections are being lowered. China’s approach could also exacerbate global supply chains, which are facing major delays from Asia.

China locks over 30K people inside Disneyland as its “zero-tolerance” Covid policy hits the economy

__Potassium-packed Peach Mango…__ __[Coke](https://robinhood.com/stocks/KO)__ has invested in electrolytes before: In 2018 Coke spent $300M for a 15% stake in __BodyArmor__, which makes coconut-water-based sports drinks. But that was just a sip. Yesterday Coke [announced](https://www.cnbc.com/2021/11/01/coca-cola-buys-full-control-of-bodyarmor-for-5point6-billion-.html) plans to swallow BodyArmor’s entire biz for $5.6B — its largest brand acquisition *ever*. 

- __Growth-thirsty:__ BodyArmor’s sales are on track to hit $1.4B this year, though Gatorade sales were still 5X higher in 2020.
- __Power-aided:__ BodyArmor’s share of the sports-drink market has 6X’d over the past four years, surpassing Coke’s 30-year-old Powerade.
- __Vita-hungry:__ Thanks to “healthy” branding and partnerships with pro athletes like Naomi Osaka and Mike Trout, BodyArmor’s sales have 6X’d since 2018.

__Functional is fashionable…__ The market for “functional” beverages (think: vitamin-packed energy drinks) was worth $100B+ last year, and is expected to nearly *double* by 2030. Big Bev brands want a taste of the action: __[Pepsi](https://robinhood.com/stocks/PEP)__ bought Rockstar Energy for $4B last year, Coke acquired protein milk company __Fairlife__, and __[Dr. Pepper](https://robinhood.com/stocks/KDP)__ bought low-sugar fruit drink __Bai__ for $1.7B.

B12 or be gone [We Are/DigitalVision via Getty Images]

Electrolytes

__Buying rivals > building rivals…__ especially for giant consumer companies. For Coke, it may be quicker to buy and distribute existing “health” brands like BodyArmor than to develop and market new brands in-house — especially since it’s known for sugary sodas. That’s why Candy giant __Mars__ scooped up __Kind__ power bars last year and __[Nestlé](https://robinhood.com/stocks/NSRGY)__ bought plant-based brand __Sweet Earth__.

Coke splurges $5.6B for health-focused Gatorade rival BodyArmor — its largest purchase ever

China’s Disneyland lockdown, Coke’s biggest purchase, and more of today’s top Snacks stories

🎢 China’s Disneyland lockdown

__Fly like a G20...__ or Air Force One over the Colosseum. Over the weekend, leaders of the world's 20 biggest economies met IRL for the first time in two years — *minus* Russia's Putin and China's Xi, who called in via video. The two-day summit was held in Rome, but it wasn't a breezy Roman holiday. Why it matters:

- __Econ impact:__ G20 countries account for more than 80% of the world's economic output, 75% of its trade, and 60% of its population.
- __Climate impact:__ The G20 — which includes the US, China, Germany, India, and Brazil — accounts for 80% of greenhouse-gas emissions.
- __Biz impact:__ G20 leaders [endorsed](https://www.aljazeera.com/news/2021/10/31/g20-leaders-endorse-global-corporate-minimum-tax) a minimum global tax rate of 15% for multinational corporations, aiming to implement it in 2023.

__Climate vitals…__ Greenhouse-gas concentrations hit a record last year, and the planet is "way off track" in capping rising temperatures, the UN says. This exacerbates extreme weather and rising sea levels. Rich countries are lagging behind their $100B/year [pledge](https://www.wsj.com/articles/rich-nations-lag-behind-in-meeting-100-billion-climate-funding-pledge-in-blow-to-cop26-11635184234) to help developing nations transition to greener energy. 

__Covid checkup...__ While 70% of US adults are fully vaxxed, only half the world’s population has received a shot. The goal was to vaccinate at least 40% of each country's population by the end of 2021 — we’re still far from that. [Most](https://www.nytimes.com/interactive/2021/world/covid-vaccinations-tracker.html) African countries have fully vaccinated less than 10% of their population.

__Recovery screening...__ Thanks to Delta surges, supply-chain backlogs, and rising prices, global economic recovery is in [danger](https://www.brookings.edu/research/october-2021-update-to-tiger-the-global-economic-recovery-is-in-danger-of-stalling/) of stalling. The US economy's growth [slowed](https://www.cnbc.com/2021/10/28/us-gross-domestic-product-increases-at-2point0percent-annualized-pace-in-q3-vs-2point8percent-estimate.html) sharply last quarter — so did China's.

The G20’s colossal battle [Grant Faint/The Image Bank via Getty Images]

__With great power comes great responsibility…__ So the G20 is setting shared targets for the Earth’s biggest problems. On the Covid front, leaders committed to trying to vaccinate 70% of every country by mid-2022. The US plans to donate 1B+ doses by next fall. On climate, leaders [pledged](https://www.nytimes.com/2021/10/31/climate/g20-coal.html) to stop financing coal power plants abroad, and “pursue efforts” to limit the average global temp rise to 1.5 °C  by 2100.  At the UN climate summit this week, powerful nations have another chance to further their ambitious goal: global carbon neutrality by 2050.

Global checkup: The G20 summit tackles climate change, Covid, and the economy

__Post-Halloween scaries…__ shipping delays. Holiday spending is expected to smash records this year, but retailers are *sweating* to meet demand. Nearly everything is in short supply, and materials and labor costs are surging. Amazon paid the price last quarter when profit plunged by nearly half from last year. The ’Zon expects to face billions in extra costs *this* quarter to hire 310K seasonal staff, among other costs. Meanwhile, __[Target](https://robinhood.com/stocks/TGT)__, Amazon, __[Best Buy](https://robinhood.com/stocks/BBY)__, and __[Walmart](https://robinhood.com/stocks/WMT)__ launched Black Friday sales early to ease delays.

__Ask app not to track…__ Big Tech earnings are over, but fallout from Apple’s privacy change *isn’t*. Facebook’s ad-sales growth majorly [slowed](https://snacks.robinhood.com/newsletters/1jAVVspgAe5mlsMnz9NEph/articles/2Vosrdk3nhKReYL818wjC7/) from the previous quarter (33% growth vs. 56%). Facebook and __[Snap](https://robinhood.com/stocks/SNAP)__ blamed Apple’s iOS update — which lets users opt out of ad tracking — for the disappointing numbers. __[Google](https://robinhood.com/stocks/GOOGL)__, __[Twitter](https://robinhood.com/stocks/TWTR)__, and Amazon weren’t as affected. To position itself for growth, Facebook is becoming a “metaverse company” (new name: Meta). The metaverse could be a hub for virtual interaction and commerce, from VR shopping to games. Read: *less reliance on iPhone ad $$*.

__Double shot…__ __[Moderna](https://robinhood.com/stocks/MRNA)__ and __[Pfizer](https://robinhood.com/stocks/PFE)__ drop earnings this week. 68% of Americans over the age of 12 are fully vaxxed — *and 92% of that group had either Moderna or Pfizer shots*. Unlike __J&J__, both have chosen to profit from Covid-vax sales. Last quarter, Moderna [revealed](https://snacks.robinhood.com/newsletters/7smONUNjrn1RF9LBhEgLe7/articles/4GUGqbhYGdsfyMcKDiqUuK/) a whopping $3B profit on $4.2B in vax sales. Meanwhile, Pfizer raised its yearly vaccine sales forecast to $33.5B, from $26B. The FDA just approved Pfizer’s vax for kids as young as 5, while nearly one in 10 Americans has received boosters of the three authorized vaccines.

__La Mer skincare routine…__ Now reach for the bronzer. Beauty giant __[Estée Lauder](https://robinhood.com/stocks/EL)__ owns brands like MAC, Clinique, Too Faced, and La Mer. The beauty industry lost $175B last year as masks replaced lip gloss and foundation. But matte is back: For fiscal year 2021, Estée’s sales and profits surpassed pre-pandemic levels. We’ll see whether the beauty boom is still accelerating when Estée unpacks earnings tomorrow. 

- __[Musky](https://snacks.robinhood.com/newsletters/584AsHjh5TeKtgP50rjco/articles/36KAN7Gde6BNGFOScj0LQ8/):__ Elon and other billionaires balked at a proposed (now dead) “billionaires tax,” which would’ve taxed unrealized gains on unsold investments. 
- __[Cheesy](https://snacks.robinhood.com/newsletters/539Y2n8dEQ1Dq1nUhKhYql/articles/5gFcP4oLqF2pWyDl2grWoV):__ __[McDonald's](https://robinhood.com/stocks/MCD)__, __[Coke](https://robinhood.com/stocks/KO)__, and __[Kraft Heinz](https://robinhood.com/stocks/KHC)__ dished out strong earnings after hiking prices on American food staples, from Bagel Bites to Big Macs. Thank the “staple advantage.”
- __[Juicy](https://snacks.robinhood.com/newsletters/6fvWNlLj06lmuzw6LGoQJT/articles/4ADArtfh2xKfYOP5GrK3Ip/):__ __Hertz__ is splurging $4B+ for 100K __[Teslas](https://robinhood.com/stocks/TSLA)__ in a massive bet on large-scale EV rentals. The goal: appeal to enviro-conscious, commitment-phobic consumers.

The G20’s global checkup, Big Tech’s Apple problem, plus more of today’s top Snacks stories