☕️ WFH truths

The electric vehicle bonanza on Wall Street... August 05, 2020 [View Online]( | [Sign Up]( [Daily Brew]( TOGETHER WITH [Paycom]( Good morning. Have you ever watched a late-night show and thought..."I could do that?" Now's your chance. Morning Brew is launching a new talk show-style podcast, so new it doesn't even have a name yet, that will riff on the latest business news. [You can apply to be a host here](. And now that you mention it...we're also hiring for a bunch of other positions. [Check 'em out](. MARKETS NASDAQ 10,941.17 + 0.35% S&P 3,306.61 + 0.36% DJIA 26,830.04 + 0.62% GOLD 2,030.00 + 2.20% 10-YR 0.505% - 5.40 bps OIL 41.57 + 1.37% *As of market close - COVID-19 update: With the U.S. [closing in]( on 5 million total cases and recording more than 155,000 deaths, the pandemic remains a clear and present danger. Officials have identified social gatherings like birthday parties, weddings, and camps as sources of many outbreaks. - Stocks: Yawner of a day on Wall St. as investors await [stimulus news](. AUTO [We've Come a Long Way Since Ben Franklin's Kite]( [Nikola Badger] Nikola Tesla is still racing laps around the rest of the electric vehicle (EV) field, but the competition is in hot, and of course silent, pursuit. China’s Nio and Phoenix-based Nikola have matched or surpassed Tesla's 240% stock rally this year. This week, Nio [reported]( July deliveries were up 322% compared to 2019. Nikola went public this summer through a reverse merger with a [special purpose acquisition company]( (SPAC). Yesterday, it reported its first earnings...or lack thereof. Shares fell on its greater-than-expected loss of [nearly $87 million](, but remember—Nikola hasn’t actually sold a single vehicle yet. - It has sold a lot of shares. Its market cap is up near $14 billion. Not looking to miss the party is Lordstown Motors, which this week said it’s also [going public]( through a reverse merger with another SPAC, DiamondPeak Holdings. The deal values Lordstown at $1.6 billion and will help fund production of its commercial Endurance EV, set to launch next year. Jerry Seinfeld voice...what's the deal with all the SPACs? Mergers with these “blank check companies” are becoming an increasingly popular option for EV companies to go public and skirt the paperwork of an IPO. Fisker, another EV maker, announced plans last month to go public via SPAC. Electric dreams aren't just for newcomers Yesterday, one of America's more iconic automakers announced a surprise pit stop on its EV journey. Ford CEO Jim Hackett will be [replaced]( by COO Jim Farley, the automaker's fourth CEO shuffle in the last 14 years. Ford's undergoing an $11 billion restructuring, which has pruned off products including sedans to focus on successful lines like the F-Series and its big bets on electric and autonomous vehicles. That has yet to pay off—shares have fallen around 40% during Hackett’s tenure and nearly 30% this year. Farley takes over with some momentum from Ford's recent announcements of the new Bronco and its first fully electric SUV, the Mustang Mach-E. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Ford%20CEO%20Stepping%20Down;%20Nikola%20Reports%20Earnings:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 INTERNATIONAL [Explosion Devastates Beirut]( [Lebanon explosion] STR/AFP via Getty Images Yesterday, a massive explosion [shook Beirut](, the capital of Lebanon. As of last night, at least 78 people had been reported killed and thousands injured. Neighborhoods around the port, where the blast occurred, were leveled—including the port itself. - Authorities said the explosion came from a warehouse where highly explosive material (ammonium nitrate) was being stored. - The city’s governor, Marwan Abboud, called it a “national catastrophe.” Zoom out: In addition to dealing with the pandemic, Lebanon is in its worst [economic tailspin]( in many years. Decades of corruption plus a reckless central bank have combined to push almost half the population into poverty, the value of the lira (Lebanon’s currency) down over 70%, and the entire country into hyperinflation, a first for the region. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Huge%20Explosion%20Causes%20Chaos%20and%20Destruction%20in%20Beirut:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 ENTERTAINMENT [Disney’s Feeling Short on Pixie Dust]( [Disney castle] Francis Scialabba With fiscal Q3 revenue dropping 42% annually to $11.8 billion, Disney earnings show what happens to a global entertainment giant when people can't leave their homes. It's not all bad? But much of it is definitely bad. If it were a movie, Disney’s parks business would be Thor: The Dark World. With parks closed because of the pandemic, Disney swallowed a $3.5 billion hit to its onetime profit engine. Revenue fell 85% from last year. - Studio entertainment revenue also fell 55% to $1.7 billion. This quarter a year ago, Disney released the highest-grossing film of all time, Avengers: Endgame, which by itself brought in $2.8 billion at the box office. But Disney's big dive into streaming last year is paying off in ways it could never have imagined. The company has collected 100 million paid subscribers across Disney+, Hulu, and ESPN+, and revenue was up 2% to $4 billion. Most importantly, it allows Disney to do things like this: It's releasing Mulan [directly]( to Disney+ next month for an extra $29.99. The remake was originally scheduled to open March 27 in a magical place called a "movie theater." - Disney also announced it's planning another streaming option for international markets under its Star brand. Bottom line: Without Disney+, Disney would be in a much worse place. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Disney%20Posts%20Big%20Revenue%20Decline,%20Announces%20'Mulan'%20Will%20Be%20Available%20to%20Disney+%20Subscribers:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 SPONSORED BY PAYCOM [Changing What HR Stands For](#) [Paycom]( For time immemorial, HR has stood for Human Resources. But as business and HR leaders, you know that incredibly vague title barely covers it. It’s more like HRAEETMIAC (Human Resources And Everything Else That Matters In A Company). [Paycom]( gets that. Which is why their innovative and comprehensive HR tech empowers employees to enter and manage their own data. Basically, it’s smart tech that helps you get more done. And when fully utilized, Paycom pays for itself. But how does Paycom make it simple for you and your employees? For starters, employees enter their own info (birthday, address, dependents, etc.) one time, and one time only, into a single simple system. Plus, employees have 24/7 access to their own data. Paycom also helps remove redundancy and improve business performance so you can focus on success. Thanks to Paycom, HR now stands for “How Revolutionary.” [Learn more here](. WORK [Some Work From Home Truths]( Prepare yourself for the awkwardness of a Zoom office holiday party. Yesterday, Uber said employees don’t have to come back to the office through June of 2021. 200,000 Googlers also [won’t return to the office]( until next summer. As the pandemic persists in the U.S., we can expect more WFH extensions to follow. So what do we know about employee productivity during lockdowns? Researchers at Harvard and NYU [collected data]( across three continents to find out. The main takeaways: - The average workday increased by 48.5 minutes, as did the number of meetings (up 13%) and the number of emails sent to colleagues (+1.4). - But the length of those meetings was much shorter, meaning overall we’re actually spending less time in meetings than before COVID-19. One more interesting finding: The researchers say that changes in communication patterns occurred, on average, about one week before formal lockdowns in the 16 cities they explored. So workers seemed to anticipate policy changes before they happened. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Study%20Says%20People%20Work%20Longer,%20Send%20More%20Emails%20While%20Working%20From%20Home%20During%20Pandemic:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 ENVIRONMENT [Trump Writes Mother Nature a Check]( [Tetons] Neal Freyman Yesterday, President Trump [signed a bill]( to earmark a Rocky mountain of cash for the U.S.’ natural spaces. Called the [Great American Outdoors Act](, the law will 1) provide up to $9.5 billion over the next five years for park maintenance and 2) guarantee $900 million/year for the Land and Water Conservation Fund (LWCF)...in perpetuity. This is an extremely large deal. Anyone who’s used a national park bathroom knows the system is in desperate need of maintenance. And the government has been dipping into the LWCF for non-land and water uses ever since it was created in 1964. The economic angle: National parks breathe life (and $$$) into their local communities. Local officials say Grand Canyon National Park provides [12,000 jobs]( for AZ’s Coconino County. And the pandemic, while decimating big cities, has [supercharged tourism]( in other park jumping-off points, such as Jackson Hole, WY. The political angle: The bill was sponsored by several vulnerable members of Trump’s Republican party who hail from outdoorsy states, including Sen. Cory Gardner of Colorado and Sen. Steve Daines of Montana. + P.S.: Bonus points if you can name the national park in the pic above. Answer is at the bottom of the newsletter. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Trump%20Signs%20Landmark%20Bill%20for%20Public%20Land%20Funding:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 WHAT ELSE IS BREWING - [Anthony Levandowski](, the engineer at the center of a Waymo/Uber self-driving dispute, was sentenced to 18 months in prison for trade secret theft. - [Activision Blizzard]( crushed earnings, confirming it's a great time to be a videogame company. - [President Trump]( was interviewed by Axios's Jonathan Swan, and 1 million memes were born. - [Novavax]( reported promising results from two preliminary studies of its potential coronavirus vaccine. - [The SEC]( is looking into potential shenanigans concerning Kodak's government loan announcement and subsequent stock surge, the WSJ reports. - [Tropical Storm Isaias]( drenched the I-95 corridor yesterday, causing tornadoes, floods, and fires. BREW'S BETS Michael launched a $10 million swag business.The Schmahls took their offline business online because of the pandemic (and generated 23,000 euros in its first month). Learn how everyday people use [Typeform]( to solve problems that matter—and [get 30% off your first 3 months](.* Grab a seat next to the C-suite. Caliber makes investing in real estate simple; now you can [invest in Caliber](. They’re doing all the hard work to turn this historically successful asset class into something that can help everyday investors profit. [Invest today](.* Miss driving? On [this website](, you can cruise around in dozens of cities—from Buenos Aires to Tokyo—while listening to the local radio. Sports ads roundup: - Nike’s inspirational split-screen ad has taken over social media. You can [watch it here](. - A new [#GotMilk campaign]( does a lot more than show off milk mustaches. *This is sponsored advertising content FROM THE CREW [Own the Morning: Kara Swisher]( [Kara Swisher ] [nrkbeta](, [Kara Swisher @ SXSW 2019 (47300394972)](, [CC BY-SA 2.0]( In our first Own the Morning segment, we talked to poker genius Daniel Negreanu about his keys to success. Next up? Tech journalist/genius Kara Swisher. Quick bio: - Hosts a podcast with professor Scott Galloway called [Pivot]( - Is the unofficial queen bee of tech Twitter - Onetime guest on our very own [Business Casual]( podcast We slid into Kara’s DMs to ask her how she owns the morning and about life as a tech writer/podcaster/everything-er. Three things you do in the morning that are essential to starting your day off right 1) Peloton with Ally Love 2) Pop-Tart and coffee 3) Rage tweeting One thing you do in the morning that other people definitely don’t do. Have a nine-month-old baby smacking you awake and trying to pull off your Spider-Man sleeping eye mask One thing about the tech industry no one outside of it understands They are not as smart as you think One thing that you are snobby about. Only the finest paper towels for me BONUS: Which tech CEO would you want to cohost a podcast with? Salesforce's Marc Benioff or the sassy Jeff Bezos circa late 1990s when he was not the richest man of all �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Own%20the%20Morning:%20Kara%20Swisher%C2%A0:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 PRICE IS RIGHT Let’s play The Price Is Right. Today’s product: the 2021 Ford Bronco. We’re looking for the starting price for the base edition with four doors. You CANNOT go over. Or else...you lose. SHARE THE BREW When you [share the Brew]( with your network, you earn free swag like our classic Morning Brew t-shirt. Whether you’re rocking it as a weekday undershirt, a weekend statement piece, or you’re just looking to cause a stir at Aunt Margaret’s black tie wedding, our comfy tees will get the job done. [Click here to get free swag.]( Hit the button below to learn more and access your rewards hub. [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWERS National Park: Grand Teton Price is Right: [$33,200](             Written by [Alex Hickey](, [Toby Howell](, [Neal Freyman](, and [Eliza Carter]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW?  Retail newsletter → [Retail Brew](  Tech newsletter → [Emerging Tech Brew](  Marketing newsletter → [Marketing Brew](  Quarantine newsletter → [The Essentials](  Business podcast → [Business Casual]( [ADVERTISE]( // [CAREERS]( // [SHOP]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright ©2020 Morning Brew. All rights reserved. 40 Exchange Pl., Suite #300, New York, NY 10005