☕️ This is goodbye

Why is LinkedIn leaving China? October 15, 2021 [View Online]( | [Sign Up]( [Morning Brew]( TOGETHER WITH [Fundrise]( Good morning. *SNL host voice* Ladies and gentlemen... Soup Season. —Max Knoblauch, Matty Merritt, Neal Freyman MARKETS Nasdaq 14,823.43 +1.73% S&P 4,438.26 +1.71% Dow 34,912.56 +1.56% 10-Year 1.516% -2.2 bps Bitcoin $57,704.44 +0.36% Walgreens $50.77 +7.43% *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean](. - Markets: The S&P had its [best day]( since March after four major US banks (yep, even Wells Fargo) reported meaty profits during the last quarter—a sign of a healthy economy. Walgreens stock [popped]( after it revealed a plan for the future that’s focused on health care. - Economy: Is that a 2 in front of jobless claims data? The number of Americans applying for unemployment benefits [dropped to 293,000]( last week, the first time it fell below 300k since the pandemic began. COVID-19 [State of the Vax]( [Vaccine clock]( Francis Scialabba Roughly [two-thirds]( of the US population has received at least one dose of a Covid-19 vaccine, according to the CDC. 8.9 million have received a Pfizer or Moderna booster since August 13, and millions of little kids may soon be eligible for a first shot. It’s...a lot to follow, so we figured now’s a good time for a State of the Vax. How about a boost? After 23 days as the lone federally approved booster shot, Pfizer could soon get company. An FDA panel on Thursday [recommended]( a 50 microgram dose of the Moderna vaccine for use as a booster (half the amount of a typical dose). The Moderna booster would be available to the same eligibility groups as the Pfizer shot: - Seniors aged 65+, nursing home residents, and adults aged 50 and up with underlying medical conditions. - Adults aged 18–49 with health risks, and those aged 18–64 with a job/living situation that puts them more at risk of getting Covid. The same panel will meet today to decide whether to recommend J&J’s booster shot. It’s [not a home run](, but experts still anticipate authorization given the single dose’s lower effectiveness. Next, the FDA will rule on whether to authorize the boosters. The decision will then move to the CDC and, ultimately, state health departments. And the kids? As it stands, Pfizer’s vaccine is the only one approved for Americans younger than 18 (and as young as 12). That said, US children aged 5–11 could become eligible for the [world’s most preferred]( vaccine within weeks. The FDA will consider Pfizer’s request to approve its shot for emergency use in younger children on October 26 (with a ruling expected as early as Halloween). The shot would likely be [one-third of the dose]( given to ages 12 and up. Moderna is still waiting on FDA approval for use of its shot in adolescents aged 12–17. And finally, a Covid update: Looking a lot better. Infections in the US [have fallen 22%]( from two weeks ago to a 7-day average of 88,612. In early September, average cases peaked at around 160,000.—MK �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=State%20of%20the%20Vax%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F14%2Ffda-panel-recommends-moderna-s-booster-j-and-j-decision-to-come%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TECH [LinkedIn's New China Strategy]( [A gif of Homer Simpson slowly backing into leaves and disappearing.]( Giphy There's one less place in China to give kudos to your coworker on their 1-year anniversary. LinkedIn said it was [shutting down]( its professional networking platform in China, citing “a significantly more challenging operating environment and greater compliance requirements.” Why it matters: Microsoft-owned LinkedIn was one of the few US internet companies to still have a presence in China, where the government watches internet users like Doctor T. J. Eckleburg and purges content it doesn’t like. China blocked Twitter and Facebook in 2009, and Google left a year after—but LinkedIn [took a different path](, launching a local version in 2014 that abided by China’s censorship rules. That...hasn’t worked out great. The Chinese government has put pressure on LinkedIn to follow its censorship guidelines more closely, while US lawmakers have ripped the platform for following the guidelines at all. Still, China is not a major market for Microsoft, accounting for just [1.8% of global revenue](, according to President Brad Smith. Looking ahead...LinkedIn won’t abandon China entirely. Later this year it’s going to launch a new job board app, InJobs.—NF �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=LinkedIn%27s%20New%20China%20Strategy%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F14%2Flinkedin-shuts-down-its-networking-platform-in-china-after-seven-turbulent-years%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A FOOD AND BEV [Domino's Gives Out too Much Ranch]( [Domino's pizza tracker that says ]( Domino's same-store sales [fell]( 1.9% annually in Q3—the first time they’ve dropped since 2011. The hand-tossed king did gangbusters last year as diners stayed home and ordered in, but this summer was a different story. The pizza chain blamed three factors for flattening its dough in Q3: 1) a shortage of workers 2) stimmies to consumers drying up and 3) more open restaurant dining rooms. - To partially fix the first problem, Domino’s CEO Richard Allison will ask drivers to [fulfill more orders]( on the same route. "I don't see why drivers should ever have to get out of their cars," he said. More headwinds for Domino’s: Some Covid trends are reverting to pre-lockdown norms. While the fall is typically most pizza chains’ strongest time of the year (it’s the official meal of NFL Sundays), about 30% of US diners said in September they’d be ordering delivery less going forward, according to research firm Revenue Management Solutions. Zoom out: Allison said Domino’s will face these challenges from a “position of strength” and, given the stock’s slight uptick on the day, investors agree.—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Domino%27s%20Gives%20Out%20too%20Much%20Ranch%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F14%2Fdomino-s-q3-same-store-sales-dropped-for-the-first-time-in-a-decade%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH FUNDRISE [Give Your Portfolio Some Structure](#) [Fundrise]( Think about your current investments. You most likely have a mix of stocks, bonds, and mutual funds. Now, this is a great place to start, but these three assets are correlated, or “tied” to each other—which means if one starts to fall, there’s a good chance the others will, too. [Fundrise]( hates a wobbly portfolio: that’s why they’ve made it so easy to invest in real estate. As a private market asset, real estate is generally uncorrelated to the public market, keeping your portfolio on steady ground. And not only does owning hot properties across the country sound cool, it is pretty cool. Historically, portfolios with some real estate allocations have shown consistent returns, more annual income, and lower volatility. With flexible investment options, you can [join Fundrise today](. Use their intuitive investing platform to start building—and growing—a powerful portfolio that matches your goals. [Sounds pretty solid](. GRAB BAG [Key Performance Indicators]( [Jon Snow being cold in the snow]( Giphy Stat: It’ll be a winter of discontent...and skyrocketing gas bills. The US households that use natural gas to heat their homes should expect to pay an average of [30% more]( on their bills compared to last year, per the Energy Information Administration. Even if the winter is 10% warmer than average, bills will be 22% higher. Quote: “All the aliens that I’ve ever met, they have no feelings.” Speaking to TMZ, astrophysicist Neil deGrasse Tyson [responded]( to singer Demi Lovato's comments that calling extraterrestrial life forms "aliens" is derogatory. He also noted that Demi was coming from the right place. Read: A slightly wonky but informative thread on the Covid endgame. ([Trevor Bedford]() �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Key%20Performance%20Indicators%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F14%2Fkey-performance-indicators-october-15%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A QUIZ [“You Smell Like Quiz.” “I Am Quiz.”](#) [News Quiz image ]( The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to taking off your ski boots after a long day on the slopes. It’s that satisfying. Ace the [quiz](. WHAT ELSE IS BREWING - [The SpringHill Company](, a media company cofounded by LeBron James and Maverick Carter, sold a minority stake to investors including Nike at a $725 million valuation. - [The McPlant burger]( is coming to some US McDonald’s locations next month. - [Elon Musk]( said his satellite internet service Starlink is talking to airlines about using it for high-speed wi-fi on flights. - [Banksy’s]( self-destructed painting sold for more than $25.4 million at auction, the biggest sale ever for the artist. - [The third-party cookie](: What is it, why is it going away, and what’s next? SPONSORED BY TRACKSMITH [Tracksmith]( Going fast requires the right fit. This fall, gear up for racing with [Tracksmith’s Marathon Collection](—featuring the highest quality running apparel on the market. They’ve got the best in class running essentials you need to reach the finish line (and keep going) this running season. [Shop the collection today](. BREW'S BETS The topsy turvy workplace: The pandemic completely changed the HR game, from remote work to the historic labor shortage. Check out HR Brew’s [big launch event]( next week for expert advice on how to navigate a workplace that’s changed forever. Follow Friday: Jamie Costa does a pitch-perfect [Robin Williams impression](, and Kira Wennerstrom [eats canned foods]( dated 1904 she found in the cellar of her apartment. What to watch: [Dopeskick]( on Hulu tells the story of America’s opioid crisis from a variety of perspectives. GAMES [Friday Puzzle](#) This one’s fun, because it requires two rounds of rearranging letters. First, unscramble the following five jumbles to create five actual words. Then, use the clues provided to extract certain letters; take that jumble and rearrange to form the name of a country. - KERWC. Take the 1st and 2nd letter. - LZEA. Take the 1st, 2nd, and the 4th letter. - KURNT. Take the 1st and the 4th letter. - IASB. Take the 2nd and 3rd letter. - SUKD. Take the 1st and 3rd letter. SHARE THE BREW We think you should [share the Brew.]( Not only is it a smart thing to do for your friends, it’s also the smartest way to get showered in free Brew swag and exclusive content. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER 1. Wreck 2. Zeal 3. Trunk 4. Bias 5. Dusk When you extract the letters provided in the clues you get WRZELTNAIDS which can be unscrambled to form Switzerland. [Source]( HOW WAS TODAY'S NEWSLETTER? [GREAT]( [GOOD]( [BAD]( ✢ A Note From Fundrise (Here's all the [legal jargon]( we know you love reading.) � � � � Written by [Neal Freyman](, [Matty Merritt](, and [Max Knoblauch]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? 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