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Why Lyft is frowning under that mustache... February 11, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [LiquidPiston]( Good morning. Of the near-infinite bets you can place on the Super Bowl, one of the most peculiar comes right at the beginning: the length of the national anthem. Here are some stats to impress your guests with tomorrow. - Country singer Chris Stapleton will be singing the anthem tomorrow. Many oddsmakers have set his over/under at 1:59. - You might think a country artist would take their time with the anthem, and Luke Bryan’s 2:04 rendition in 2017 proves you are correct. - Then again, Carrie Underwood breezed through the dawn’s early light in just 1:47 in 2010. Across all Super Bowls, the longest anthem ever was belted out by Alicia Keys in 2013, who held that “brave” until the timer hit 2:36. —Jamie Wilde, Matty Merritt, Sam Klebanov, Max Knoblauch, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 11,718.12 -0.61% S&P 4,090.46 +0.22% Dow 33,869.27 +0.50% 10-Year 3.738% +7.5 bps Bitcoin $21,679.00 -1.03% News Corp $18.66 -9.37% *Stock data as of market close, cryptocurrency data as of 3:00am ET. [Here's what these numbers mean.]( - Markets: After a mixed performance yesterday, all three major indexes ended up down for the week, with both the Nasdaq and the S&P 500 suffering their [worst week]( of the year. News Corp’s stock fell after the company said it plans to cut 1,250 jobs, or about 5% of its workforce, this year.  BUSINESS [The one-sided ride-hailing war]( [An Uber full of money in front of a Lyft]( Francis Scialabba Lyft is frowning behind its big pink mustache, and yes, we know that reference dates us. The ride-hailing company’s stock had its worst day ever yesterday after it shared a [dismal outlook]( during its earnings call the day before. How dismal? Wedbush analyst Dan Ives called it “a Top 3 worst call” out of the thousands he’s listened to in 22 years in the biz. The company’s shares fell about 36% after forecasting it’ll make between $5 million and $15 million this quarter—rather than the $85 million that analysts expected. Meanwhile, Uber is coming off its “strongest quarter ever,” as CEO Dara Khosrowshahi said, so the ride-hailing war is starting to look more one-sided than Dora vs. Swiper. Here’s why investors are giving Lyft 0 stars Lyft’s recovery from the pandemic is slower than its wait times, while Uber is [zooming ahead](. Even Lyft’s good news is small potatoes compared to Uber’s: - Lyft notched its highest ridership in three years last quarter, but Uber announced in its earnings call Wednesday that it booked an all-time record of 2+ billion trips in the same time period. - Lyft has recovered the number of drivers it had in 2019, while Uber said it has a record number of drivers now globally. (Both companies had a hard time hiring during the pandemic’s labor shortage.) And that’s Lyft’s relatively good news. It’s been especially slow going for Lyft to regain a presence in what had been its strongest market, the West Coast. And in colder climes, Lyft expects revenues to suffer because no one wants to ride its scooters on black ice. In order to compete with Uber, Lyft plans to lower its ride prices and offer more hiring incentives to drivers—both of which will be a hit to revenue. Not to mention…Uber’s not 100% dependent on you needing transportation home at the end of a night out. It also makes money when you stay in and order Taco Bell off Uber Eats. Bottom line: Lyft has an uphill ride to compete with Uber, and it’s not clear it can ever catch up.—JW �  �  �  TOGETHER WITH LIQUIDPISTON [An engine-ious family]( [LiquidPiston]( Nikolay and Alexander Shkolnik, the Physics Dad and MIT Grad behind [LiquidPiston](, are delivering the first major innovation to the internal combustion engine in over 100 years. And guess what? They’re giving you the chance to become a shareholder. They’ve patented a new thermodynamic cycle to power a redesigned rotary engine that’s [up to 10x lighter]( than comparable piston engines of the same power. Best of all, the engine is compatible with a variety of fuels, including hydrogen. This could unlock a 100% green energy solution for the combustion engine market. No wonder this (thermo)dynamic duo has secured $30m in contracts from the US Army, the Air Force, and more. [Invest in LiquidPiston today](. WORLD Tour de headlines [An F-22 fighter jet]Mai/Getty Images The US shot down a “high altitude object.” Days after downing a suspected Chinese spy balloon, the US sent a fighter jet to take out another [airborne object]( off the coast of Alaska. What exactly it was and who sent it hasn’t been determined yet, per US officials, but the government also said it was smaller and lower than the known balloon and posed a threat to air travel safety. Meanwhile, in the continued fallout from more identifiable objects…the US sanctioned six Chinese aerospace companies it says support the nation’s spy balloon fleet. Russia will cut oil production. Russia said yesterday it plans to cut its [oil output]( by about 5% next month in response to Western sanctions (or, as Deputy Prime Minister Alexander Novak put it, the “destructive energy policy of the countries of the collective West”). The move is likely to drive up prices and could therefore make inflation harder to tackle. In other Russia–Ukraine War news, Russia stepped up its missile strike campaign, and the pro-European prime minister of neighboring Moldova resigned, citing crises caused by Russia. The classified documents drama continues. Anybody who’s anybody in US politics these days has had the FBI search their home looking for classified documents (or at least, both Trump and Biden both have). Yesterday, it was Mike Pence’s turn, and the [five-hour search]( turned up one new document marked classified and six pages without the markings. That’s in addition to the documents previously discovered by the former VP’s lawyers. It’s also come to light that Pence’s former boss has turned over additional classified documents to prosecutors that were not found during the search of Mar-a-Lago, per CNN. RETAIL [Adidas might need a Yeezy garage sale]( [Adidas logo over Kanye ]( Illustration: Francis Scialabba, Photo: Angela Weiss/ Getty Images Just like all of us, Adidas is dragging its feet dealing with the pile of clothes it doesn’t want anymore. CEO Bjørn Gulden [said]( Thursday that the company is still trying to figure out what to do with the roughly $1.3 billion worth of untouched Yeezy gear it has left. If it doesn’t sell the merch, it could push Adidas to its first loss in three decades. In case you forgot…the sportswear brand severed its partnership with Ye (formerly known as Kanye West) in October over antisemitic comments made by the rapper. The collab was said to be worth $1.5 billion, and Ye reportedly lost his billionaire status when it ended. And now Adidas has its eyes set on winning the breakup. Gulden, who stepped into the CEO role just six weeks ago after turning around rival Puma, has a plan to revamp the brand—but that plan could cost the company a whopping ~$214 million this year. Will it work? At this point, anything is better than nothing. Adidas has historically relied on its celebrity partnerships to bring in the cash, but nothing has matched Yeezy’s success. Even Beyoncé’s Ivy Park line has gone from disappointing to downright flop. Sales of Ivy Park for 2022 reached just [$40 million](, while Adidas was expecting $250 million, according to the WSJ.—MM �  �  �  TOGETHER WITH FACET [Facet]( Would you say no to $500? Facet’s offering to deposit $250 into your brokerage account if you invest $5k within your first 90 days—and waiving the $250 enrollment fee for [new annual members](. Get personalized financial advice and access to your own CFP® professional. Wanna know if Facet is right for you? Take their free 5-minute quiz to get [your financial wellness score](. ENTERTAINMENT [Super Bowl ads say keep the faith]( [Man sitting in an armchair screenshot from "He Gets Us" Jesus ad]( He Gets Us What do T-Mobile, Budweiser, and Jesus have in common? They’ll all be appearing on your TV screen during commercial breaks in tomorrow’s Super Bowl. Hobby Lobby CEO David Green and a group of anonymous wealthy donors are shelling out $20 million for [two ads]( to spread the word about him to millions of football fans. - Jesus’s Super Bowl screentime comes as part of the massive “He Gets Us” campaign, which aims to make him more relatable to millennials and Gen Z. - The ads portray Jesus as someone who [“also suffered anxiety](,” threw [dinner]( parties, and was even a [popular influencer]( who got “canceled.” How common is religion (besides football) at the Super Bowl? This is not the first time Jesus (or at least his followers) has been featured in a Super Bowl ad: The ministry Focus on the Family inspired controversy with an anti-abortion commercial in 2010. Other religions have also embraced the game, including the Church of Scientology, which has advertised regionally during the Super Bowl in the past. But most religious advertisers tend to shun the event due to the sensitivity of the subject and the hefty price tag. Zoom out: The ad hits as a record 29% of Americans identify as religiously unaffiliated, an almost sixfold rise over the past fifty years.—SK �  �  �  GRAB BAG Key performance indicators [A DNA strand being cut]Dianna “Mick” McDougall, Photos: Getty Images Stat: Sticking a baby in a Harvard onesie might seem like throwing them into the college game a little early, but in the future parents might try to gain an edge with the admissions office even sooner. Nearly 40% of Americans [polled]( recently said they’d be up for testing and selecting IVF embryos for intellectual aptitude to boost their kids’ college chances. And 28% would even be willing to consider giving their kid a leg up by editing the embryo’s genes, assuming it was safe. Quote: “Tesla needs to build its image around Tesla, and not just around Elon. I think it’s time for Tesla to grow up.” Tesla shareholder (and investment firm co-founder) Ross Gerber is so fed up with Elon Musk’s vibe that he’s looking to nab a spot on the electric vehicle company’s [board]( because “I’ve kind of had enough.” He’s hoping to address Musk’s spending so much time running other companies, succession plans, and stock sales. But in an unintentional demonstration of Musk’s inescapability, Gerber revealed his plan on a Twitter Spaces call. Read: How Microsoft caught up with Google on AI, and the unlikely executive who made it happen. ([Insider]() CARTOON Saturday sketch [An NFL preview show, but it's birds]Max Knoblauch NEWS What else is brewing - [Florida lawmakers]( passed a plan to radically alter the governance of the special tax district where Disney’s theme parks sit, shifting control of the selection of its supervisors from the company to the governor. - [Brett Favre]( filed defamation lawsuits against a Mississippi state auditor and two sports commentators over allegations he was involved in the misuse of welfare funds. - [Tiger Woods]( will return to professional golf next week in his first event since the British Open last July. - [Amsterdam]( plans to ban smoking marijuana on the streets of its famous red-light district. They hope the move will get tourists to behave better. - [The last Blockbuster location]( is rolling out an ad during the Super Bowl—but it won’t air during the game, it’ll just be on its Instagram account. RECS [Saturday To-Do List graphic] Get new career goals: A [searchable guide]( to help you explore new industries. Thought experiment: Which [TV or movie cop]( would you trust to solve your murder? Consider the source: Words of “wisdom” from the [man behind Fyre Festival](. Catch up on some old correspondence: Amateur code breakers have just decrypted a trove of [letters]( from Mary Queen of Scots. Travel tip: Money with Katie’s [Travel 101 series]( will teach you how to use credit card points to travel for free. Best rewards cards of 2023: Earn [exceptionally high rewards]( on everyday purchases, not to mention a $200 bonus. [These credit card deals]( are too good to miss.* *This is sponsored advertising content. GAMES The puzzle section Brew crossword: Where can you find a Super Bowl-themed crossword puzzle? Probably not many places, but the Brew is one of them. Get hyped for the game by [solving today’s puzzle](. Open House Welcome to Open House, the only newsletter section that isn’t rooting for anyone in tomorrow’s Super Bowl, just hoping everyone has fun out there. We’ll give you a few facts about a listing and you try to guess the price. [Ultra modern house in Arizona]ARMLS Today’s ultramodern [home]( is just a 15-minute drive from State Farm Stadium in Glendale, AZ. The 3,491 square foot property is filled to the brim with expensive-looking porcelain. Amenities include: - Pool - Fancy goth-ish kitchen - Rectangle of green grass to flex on neighbors How much to be so close to tomorrow’s action that you’ll probably hear if the national anthem is pitchy? AROUND THE BREW [2023 Resolution Trackers]( [Resolution Trackers]( It’s already February, but it’s not too late to stay on top of this year’s goals. Check out our 2023 Resolutions Trackers for tools to hold yourself accountable this year. [Shop today](. ’Tis the season of love...and taxes, student loans, retirement planning, etc. Don’t let money ruin your relationship—check out [Money Scoop]( for a monthlong series on how to navigate finances with your partner. Did your sales survive rather than thrive in January? Pick up steam in February with strategies from [Retail Brew’s latest guide](. SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER $1.2 million (there was a $10 price cut Thursday) ✳︎ A Note From Facet Facet Wealth, Inc. (“Facet”) is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. � � � � � Written by [Neal Freyman](, [Abigail Rubenstein](, [Matty Merritt](, [Jamie Wilde](, Sam Klebanov, and [Max Knoblauch]( Was this email forwarded to you? Sign up [here](. Take The Brew to work - Marketers: [Marketing Brew](  [Future Social]( - Corporate: [CFO Brew](  [HR Brew]( - Tech: [IT Brew](  [Tech Brew]( - Retailers: [Retail Brew]( - Healthcare: [Healthcare Brew]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011