☕ Public parade

Why the price of chocolate is going up... [Advertisement] December 02, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Pendulum]( Good morning. Your Morning Brew Wrapped is here! You opened 315 emails, read 118 stories about Taylor Swift boosting the economy, and correctly found the Word of the Day twice. Your Newsletter Neighborhood, the place with similar newsletter reading habits to you, is: the office bathroom. —Sam Klebanov, Molly Liebergall, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 14,305.03 +0.55% S&P 4,594.63 +0.59% Dow 36,245.50 +0.82% 10-Year 4.200% -13.3 bps Bitcoin $38,719.64 +2.66% Pfizer $28.91 -5.12% *Stock data as of market close, cryptocurrency data as of 12:00am ET. [Here's what these numbers mean.]( - Markets: Bust out the confetti, because the S&P 500 had its [best day]( of the year yesterday as stocks kept their November rally rolling right into December. Pfizer, however, fell to its lowest since March 2020 after announcing that it’s pulling the plug on its experimental twice-a-day weight loss pill because it caused too many negative side effects even as pharmaceutical companies are rushing to serve the growing weight loss market.  FINANCE [Panera might lead an IPO parade next year]( [Loading stock market]( Francis Scialabba The cafe where you once almost spilled a broccoli cheddar bread bowl onto your laptop wants to go public: Panera Bread has confidentially [filed]( IPO paperwork, the Financial Times reported yesterday. And it’s not the only household name that’s anticipated to hit brokerage apps next year as more companies are once again considering going public. The past two years have been an IPO ice age as rising interest rates led to a tepid market for newcomers. Last year, Panera itself aborted a public listing it was planning via a special purpose acquisition company due to harsh market conditions. Things might be different in 2024: Fast-fashion behemoth Shein also recently filed paperwork for what could be a blockbuster IPO that raises as much as $90 billion, per Bloomberg. The publication says that more companies are rumored to be thinking about joining the potential IPO bonanza… - Kim Kardashian might list her $4 billion undergarment brand, Skims. - Soon, Reddit may not only host r/wallstreetbets but also get hyped on it, as it’s supposedly flirting with the idea of going public. It would be the first major social media IPO in years, and it’s been in the offing since last year, when Reddit was valued at $15 billion. But it’s been rough out there This fall, even the much-awaited Birkenstock and Instacart IPOs fell short of expectations. According to investment data from Dealogic… - Three out of four companies that IPOed this year were trading below their offer prices as of the middle of last month. - Companies debuting on the public markets raised a meager $20 billion so far this year, a slight rebound from 2022 but a ~90% decline from 2021. Already listed stocks are rallying, though…stocks had their best month of the year in November, and investors are relieved that the Federal Reserve has signaled that it’s done raising interest rates.—SK   PRESENTED BY PENDULUM [Eat, drink, and be well]( [Pendulum]( Already envisioning the perfect plate of holiday goodies? Go ahead, enjoy every bite and sip—and [pair ’em with Pendulum](. Pendulum wants to help you celebrate the holidays with Metabolic Daily, the perfect probiotic to kick-start your metabolism. And they’re getting into the holiday spirit by offering a free, limited-edition reusable container when you make your first membership order. [Metabolic Daily]( is packed with tons of benefits and can help you: - metabolize carbs and sugars* - convert food into energy more efficiently* - sustain energy levels Embrace health and celebration this year. [Get 20% off your first month with code MORNINGBREW](. WORLD [Tour de headlines](#) [George Santos after being expelled from Congress]Anna Moneymaker/Getty Images Santos is out. Congress lost its most fashionable representative yesterday when the House voted 311–114 [to expel]( New York Republican George Santos in the wake of an Ethics Committee report saying he spent donor cash on personal expenses such as designer duds and OnlyFans. The ouster of the fabulation-prone congressman—who is also facing federal [indictments]( and has been accused of inventing most of his biography—is only the sixth in history (and three of those were related to the Civil War). The expulsion narrows the Republicans’ already slim majority in the chamber. Defiant even after the vote, Santos told reporters, “Why would I want to stay here? To hell with this place.” Former Justice Sandra Day O’Connor has died at 93. O’Connor, the first woman on the Supreme Court and a major conservative judicial voice for moderation, [died]( yesterday from complications of dementia and respiratory illness. Appointed to the high court by President Ronald Reagan in 1981, O’Connor is best known for taking positions that preserved Roe v. Wade (which has since been overturned), weighing the scope of permissible affirmative action, and joining in the majority that ruled to halt the vote recount in Florida in Bush v. Gore. She retired in 2005 to care for her husband, who was suffering from Alzheimer’s disease. Jerome Powell said rate cut talk is “premature.” With the Fed’s aggressive rate hikes to curb inflation looking like they’ve finally come to an end thanks to encouraging data on prices falling, investors are starting to look forward to when the central bankers start slashing rates again. But JPow sought to pour some cold water on the rate cut hype cycle during a [speech]( at Spelman College yesterday, saying that it was too soon “to speculate on when policy might ease.” However, investors still think he’ll come around: Markets are putting the odds that the Fed will cut rates in March above 50% and are totally convinced it’ll happen by May, according to Bloomberg. FOOD [Chocolate lovers if they could go back in time]( [I Love Lucy chocolate conveyor belt scene]( I Love Lucy/CBS via Giphy The world’s biggest cocoa producers are down bad due to ruinous rains and crop disease, and it’s sending chocolate prices as high as the heavens that Ferrero Rocher truffles supposedly fall from. Ivory Coast and Ghana, which together grow ~60% of the cocoa on Earth, are both expecting their [lowest yields]( in years. With the current harvest failing to meet demand for the third year in a row—and future seasons looking equally grim—the coveted candy ingredient is trading at its [steepest price]( since 1979. A simultaneous sugar shortage is making matters worse: - The rising cost of your chocolate fix is outpacing food inflation and will continue to do so in 2024, according to the US Department of Agriculture. - That’s on top of the 20% price hike companies already slapped on their chocolate goods in the US over the past two years to combat general inflation, per Everstream Analytics. It’s starting to show. Chocolate giants Barry Callebaut, Lindt & Sprüngliare, Hershey, and Mondelēz are all suffering from flat or [falling sales]( as consumers in the US and Europe (even in Switzerland) spite their sweet tooth to save their wallet.—ML   TOGETHER WITH THE POINTS GUY [The Points Guy]( Those sweet credit card points are in peril! If passed, [the Credit Card Competition Act of 2023]( could destroy the future of credit card points—including cash back and travel rewards—while putting your financial security at risk when you shop. [Get the deets from The Points Guy](. SPORTS [Everyone’s tuning in to see the NBA’s flamboyant courts]( [Miami Heat court, red floor with grey stripe in the middle. The NBA in-season tournament trophy and “heat” logo in center of court. The stadium is mostly empty with teams warming up.]( Rich Storry/Getty Images The NBA’s inaugural in-season tournament is heading to the knockout round next week. And after a month of games meant to help bolster midseason viewership, we can confidently announce the MVP of the tourney: the [wild court designs](. In addition to new jerseys and more stats for the people at ESPN to use in their monologues, the NBA gifted the world 30 funky court designs—one for each team in the league. They have been met with…divided feedback. Even Dallas Mavericks (soon-to-be former) owner Mark Cuban [said]( “Not a fan of the courts, although it was a brilliant marketing idea.” Why the courts are so wild: Just like a mid-2000s rom-com lead trying to get their crush’s attention, the NBA wore its most unhinged outfits. While normal NBA courts are typically barebones, the special in-season courts are fully painted in each team’s colors. The league admitted that the glaringly bold courts are meant to grab fans’ attention and help the tournament stand out from regular games. And it’s working: According to Sports Business Journal, NBA games in November garnered 1.48 million average viewers on ESPN and TNT, up 19% from the same time last year. That’s especially good news for team owners, since the league’s lucrative media rights will be up for grabs after next season.—MM   GRAB BAG [Key performance indicators](#) [A child greeting her mother who has arrived home form work]MoMo Productions/Getty Images Stat: The workforce is so mother right now—over the last 20 years, the employment rate for college-educated mothers of young children has jumped 10 percentage points, according to a new [working paper]( by Wharton researchers. “You don’t often see such striking trends in labor data,” the lead researcher [told]( Axios. However, the paper notes that moms without higher ed degrees haven’t seen the same uptick in employment, in part because jobs that don’t require those credentials are often less flexible. Quote: “We’re going to do it as quickly as we can because, at our age, we don’t have a lot of time to waste.” The Golden Bachelor Gerry Turner has not only handed out his final rose, he’s also probably ordering a lot more flowers for a [wedding next month]( to his choice (spoiler alert), Theresa Nist. At 72 and 70, respectively, Turner and Nist aren’t spending a year putting the big event together because, as Turner told the show’s host, they’re not looking to wait around. But the pair are likely to get some help creating a day worthy of the storied television franchise on which they met: The couple will marry during an ABC special on January 4. Read: “I was told not to make eye contact with Tom Cruise”: Meet the world’s most prolific film extra. ([The Guardian]( NEWS [What else is brewing](#) - [Former President Donald Trump]( is not immune from civil lawsuits over the January 6 riots at the Capitol, a federal appeals court ruled yesterday, saying that not everything a president does while in office is protected from liability. - [Apple and Paramount]( are reportedly in talks about bundling their streaming services together. - [The CDC]( warned against eating precut cantaloupe from unknown sources as it’s been linked to a deadly salmonella outbreak. - [Food industry experts]( predict we’ll be enjoying lots of pickles, halloumi, and camel milk next year. RECS [Saturday To-Do List graphic] Get gas in style: America’s grandest [filling stations](. Watch: Perfecting the [chocolate chip cookie](. Look fancy: X’s menswear guy [breaks down]( “bespoke.” Stay on track: NORAD’s annual [Santa tracker]( is back up and running. And here’s the history of how it all started with [a wrong number]( in 1955. Knowledge is power: And with [Yahoo Finance]( you get the news, market data, tools, and resources you need to make informed financial decisions, all in one comprehensive ecosystem. [Experience the power]( *A message from our sponsor. GAMES [The puzzle section](#) Brew crossword: For all our readers who were in drama club in high school—this crossword is for you. [Play it here](. Break a leg! Open House Welcome to Open House, the only newsletter section that knows the key to success as a writer is location, location, location. We’ll give you a few facts about a listing and you try to guess the price. [“Pulitzer House” mansion in Atlanta, Georgia.]Coldwell Banker Today’s [home]( is in Atlanta, GA, and was originally built in 1910. But more impressive than its strong bones or its sheer amount of porch space is the fact that it has been home to three Pulitzer Prize-winners. Amenities include: - 4 beds, 6 baths - Plethora of French doors - Showers with absolutely no privacy How much for the “Pulitzer House”? 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 $1.995 million Word of the Day Today’s Word of the Day is: fabulation, meaning “the act of inventing or relating false or fantastic tales.” Thanks to Drew S. from Fort Smith, AR, for keeping it real with the suggestion. Submit another [Word of the Day here](. ✢ A Note From Pendulum *Based on in vitro studies. Written by [Neal Freyman]( [Abigail Rubenstein]( Sam Klebanov, [Molly Liebergall]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. 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