There’s nothing like giving back

[The beef 675] [I'm an image] “Don’t hate the player, hate the game.” - Jeff Hey there carnivores, Markets were mixed Thursday. And today we’re talking public companies fixing their mistakes. Keep raging, Jeff & Jason [Image] [I'm an image] Payback’s a b*tch Public companies and the Treasury are having second thoughts after a short fling that left both parties feeling a little embarrassed and unfulfilled. Turns out, large companies with access to capital markets and the Payroll Protection Program outlined as part of the CARES Act weren’t meant for each other after all. After Shake Shack announced that it was giving back $10M earlier this week, the Treasury department pledged to claw back any funds that were given to public companies who don’t actually need them. Companies [have until May 7th]( to return the funds, or else *checks notes*, well no consequences have been announced yet. The Treasury will get back to us on that one... Get with the program The intention of the SBA’s PPP was to help fund payrolls for small businesses, ideally with less than 500 employees. Apparently the team who designed the application didn’t consider asking “are you a publicly-traded company.” As a result, at least [150 public companies]( applied and were granted a reported $600M in loans. The cherry on top? As corporations tend to do, many found ways to surpass the $10M loan limit to get multiple loans by filing applications through subsidiaries. Some government officials have criticized lenders, saying they fast-tracked loans for bigger companies the banks had relationships with vs. small businesses who needed the funds. Let’s try again Luckily, the House [approved the second $484B stimulus]( that includes $310B for small businesses. It could be up and running as early as today, assuming everybody’s not a little hungover from the NFL draft last night. Ok, who are we kidding, we’re all just operating with a constant buzz at this point. The bottom line... The criticism of the $350B small business funds seems to be the main focus at the moment, but there was $2.2T of aid approved as part of the Cares Act. Isn’t anybody worried about that?! Turns out, they are. Luckily, the Fed is here to answer our questions and announced that [it will provide]( a list of all the bank lending partners and final borrowers (actual businesses) who have used its different loan facilities. [Image] Boardroom Exclusive... A Unicorn Is A Startup Valued At Over $1B They’re The Most Desired Companies To Invest In But Also The Rarest To Find [I'm an image]( We Believe We’ve Found The Next One And At 2 PM ET We’re Inviting You To The Live Pitch Event [FREE ACCESS PASS]( [I'm an image] ☑️ Don’t call it a comeback. Oil is back, baby… West Texas Intermediate [has gained nearly 40%]( in the past two days. Adding to Wednesday’s 19.1% increase (and on Earth day none-the-less), WTI rose 19.7% to $16.50 per barrel. [Should we still be rushing into USO?]( The gains were, *clears throat* fueled, by the [President’s comment]( that the US would, and I quote, "shoot down and destroy any and all Iranian gunboats if they harass our ships at sea." It’s worth noting that while the 40% gain is nice, crude prices are still down 75% YTD thanks to… well, I’m sure you know by now #rona. ☑️ You dropped this, King. DraftKings [received the green light]( from key shareholders to go public through a merger. The go-ahead was given by shareholders of Diamond Eagle Acquisition, which is currently traded on the Nasdaq and will merge with DK. Diamond Eagle is a [special-purpose acquisition company]( that was created with the sole purpose of merging with other companies to take them private. The combined company, which will also include gambling-technology provider SBTech, will be valued at roughly $3.3B. And while there’s a lot of questions surrounding the sports betting (and sports) industry thanks to COVID, DK projected that the online marketplace for betting could reach $40B in the US. So, it scales. ☑️ You thought wrong. “My bad.” - Gilead CEO after announcing it had a coronavirus antidote. Last week, Gilead science claimed its drug Remdesivir was capable of treating coronavirus symptoms... reducing the chance of death and dropping the duration of the sickness. The company’s stock price jumped 9.7% on the news. Turns out, the lab tests [didn’t support that claim](. But it’s not totally Gilead’s fault that this blew out of proportion. WHO gets the assist for “accidentally” posting the results of the trials on a website that tracks therapies for the disease. Gilead, of course, is saying that the interpretation of the trial results (saying it’s ineffective) is wrong. The company’s stock only sunk 4% on the news. It’s not like there’s anything else... 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