Uber's Gotta Eat

[The beef 675] [I'm an image] “I love a good monopoly in the making.” - Jeff Hey there carnivores, Markets were down on Tuesday thanks to concerns of the economy reopening. And today we’re talking Uber and Grubhub “talking.” Keep raging, Jeff & Jason [Image] [I'm an image] Uber’s gotta eat Who’s hungry? Apparently, Uber. News leaked yesterday that the ride-share-turned-high-tech delivery company made an offer to buy Grubhub. A source who asked to remain nameless (coward) said it was an [all-stock offer of 2.15 shares]( of Uber for every share of Grubhub...and 10% off first-time orders. The news sent Grubhub’s stock price skyrocketing 38% at one point, resulting in trading being halted. It finished up 29% on the day. Uber’s stock price rose as well, up 2.4% on the day. What, no tip? Before you start poppin’ ketchup packets, let’s be clear that Grubhub did not accept the offer. On the rumors, however, the delivery company’s market cap blew up to $5.8B. Uber’s supposed new boo issued a statement [denying it was for sale]( earlier this year, but has apparently been talking to Uber since this time last year regarding combining forces. But the OG food delivery service has kept its dealings close to the chest. In its statement on the potential purchase, the company said it is looking for “value-enhancing opportunities” and that consolidation in the industry “makes sense”. Geez, Grubhub... thirst much? There’s never a good time After reporting a net loss of $2.9B for Q1, Uber is looking to enhance one of the few bright spots in its business. Its UberEats business was up 50% YoY. But the optics of the alleged deal scream “Travis Kalanick.” This latest announcement comes after Uber [announced]( it is cutting 3.7k jobs or 14% of its workforce and is making a $170M investment in Lime... talk about throwing salt in the wound. The bottom line... Call me crazy, but I won’t be surprised if the FTC steps in on this deal (assuming an offer gets approved). Two competitors joining forces with limited competition from DoorDash and Postmates would give “Uberhub” [roughly a 50% share]( of the delivery business. We’ve seen this movie before… Disney and Fox...T-Mobile and Sprint... Such a powerhouse could run up service fees for both restaurants and customers. [Image] Why Bother Learning Options When You Can Steal Ideas From Wall Street’s Most Informed & Profitable Traders? [Alternate text]( Tomorrow at 8:30 PM ET— Kyle Dennis Reveals His #1 Tool For Hunting Down Explosive Options Register Now For This One-Time Live Event [Reserve Your Seat]( [I'm an image] ☑️Broadway is dark tonight (and for the foreseeable future). The Broadway League, which represents NYC’s Broadway producers and owners (think a union with more jazz hands) [announced]( on Tuesday that the theaters on one of NYC’s most famous streets will be closed until at least Labor Day. Forty-one theaters will be closed through the weekend of September 6th, due to coronavirus concerns. Those off-broadway plays with the guy that looks kind of like Lin-Manuel Miranda operate on their own schedule, though. The theater industry in NYC has been hurting since the outbreak of the virus. That makes sense, considering that 65% of Broadway’s ticket sales every year come from tourists. ☑️Speaking of Broadway… Lin-Manuel Miranda might have changed the game. Miranda, earlier this year, announced that a 2016 version of the smash-hit ‘Hamilton’ was scheduled to hit movie theaters in 2021. [Instead](, Fanilton’s (Hamilton fans) won’t have to wait quite as long, as the musical will be headed to Disney+ this July. The move could be the first of many major theatrical releases coming straight to stream, especially considering the Academy of Motion Picture Arts and Sciences (read: the guys who give out Oscars) [lifted]( the restriction that streaming-only movies couldn’t be nominated for awards. ☑️Expanding its reach. Pfizer isn’t in the business of making people wait. The big-pharma firm [announced]( it hopes to test an experimental coronavirus vaccine on “thousands” of test patients by September. Giving a whole new meaning to “back to school.” The company is working on up to four different variations of the vaccine. One of those variations, BNT162, which it worked on with German-drugmaker BioNTech, was given to human subjects in the US [last week](. By next week, we’ll know if they’ve started growing appendages from anywhere they’re not supposed to. ☑️Branching out. In more coronavirus treatment news, Gilead finalized a [licensing agreement]( for generic drugmakers to create its potential coronavirus treatment remdesivir in more than 127 countries. Is that all of them? I was always bad at geography. Mylan, Cipla, Ferozsons Laboratories, Hetero Labs, and Jubilant Lifesciences will develop remdesivir knock offs to help treat coronavirus in lower-income countries to help contain the outbreak, or at least treat those who are already sick and have less-than-stellar access to healthcare. The deal will be royalty-free until the World Health Organization decides that COVID-19 is no longer a “global crisis,” or “until a pharmaceutical product other than remdesivir or a vaccine is approved to treat or prevent COVID-19, whichever is earlier.” So yeah it’s going to be royalty-free for a while. On the news, Gilead shares closed down more than 3.5%. 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