Hey, we tried

[The beef 675] “Ah sh*t, here we go again.” - Jerome Powell Hey there carnivores, Markets were down big on Monday. Today we’re breaking down exactly what happened... Keep raging, Jeff & Jason Oh no, we suck again Stock markets got pummeled yesterday (that's probably being generous). All three major indices were in the red, and the Dow was down more than 800 points during trading. The Dow, S&P, and Nasdaq closed down 2.29%, 1.86%, and 1.64%, respectively. It really do be like that sometimes. Right in time for Halloween investors got… spooked… thanks to a Johns Hopkins' estimate that cases of the virus [have grown]( to a rate of 68.7k new cases per day over the past seven days. The land of the free hit single-day highs of more than 83k cases on both Friday and Saturday this week, the highest since July. And just when I was getting used to Phase 1… But the bad news wasn't all health-related… On top of the virus concerns, it doesn’t look like there will be any stimuli in the near future, either. Nancy Pelosi and Steven Mnuchin spoke again yesterday but it went about as well as [Daniel Jones’ "touchdown" run](... Why? Well, with the election coming up next week everyone appears to be preoccupied. On the plus side, at least the Supreme Court drama is over. Sad SAP It wasn’t just macro factors that were a drag... SAP took its lumps, and took the markets down with it. The business enterprise technology company (read: overpriced software that requires certifications to understand) saw its stock price drop 20% yesterday after it announced lower revenue and profit forecasts for the end of this year thanks to a decrease in customer spending. Turns out, that's a vital metric. The German software provider's revenue [dropped 4%]( from the same period last year and future prospects look... bleak. Competitors Oracle and Microsoft stocks dropped 4% and 2.8% on the news. "[Don't you put that evil on me, Ricky Bobby.](" - Oracle and Microsoft to SAP The bottom line... So what stonks were the hardest hit yesterday? The usual suspects... Delta, Royal Caribbean, American Airlines, and Norwegian Cruise Lines all fell at least 6%. Infrastructure stocks were hit hard as well, but could rebound next week as both candidates have run on a platform that should benefit the sector. No word on which candidate plans to open cruise line buffets on their first day in office... Find Out If You’re The Lucky One Join The Boardroom LIVE Tonight At 8 PM ET To Learn All About A Tiny Company Set To Reshape The $7.7 Billion UTV Market Who Knows, Maybe You’ll Be The Lucky Person To Win This Electric Off-Road Bike Hurry, Seats Are Running Out [Secure Your Spot Now]( ☑️Call me maybe. Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi [failed to close]( the deal on a new stimulus package yesterday. If only there were a popular book written about [the art of deal making]( that they could reference... The first call since last Wednesday proved fruitless as the two couldn’t agree on a national testing and tracing program for coronavirus... which begs the question: why are a Speaker of the House and Treasury Secretary planning testing and tracing programs? The sides have "narrowed," but "conditions come up on the other side," according to White House economic advisor Larry Kudlow. It appears that markets finally took the hint that a deal was not getting done before the election as US indices had their worst day since July. ☑️Dogs of Lordstown. Lordstown Motors rode the IPO roller coaster on Monday, climbing almost 20% before closing up [only 4.7%](. Last week, Lordstown closed a reverse merger with DiamondPeak Holdings, a SPAC, making it the most recent EV company to take the SPAC route. The good news? Their founder isn’t a complete douchelord (sup, Trev Milton). Lordstown will begin producing its EV pickup next year at GM’s former Lordstown Assembly plant. Lordstown bought the plant from GM last year. And it will now have to compete with GM’s EV Hummer. Wonder where GM got that idea... ☑️Nice Genes. Bayer is dropping [up to $4B]( for Asklepios BioPharmaceutical. The money won’t all come up front, with Bayer paying $2B now and another $2B based on future “success milestones.” Read: you’re never going to see that second $2B. Bayer’s deal for Asklepios will help the Aspirin inventor break into the cutting-edge gene therapy field. First introduced in the 90s, gene-therapies faced major setbacks after killing several patients. "What's the worst that can happen?" - Bayer, the same company that bought Monsanto (and its cancer-causing week-killer) for $63B ☑️Spinning its wheels. AIG is getting ready to [spin its life-insurance business]( into a new company, allowing it to focus on property-casualty insurance. The “too big to fail” insurer also announced current CEO Brian Duperreault will hand over the reins on March 1st to Peter Zaffino, the company’s president... which is kinda like "getting" to be the CEO of Wells Fargo. Since the 2008 financial crisis, AIG has cut itself roughly in half as it raised money to pay back taxpayers the $185B it received in government bailouts. The split of the firm is a direct reversal of the firm’s stance when activist investors Carl Icahn and John Paulson wanted to break up the firm back in 2016 to grow shareholder returns. At the time, AIG wanted to remain a diversified conglomerate. 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