📀 Exxon's Blockbuster moment

...and Uber for dogs [Disclosures]( The pawrents should leave more often [Robbie Augspurger via GettyImages] Yesterday’s Market Moves Dow Jones 33,982 (-0.18%) S&P 500 4,188 (+0.18%) Nasdaq 14,139 (+0.87%) Bitcoin $53,237 (+11.48%) Dow Jones 33,982 (-0.18%) S&P 500 4,188 (+0.18%) Nasdaq 14,139 (+0.87%) Bitcoin $53,237 (+11.48%) Hey Snackers, Tinder just [introduced]( plant-based dating. Nothing sparks a connection like tempeh. The tech-heavy Nasdaq index hit a fresh record yesterday, its first since February. Investors are looking forward to earnings from the "[Big Tech 5]( this week. Meanwhile, Tesla [posted]( its seventh-straight quarterly profit. Busted Exxon faces the “Blockbuster Alarm” on oil — change or go extinct Shots fired... [Exxon]( [reportedly]( was just dealt a major warning by its activist investor, hedge fund Engine No. 1. Activist investors = Wall Street's aggro helicopter parents. Engine No. 1 said Exxon faces an “existential business risk” from tying its future to fossil fuels. Unlike Shell and BP, Exxon [hasn't]( vowed to transition away from oil and gas, arguing they'll remain key. - Warned: Engine No. 1 thinks Exxon's lack of an energy transition plan jeopardizes its future (and its dividends) in a lower-carbon economy. - 110+ countries have pledged carbon neutrality by 2050. Major governments (including CA, Japan, and the UK) said they'll start banning sales of new gas vehicles in the 2030s. Why you always in the news?... Exxon has been making headlines for its carbon capture efforts. Carbon capture = removing carbon dioxide from the air, then storing it underground. Exxon created a new biz unit to commercialize carbon capture, which it says will be a $2T market by 2040. Oil giants like [Occidental]( and BHP have also [invested]( in the carbon-vacuuming tech. But most of Exxon's $$$ comes from oil and gas... and Engine No. 1 doesn't love that: - Last week, Exxon [pitched]( a $100B carbon capture project to help the Biden admin hit its new emissions-slashing target by 2030. The admin reportedly passed. - Engine No. 1 said Exxon “touts its efforts in areas like carbon capture,” but they've “delivered more advertising than results.” Burn. THE TAKEAWAY It's the "Blockbuster Alarm"... The call for an existential pivot to be made... before it's too late. Blockbuster clung to VHS and DVD rentals, even while streaming emerged as the future. Now it’s extinct, and Engine No.1 doesn’t want the same to happen to Exxon. If VHS tapes are oil, then streaming is clean energy. Governments will need clean energy (like wind and solar) to achieve their green goals. Engine No. 1 rang the "Blockbuster Alarm" to spur Exxon to go green. Doggy The Uber of dog-walking is going public in the furriest gig SPAC merger yet 5 stars for four paws... And throw in a special purpose acquisition corgi. Rover is like Uber, for dogs. "The world's largest" online pet care marketplace connects you to dog walkers, house sitters, groomers, and even play dates for your pooch (similar to Wag). In February, Rover [revealed]( it's going public by merging with a SPAC called Nebula Caravel Acquisition Corp (claaassic SPAC name). And it just dropped some fresh stats. Meet the pawrents... Pet adoptions soared last year as homebound Americans took in furry friends, [boosting]( pet supply companies like [Chewy](. For Rover, it wasn't as cute: 2020 sales [plunged]( 49% because a) you didn't need a home sitter, since you were always sitting at home and b) you didn't need a walker, since your dachshund was your only reason to leave the house. Now... - Things are looking pup: Rover just reported first quarter numbers that signal a post-pandemic recovery, as you leave your maltipoo for Miami. - New customer daycare bookings for puppies were up 64% from 2019, a record high. THE TAKEAWAY We're in the "gig-ify anything" era... Independent workers' wages and participation [soared]( 33% in 2020, as full-timers got laid off and the gig economy boomed (think: [DoorDash]( Instacart, Fiverr, Upwork). One in four workers are [considering]( quitting their jobs post-pandemic — and many say it's because they want more flexibility (aka: exactly what gig work provides). From Rover's gig-ified pet care, to [professional cuddling]( services (virtual and IRL) like Cuddlist... people are gig-ifying their interests and time at an unprecedented level. What else we're Snackin' - [S3XY]( [Tesla]( posted a record quarterly profit of $438M, as sales jumped 74% from a year ago. But the stock fell after earnings. - [Vax]( The EU sues [AstraZeneca]( for failing to deliver on its Covid vax contract, while the US preps to [share]( millions of AstraZeneca doses with the world. - [Lyfted]( [Lyft]( shares jumped on news that it's selling its self-driving division to [Toyota]( for $550M. - [Oh]( The founder of Turkish crypto exchange Thodex has reportedly fled to Albania with $2B of investors’ funds. - [Drugs]( Psychedelic drug-maker MindMed — think: microdose (non-hallucinogenic) LSD — is expected to go public on the Nasdaq today. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast Femtech startup Willow has raised $82M for its wearable breast pump technology. [Tune in]( to hear about TIME: “The Intensely Multitasking Economy.” Snack Fact Of the Day [Netflix won seven Oscars and 36 nominations on Sunday, more than any other studio this year]( Tuesday - Earnings expected from Microsoft, Google, Starbucks, Pinterest, AMD, UPS, and General Electric Authors of this Snacks own shares of: Tesla ID: 1622663 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security in a self-directed Robinhood account or any other account, and are not an offer or sale of a security. They are also not research reports and are not intended to serve as the basis for any investment decision. 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