💉 Vax patents for all

...and Moderna's first profit [Disclosures]( "Your Uber and Udon has arrived" [E+ via GettyImages] Yesterday’s Market Moves Dow Jones 34,549 (+0.93%) S&P 500 4,202 (+0.82%) Nasdaq 13,633 (+0.37%) Bitcoin $56,300 (-1.51%) Dow Jones 34,549 (+0.93%) S&P 500 4,202 (+0.82%) Nasdaq 13,633 (+0.37%) Bitcoin $56,300 (-1.51%) Hey Snackers, Tinder is [rolling out]( 48-hour, in-app events called "Vibes." #WeMetOnVibes The techy Nasdaq bounced back yesterday after a four-day losing streak. Investors smell recovery: jobless claims [fell]( below 500K last week for the first time during the pandemic. 💐 Mother's Day: It's this Sunday (you're welcome). Vax Moderna drops its first profit, and the US (potentially) drops Covid-19 vaccine patents Another one... (DJ Khaled). On Wednesday, [Pfizer]( [delivered]( the first Covid-19 vaccine profit. Yesterday, [Moderna]( delivered its first profit — period. - $1.7B: Moderna's Covid vax sales from January to March — a major glow up from last year, when it made just $8M in total revenue. - $1.2B: Moderna's big-shot profit. Pfizer did double Moderna's vax sales, but its vax profit is estimated at just $900M. Terrible earnings timing... On Wednesday, the Biden admin [announced]( it supports a WTO proposal to temporarily waive companies' intellectual property protections for Covid-19 vaccines, to help end the pandemic. The US was originally opposed, saying IP protection provides a key incentive for innovation. If the proposal passes, others could develop shots using public patents (without getting sued). Vax-makers' recipes would be open to all. - The reasoning: New Covid cases are hitting global records. But as of mid-April, 87% of vax doses distributed went to wealthy countries. The WTO thinks sharing IP would allow poorer nations to develop vaccines. - The investor response: Moderna shares have plunged 10% since Wednesday, and Pfizer shares dropped 5%. J&J, which isn't taking vax profits, barely budged. - The company response: Pfizer's CEO said patent-sharing would discourage companies from developing products for the next pandemic. The two who decided to profit from the vaccine (Pfizer and Moderna) were the fastest to get FDA-authorized. Moderna said the proposal won't affect it because it's already not enforcing Covid patents during the pandemic. THE TAKEAWAY Recipes are valuable, but don't forget the chef... and the ingredients. Patents don't come with the ability to produce complex drugs at scale. Pharma companies say public patents won't help curb the pandemic short-term, because of the challenges that come with producing Covid vaccines. Including: setting up complex factories, securing scarce raw materials, and hiring skilled employees to operate new tech. Even Moderna and Pfizer haven't been able to scale fast enough to meet demand. Eats Uber scores record bookings thanks to Eats (but it's prepping for the post-delivery life) Call an XL... for the big stacks. [Uber]( bookings reached an all-time high of $19.5B last quarter, up 24% from last year. But don't call it a ride-hailing company — it's a food delivery company now. - Uber's "core" rides biz saw bookings plunge 38% last quarter. - Uber's food delivery bookings more than doubled from a year earlier. - Wild stat: Uber Eats now accounts for more than 60% of Uber's biz. Pizza > People... If you thought your ride to Girls' Night got pricier, that's because it did. Uber and Lyft are dealing with driver shortages. Prices are rising as riders return, while some drivers still prefer delivering pizza over (potentially contagious) people. Now, both are offering drivers incentives to return as demand picks up. - Uber is already prepping for the decline of the delivery life. Last week, it [rolled out]( new features to further merge Eats with rides in-app. - Uber + Udon: You can now pick up Uber Eats meals en route to your Uber destination (#inception). Or get Eats delivered by your home ETA. THE TAKEAWAY The gig cloud still looms... Despite Uber's food delivery win, total sales fell because of new driver benefits in the UK, where it was forced to [reclassify]( gig drivers. Aaand: it's still unprofitable. Last week, US Labor Secretary Walsh [said]( he believes gig workers should be classified as employees in many cases. This week, the Biden admin said it's blocking a proposal that would make it easier for gig companies to continue classifying workers as independent contractors. Down the road, these stances could put the gig economy in danger ([again](. What else we're Snackin' - [Work]( Millions of Americans are unemployed, but companies in industries like construction and restaurants still can't find enough people to hire. - [Divan]( Millennial furniture icon [Wayfair]( saw its customers soar 57% from last year. The stock jumped 6% yesterday. - [Cluck]( Wild demand for spicy sandwiches and hot wings has caused a chicken shortage — now restaurants are paying record prices for poultry. - [E-Paid]( [PayPal]( quarterly net profit more than 10X'd from 2020. Sales grew 31%, while your wallet hasn't felt paper cash in a year. - [Unmasked]( Former FDA Chief Scott Gottlieb said the CDC can consider lifting indoor Covid mask mandates now. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast Diaper legend Honest Co. jumped 44% on its IPO day. - Its greatest strength: Jessica Alba - Its greatest risk: Jessica Alba Snack Fact Of the Day [There's a basketball court above the Supreme Court called “The Highest Court in the Land”]( Friday - Earnings expected from Tripadvisor, Adidas, BMW, and IAC - Monthly Employment Report drops Authors of this Snacks own shares of: Moderna and Uber ID: 1638747 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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