â¦and Old Hollywoodâs identity crisis (Tiffany Rose/Getty Images) Bettinâ on pals Sponsored by Yesterday's market moves Dow Jones 37,816 (-1.49%) S&P 500 5,036 (-1.57%) Nasdaq 15,658 (-2.04%) Bitcoin $60,100 (-5.87%) Dow Jones 37,816 (-1.49%) S&P 500 5,036 (-1.57%) Nasdaq 15,658 (-2.04%) Bitcoin $60,100 (-5.87%) Hey Snackers, Baseballâs see-through pants will be heading back to the store. The MLB playersâ union said the league will [phase out]( its new (sheer) [Nike]( uniforms that âeveryone hatesâ by next season. Guess they didnât cover their bases. Stocks sank yesterday, rounding out a gloomy April as investors braced for an expected rate hold today from the Fed. Earnings have been [strong](, including for [Amazon]( (which beat expectations yesterday). Meanwhile, cannabis stocks were higher after a report said the DEA might [reclassify]( marijuana as a less dangerous drug. PLAY [Dave & Busterâs lets customers wager on arcade games in a play for âsocial bettingâ]( Pinball and beer pints⦠[Dave & Busterâs](, the Chuck E. Cheese of the adult world, is getting into betting. The bar-restaurant-arcade chain will soon start [offering]( social wagering on its app, meaning customers can bet on which half of their friend group will win Skee-Ball or bomb in Hot Shots basketball. D&Bâs 5M loyalty members will earn rewards while competing, which could boost the time and $$ they spend at the arcades. - Lucra(tive): D&Bâs is teaming up with gamification software startup Lucra to power its betting features. Lucraâs contests are open to adults in 44 states, and D&Bâs said thereâll be a limit on the size of bets allowed. Dave & Busterâs bracket⦠is different from your March Madness wagers on [DraftKings]( or FanDuel. Still, D&Bâs may be trying to capitalize on the betting boom: US sports betting has exploded since the Supreme Court struck down a federal ban in 2018. Over half of states have legalized sports bets, and last year Americans legally wagered a record $120B on sports, up 28% from the previous year. But D&Bâs wants to capitalize on a more casual form of wagering: - Social betting: These informal bets often take the form of Venmoâing your friend $5 after losing in Jenga, or handing someone $10 after your prediction failed to materialize.
- Itâs a smaller industry than sports betting, but companies like Lucra are emerging to formalize (and monetize) these friendly bets. Lucra even signed a deal with the pickleball ratings system to allow players to compete for cash. THE TAKEAWAY Adults just wanna have fun⦠The kidult economy is thriving as grownups try to connect with their inner child through [Disney]( park visits, collectible Squishmallows, and âStar Warsâ Lego sets. Companies like Dave & Busterâs, [Bowlero](, and Topgolf have capitalized, realizing that adults donât need to ask for token money. Social betting could raise the stakes in the world of kidult entertainment. SPONSORED BY SECTOR SPDR ETFs The future of A.I. could impact all technology companies. Why continue to take single stock risk? The [Technology Sector ETF (XLK)]( provides investors access to the technology stocks in the S&P 500, all encapsulated within a single security. Why continue to take on the risk of single stock exposure, when you can own the entire technology sector of the S&P 500? Learn more about the [Select Sector SPDR Fund XLK](. Advertiserâs disclosure: All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risk and non-diversification risk, which will result in greater price fluctuations than the overall market. An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF (866-732-8673) or visit [www.sectorspdrs.com](. Read the prospectus carefully before investing. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. SPONSORED BY SECTOR SPDR ETFs The future of A.I. could impact all technology companies. Why continue to take single stock risk? The [Technology Sector ETF (XLK)]( provides investors access to the technology stocks in the S&P 500, all encapsulated within a single security. Why continue to take on the risk of single stock exposure, when you can own the entire technology sector of the S&P 500? Learn more about the [Select Sector SPDR Fund XLK](. Advertiserâs disclosure: All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risk and non-diversification risk, which will result in greater price fluctuations than the overall market. An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF (866-732-8673) or visit [www.sectorspdrs.com](. Read the prospectus carefully before investing. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust. NONPLUSSED [Paramountâs CEO is out as the entertainment icon struggles with a changing scene]( Meet the 3EO⦠[Paramount]( boss Bob Bakish [stepped down]( Monday and will be replaced by three execs whoâll share the âoffice of the CEO.â Bakish pioneered Paramountâs push into streaming as viewers cut the cable cord. Under his leadership, the Hollywood studio launched its streamer, Paramount+, and acquired ad-supported streamer Pluto TV. Also on Monday, Paramount reported that it narrowed its Q1 streaming loss and grew its Paramount+ subscribers to 71M â up nearly 4M in three months. Still, Paramount lost $554M, largely from streaming. Off-screen drama⦠Media exec Shari Redstone controls 5% of all Paramount shares through her ownership of holding co National Amusements. But get this: that 5% accounts for 77% of all Class A shares, aka the kind that come with voting rights. Bakish reportedly had concerns about a merger Redstone signed off on with production company Skydance Media, which some shareholders said would unfairly benefit Redstone. (Skydance has since sweetened its deal.) The New York Times reported that Redstone didnât feel Bakish was moving swiftly enough to secure Paramountâs future in a Netflixified world. - Pause: Disney and [Warner. Bros Discovery](âs streamers have fast-forwarded past Paramountâs sub #s and are eyeing profitability this year as Paramount+ aims for 2025.
- Still: [Netflix]( is the only profitable major streamer, with 270M reported subscribers, more than 2X its closest rival, Disney+. THE TAKEAWAY Old Hollywoodâs having an identity crisis⦠Studio giants have struggled to transition from entertainmentâs Golden Age to its Netflix-binge era and find their place in the streamconomy. But their troves of content have made them prime acquisition targets: Disney bought 21st Century Fox, Amazon snapped up [MGM](, and [Comcast]( got NBCUniversal. Because even as streamers spend billions to churn out new content, itâs hard to beat âThe Godfatherâ and âTitanicâ â both made by Paramount. What else we're Snackin' - [Grimace](: For the first time in two years, [McDonaldâs]( missed profit estimates as Middle East boycotts dragged on and customers stopped lovinâ higher prices. Its soda ally, [Coke](, had bubbly growth despite price hikes.
- [TokShop](: TikTok Shop is getting hot. 500K+ merchants sold on the platform at the end of last year. Despite the potential of a Tik-ban, brands have raced to the app, where Americans buy $7M worth of products daily.
- [Poke](: [Eli Lilly]( hiked its annual sales forecast by $2B thanks to its hugely popular weight-loss drug, Zepbound. Lillyâs CEO said the biz was doing everything it could to boost production in the second half of this year.
- [Unplug](: [Tesla]( gutted its charging team in a new round of layoffs, despite its plugs recently becoming the North American standard. Elon Musk reportedly suggested slowing the companyâs Supercharger network expansion.
- [Lede](: Eight US newspapers sued [Microsoft]( and OpenAI, alleging their articles were used to train ChatGPT. In December, The New York Times became the first major paper to sue over AI-related copyright infringement, and more could follow. Snack Fact of the Day [40% of AirPod owners said theyâve permanently lost at least one pair](d Wednesday - Fed interest-rate decision
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