☕️ Secret weapon

Consumers put off home improvement projects... August 21, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Grayscale Investments]( Good morning. The 2024 winners have been announced for the Bulwer-Lytton Fiction Contest, which asks people to compose an “atrocious opening sentence to the worst novel never written.” This opener, from Joel Phillips in West Trenton, NJ, took home a special award: “Mrs. Higgins’ body was found in the pantry, bludgeoned with a potato ricer and lying atop a fifty-pound sack of Yukon golds, her favorite for making gnocchi, though some people consider them too moist for this purpose.” Honestly, would keep reading. —Sam Klebanov, Holly Van Leuven, Cassandra Cassidy, Adam Epstein, Neal Freyman MARKETS Nasdaq 17,816.94 -0.34% S&P 5,597.12 -0.20% Dow 40,834.97 -0.15% 10-Year 3.818% -5.0 bps Bitcoin $59,177.27 +0.06% Netflix $698.54 +1.45% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks [inched lower]( yesterday, snapping the S&P 500’s longest winning streak of the year. Investors appear to be in a holding pattern ahead of Jerome Powell’s speech later this week in Jackson Hole, where he’s expected to talk #RateCuts. Meanwhile, Netflix hit its first new record in almost three years as the market is increasingly pleased with its profit strategy.  BUSINESS [Consumers are putting off home improvement projects]( [Home Depot and Lowe's logos]( Scialabba The only thing Americans are buying at home improvement stores is 12-foot-tall skeletons. Lowe’s became the latest home improvement company to share underwhelming revenue results yesterday, as [DIYers hold off]( on costly home makeovers amid high interest rates and inflation-squeezed budgets. - Lowe’s same-store sales fell 5.1% last quarter from the same period a year ago, and the retailer now expects a same-store revenue drop of as much as 4% for the year—a bigger dip than previously projected. - Home Depot recently warned investors that it’s bracing for sales to drop as much as 4% this year, compared to the 1% it anticipated. The company reported a sales dip in Q2, with customers spending less per visit. The retailers say the economic climate is making many customers feel that 2024 is not the year to be waking up the neighbors with the sound of a sledgehammer. Not in this economy Both Home Depot and Lowe’s attribute the sales slowdown to customers waiting for interest rates to fall before taking out a loan for a new home that needs renovating or borrowing for pricey projects like a kitchen remodel in their current dwelling. Home Depot CFO Richard McPhail says the “[purchase] deferral mindset” is also a result of economic uncertainty. Fewer housewarming parties along with elevated economic anxiety also mean fewer new couches and butler’s tables. Wayfair recently said that its furniture sales have taken a nosedive that mirrors the drop in demand during the 2008 financial crisis. Analysts expect more people to start rolling up their sleeves for DIY projects once the Fed slashes borrowing costs, which is widely expected to happen next month. Big picture: Despite months of biting inflation and a recent downturn in the job market, consumers upped spending last month on items they use outside the home, like electronics and cars. Many are turning to bargain hunting, as evidenced by Walmart’s blowout sales last quarter.—SK PRESENTED BY GRAYSCALE INVESTMENTS [Have you been eyeing Ethereum?]( [Grayscale Investments]( [Ticker: ETH]( is a low-cost fund (and zero-fee for the first six months!)* that offers exposure to Ethereum, the second-largest cryptocurrency by market capitalization. With ETH, you [gain exposure to Ethereum]( right in your brokerage or retirement account. And it’s managed by Grayscale, the largest crypto asset manager. Grayscale operates more publicly traded crypto funds than anyone else and has the longest track record of operating crypto funds in the industry. Visit [grayscale.com/eth]( to learn more, or search ETH on your investment platform today. ETH is not suitable for all investors. An investment in ETH is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. ETH is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”). As a result, shareholders of ETH do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act. WORLD [Tour de headlines](#) [Alex Cooper]Julien de Rosa/Getty Images Alex Cooper defected from Spotify to SiriusXM for $125 million. The last Cooper to get a windfall this big was Anderson when his Vanderbilt check came in the mail. Per Variety, the three-year deal will see SiriusXM [replace Spotify]( as Alex Cooper’s exclusive distribution and advertising partner. The star Call Her Daddy podcaster’s initial entente with Spotify, inked for $60 million in 2021, was the second-biggest at the time, behind only Joe Rogan’s deal with the streaming platform. Since then, SiriusXM has unloaded massive $100+ million deals for podcasts like SmartLess, while Spotify has reportedly become more selective in its non-Rogan podcast investments. Eli Lilly said its weight loss drugs can prevent diabetes. Taking Zepbound or Mounjaro can cut the risk of developing Type 2 diabetes [by 94%]( in overweight and prediabetic people, according to a new study from the US drugmaker. The drugs, similar to Ozempic and Wegovy from rival company Novo Nordisk, cost more than $1,000 a month and have fueled Eli Lilly’s stock since hitting the market in recent years. The pharma giant sold ~$3.1 billion of Mounjaro last quarter, up from $980 million in the same period last year. Paramount suddenly has another suitor. The world’s least juicy media merger finally got [some intrigue]( yesterday when Edgar Bronfman Jr., the heir to the Seagram beverage empire, officially submitted his previously rumored bid to buy Paramount Global for $5.5 billion, Axios reported. Paramount already agreed to merge with Skydance Media last month for $8 billion, but that deal allows the entertainment company to shop around for other offers for 45 days. Bronfman reportedly thinks his lower bid could ultimately beat out Skydance’s because some Paramount shareholders are unhappy with Skydance’s $4.5 billion valuation as part of its merger agreement. Whoever wins the bidding war will own the rights to franchises like SpongeBob SquarePants, Mission: Impossible, and Transformers. INTERNATIONAL [A tech mogul and his guests are missing at sea]( [A search boat with crew explores the sea]( Brady/Getty Images Mike Lynch, the software entrepreneur known as “Britain’s Bill Gates,” and five other passengers of the Bayesian yacht are presumed dead as rescue workers continue to search for their bodies in the aftermath of a shipwreck. The backstory: Early Monday morning off the coast of Sicily, a quick and dangerous storm capsized the yacht while leaving nearby boats unscathed. Meteorologists and eyewitnesses believe a waterspout, the term for a [tornado at sea]( dismasted the vessel and likely pinned it to the water. The Bayesian passengers were celebrating Lynch’s acquittal in what the law firm representing him called “one of Silicon Valley’s biggest-ever fraud cases.” Hewlett-Packard had accused Lynch of inflating the value of his company, Autonomy, before selling it to HP for $11 billion. In June, the 13-year case ended with the jury clearing him of wrongdoing. After the yacht sank, 15 people were saved by a passenger ship anchored nearby. Rescuers later recovered the body of the yacht’s chef. The search continues for the remaining six people on board. Who are they? The [chairman of Morgan Stanley International]( Jonathan Bloomer, and former Assistant US Attorney Chris Morvillo, a partner at the law firm Clifford Chance who represented Lynch, along with their wives, are missing. So is Lynch’s 18-year-old daughter.—HVL TOGETHER WITH MONOGRAM [Monogram]( 8% dividend yield opportunity. [Monogram (Nasdaq: MGRM)]( known for their autonomous robotic surgical systems, completed a crowdfunded public offering and Nasdaq listing last year. What’s next? They just filed for FDA approval to commercialize their patented tech. Monogram’s currently offering preferred stock with an 8% dividend yield (in cash or kind) at $2.25/share. Their common shares closed at $3.11 yesterday. [Monogram currently plans to close the Series D Preferred offering September 12, 2024](. MEDIA [Your favorite childhood video game is coming back]( [Backyard Sports characters]( Sports Finally, there will soon be another option for nostalgia-fueled dissociation that isn’t Dawson’s Creek reruns. The beloved ’90s video game franchise Backyard Sports is coming back to life nearly 10 years after it stopped releasing new games, the studio Playground Productions announced yesterday. The relaunch, which will take place “in the coming months,” per the studio, will include more games and an [expansion]( into film, TV, and merch. We’re all ready to play. If your idea of backyard sports involves chucking a Frisbee at a beer bottle balancing on top of a pole, welcome back to the pixelated gaming world of yesteryear that’s like Madden if it substituted cherubic cartoon kids for pro athletes. The franchise’s wide [popularity]( over nearly 30 years augurs success for its reboot, which will apparently stay true to its lovable players, like the 3-foot tall, home-run-hitting sensation Pablo Sanchez, as well as its selection of “[stadiums]( Zoom out: Nostalgia is Hollywood’s latest secret weapon. While no production details have been announced, the brand’s revival is in line with the US film industry’s pattern of reboots of increasingly recent franchises (e.g., That ’90s Show, Fuller House, and Frasier) as studios mine nostalgia instead of coming up with original stuff.—CC STAT [Prime number: Go for the gold](#) [Gold bars]KTS Design/Getty Images The next time you see a gold bar and think, “That looks like it’s worth $1 million,” you will be correct, because the value of a gold bar hit $1 million [for the first time]( last week. The price of the yellowish precious metal—which is not just a prop for pirate movies and is actually something banks and investors buy and sell—has climbed more than 20% this year as bullion fiends bet on a Fed interest rate cut. Rate cuts are generally good for gold, since it doesn’t bear interest, unlike bonds. The market is also heating up for the smaller, consumer-focused gold bars you can buy at stores like Costco, which are not worth $1 million but can still make you feel like a James Bond villain. NEWS [What else is brewing](#) - [Barack Obama]( headlined night two of the Democratic National Convention, which also featured speeches from Michelle Obama, Bernie Sanders, and Second Gentleman Doug Emhoff. - [Tesla]( cars manufactured in China were slapped with a new tariff by the European Union as part of the group’s crackdown on Chinese green-energy exports. - [The UAW]( threatened to strike against Stellantis for allegedly reneging on its promise to reopen an Illinois factory, which the carmaker denies. - [Boeing]( was forced to pause progress on its oft-delayed 777X aircraft after discovering a structural problem during test flights. - [Disney]( reversed course on its attempt to throw out a wrongful death lawsuit filed by a man whose wife died from an allergic reaction at a Disney park. - [Patagonia]( said it’s giving its US workers the day off on October 29 so they can vote early in the 2024 election, becoming the first major company to do so. RECS [Wednesday to-do list] Read: How [Ireland became]( “the world’s literary powerhouse.” Play: The internet’s largest [word association game](. Eat: Earlier this week, we showed you the best sandwich in every state. Today, we present the best deli [in every state](. Watch: Crows in France have been trained to [pick up cigarette butts](. What’s your excuse? Learn: When it comes to finances, everybody starts somewhere. You can start here and now with this [free Personal Finance 101 course]( on budgeting, investing, paying off debt, and building long-term wealth. What’s your car worth: Use Edmunds’ [appraisal tool]( to find out. It’s free, fast, and one of the smartest things you can do from your sofa. [See your car’s value]( *A message from our sponsor. GAMES [The puzzle section](#) Word Search: Get ready with me…to solve this Word Search about cosmetic products. [Play it here](. History trivia To celebrate Neal’s birthday today, let’s see if you can answer the Final Jeopardy clue from when he was on the show as a 10-year-old in 2001. He did not get this question correct and lost in epic fashion. “In August 1959, a coin toss helped Hiram L. Fong become this state’s senior senator.” SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER Hawaii. Hawaii became a state on August 21, 1959 (65 years ago today), and since it was new, they needed to determine which senator would be the “senior” one and which would be the junior. Word of the Day Today’s Word of the Day is: entente, meaning “an alliance of parties.” Thanks to Hugo from Santa Monica, CA, for the cooperative suggestion. Submit another [Word of the Day here](. ✢ A Note From Grayscale Investments The trust is not a fund registered under the Investment Company Act of 1940 as amended (“1940 Act”), and is not subject to regulation under the 1940 Act, unlike most exchange-traded products or ETFs. An investment in the trust is subject to a high degree of risk and heightened volatility. Digital assets are not suitable for an investor who cannot afford the loss of the entire investment. *Low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the fund reaches $2.0 billion in assets or after a 6-month waiver period, the fee will be 0.15%. Brokerage fees and other expenses may still apply. See prospectus for additional fee waiver information. Grayscale Ethereum Mini Trust (the Trust) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at [www.sec.gov](. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903-2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. Investing involves significant risk, including possible loss of principal. The Trust holds Ethereum; however, an investment in the Trust is not a direct investment in Ethereum. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries. Extreme volatility, regulatory changes, and exposure to digital asset exchanges may impact the value of Ethereum, and consequently, the value of the Trust. Digital assets are not suitable for an investor who cannot afford loss of the entire investment. There is no guarantee that a market for the shares will be available, which will adversely impact the liquidity of the Trust. The value of the Trust relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors. There is no certainty that an active trading market for shares will develop or be maintained which will adversely affect the liquidity of shares of the Trust. ✳︎ A Note From Monogram This is a paid advertisement for Monogram Technologies’ Series D Preferred Stock offering. A prospectus supplement and accompanying base prospectus have been filed with the SEC. Before making any investment, you are urged to read the prospectus supplement and accompanying base prospectus carefully for a more complete understanding of the issuer and the offering. ([( The securities offered by Monogram are highly speculative. Investing in these securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Investors must understand that such investment could be illiquid for an indefinite period of time. There is no existing public trading market for the Series D Preferred Stock. Monogram does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over-the-counter market.= DealMaker Securities LLC, a registered broker-dealer and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA’s BrokerCheck. Written by [Adam Epstein]( Sam Klebanov, [Holly Van Leuven]( [Cassandra Cassidy]( and [Neal Freyman]( Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011