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Flying cars are a step closer to reality... October 24, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( Presented By [SmartAsset]( Good morning. Did you get trapped in a supply closet before an all-hands? Discover a man living in the ceiling above your cubicle? Reply all with a snarky comment meant for just one work friend? [Submit your corporate horror stories here]( and we’ll feature the best ones in our special Halloween edition on Sunday. —Matty Merritt, Cassandra Cassidy, Molly Liebergall, Sam Klebanov, Adam Epstein, Neal Freyman MARKETS Nasdaq 18,276.65 -1.60% S&P 5,797.42 -0.92% Dow 42,514.95 -0.96% 10-Year 4.242% +4.0 bps Bitcoin $66,401.19 -1.60% McDonald’s $298.57 -5.12% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. [Here's what these numbers mean.]( - Markets: Something, um, not that chill happened yesterday. Stocks [fell]( across the board, handing the Dow its worst day since September as investors moped over tech earnings. McDonald’s dropped more than 5% amid the fallout of its E. coli outbreak, which has caused at least one death.  TRANSPORTATION [Air taxis are one step closer to takeoff]( [Air taxi]( Alliance/Getty Images No one has ever been this excited for the release of an 880-page document that Brandon Sanderson didn’t write. The Federal Aviation Administration (FAA) [published]( its final regulations on Tuesday for electric vertical takeoff and landing (eVTOL) vehicles, better known as air taxis, clearing the runway for a brand-new, multibillion-dollar transportation category. Flying cars, you say? Air taxis, eVTOLs, Advanced Air Mobility aircraft, and yes, flying cars—there are a lot of names to represent the new type of vehicle that Superman will be mistaken for. These electric aircraft take off and land vertically like helicopters, but transition to fly on fixed wings like airplanes, so they don’t fit into existing FAA categories. The nascent industry clears a huge hurdle with these new regulations, which include rules on pilot training and other operating requirements. This is the first time the FAA has approved a new type of aircraft since 1940, when it welcomed the helicopter to the skies. Air travel of the future The FAA said air taxis can be used for cargo, passengers, and even emergency medical transportation. Startups like Joby and Archer Aviation have courted millions in investments from airlines hoping to offer customers faster rides to the airport above congested city streets: - Delta Airlines said in 2022 that it would invest $60 million in Joby, and United Airlines promised to order at least $1 billion worth of aircraft (200 total) from Archer in 2021. - Carmakers are also interested: Toyota invested an additional $500 million in Joby this month, for a total of $894 million, while Stellantis, which owns Chrysler and Fiat, is Archer’s largest shareholder. It’s not a sure bet: Germany-based startup Lilium was once one of the most promising air taxi companies. At its height, it was worth as much as $3.3 billion. But the German government denied the company’s $54 million loan request, leaving it in dire need of cash.—MM Presented By SmartAsset [$1b startup disrupting the retirement industry]( [SmartAsset]( This Princeton grad’s startup raised $161m to [help people plan for retirement](. If you’re one of the whopping 110m Americans over age 50—or a wise millennial planning ahead—SmartAsset’s no-cost tool makes it easy to find vetted financial advisors serving your area. Research suggests that people who work with a financial advisor could end up with about 15% more money to spend in retirement.¹ Kick-start your retirement plans today. [Try SmartAsset’s free quiz]( to get matched with up to three financial advisors serving your area, each legally bound to work in your best interests. It’s never too late to plan to work toward financial freedom. [Get your financial advisor matches today](. WORLD [Tour de headlines](#) [Striking Boeing workers]Jason Redmond/Getty Images Striking Boeing workers reject new contract proposal. Boeing machinists [voted against]( a revised labor deal proposed by the company, extending a strike that has lasted more than one month and halted most plane production. Nearly two-thirds of union members said no to the new contract, which included a 35% wage increase over four years and more contributions to retirement plans. It’s a big setback for new CEO Kelly Ortberg, who said that ending the strike was key to his turnaround plans. Earlier in the day, Boeing said it lost $6.1 billion last quarter, its biggest quarterly loss since 2020.—NF US confirms North Korea deployed troops to Russia. Defense Secretary Lloyd Austin verified reports that North Korean [troops are training]( in Russia, likely in preparation to fight against Ukraine. South Korean lawmakers said that North Korea has already shipped 3,000 troops to Russia with plans to send a total of 10,000 to assist in the war effort. North Korea has been supplying Russia with munitions after the two countries signed a mutual defense pact in the spring. Austin noted that it’s unclear whether the North Korean soldiers will end up on the front lines, warning that it would be a “very, very serious” issue for Europe and Asia—but also a manifestation of Russia’s desperate manpower shortage.—SK Apple is cutting production of Vision Pro due to slow sales. The tech giant is scaling down production of its $3,500 Vision Pro VR headset and [might halt]( assembly of new ones next month, The Information reported yesterday. Apple’s suppliers shared that the parts for the 500,000 to 600,000 headsets produced so far are likely enough to meet demand. Earlier, Apple CEO Tim Cook told WSJ Magazine that people weren’t exactly lining up for the eye-poppingly pricey gadget, calling it an “early-adopter product.” Apple reportedly plans to release a more affordable VR headset by 2026, but in the meantime, budget-conscious consumers who want a face computer can snag a Meta Quest 3 for $500.—SK FOOD & BEV [New CEO tries to get Starbucks out of hot water]( [Outside of a Starbucks store]( Images Don’t call it a comeback, because it isn’t one. Less than two months after bringing in Chipotle veteran Brian Niccol as CEO to turn things around at Starbucks, the struggling coffee chain reported dismal quarterly earnings this week that might make you feel bad enough to go buy a mocha frappuccino. Same-store sales fell 7% in Q3 this year, [declining]( for the third consecutive quarter, with a 6% slump in North America and a 14% fall in China. Shares tumbled as much as 5.5% following the news before ending the day in the green, as Starbucks said that its attempts to get customers to the till with more offerings and in-app promotions didn’t work. Niccol just needs some time. The CEO says he has a plan to right the ship: - His [strategy]( is focused on simplifying the “overly complex” menu, adjusting pricing, and addressing bottlenecks. - Niccol especially wants to tweak timing and staffing in stores to speed things up for morning orders, which app users often decide not to place due to long wait times. On the other side of the world…Niccol has to reckon with business in China, the company’s second-largest market, where expansion plans are falling short due to competition from Chinese chains that are rapidly growing their store count.—CC Together With Infinity Fuel [Infinity Fuel]( Back the US Navy’s “infinite” fuel partner. One company is exceeding standards for the Navy, and it’s creating $19.4b in energy market opportunities. [Infinity Fuel]( hydrogen fuel cell technology can 10x the range of the Navy’s underwater drones compared to batteries. They already have $50m in NASA and DoD contracts, with the “IFCH” Nasdaq ticker reserved. [Become an Infinity shareholder by tomorrow, Oct. 25 at midnight PST](. EDUCATION [Get in loser, we’re getting MBAs]( [Harvard Business School campus in Boston, MA]( Kraft/Getty Images It’s not just your friend group: Across the board, white-collar workers are applying to business school [in droves]( to try and outmaneuver a corporate hiring slowdown that’s leaving recent college grads in the lurch, the Wall Street Journal reported. Applications to MBA programs are up 12% in 2024 after declining for two years, according to the Graduate Management Admission Council, which surveys business school admissions offices. For this year, the nonprofit reported: - A 32% spike in applications for in-person, full-time MBA programs, bringing the applicant pool to its largest size in a decade. - Higher demand for online and part-time business schools, including a 10% increase in applications to flexible MBA programs among women. Why? More workplace AI and less job-hopping among older professionals have contributed to a hiring slowdown for bachelor’s degree roles that’s intensified in recent months, according to the payroll service ADP. Young Excel experts on the job hunt are trying to upskill into the ideal candidates—and so are many of their employed counterparts, who fear [more layoffs]( in tech, banking, and professional services. Zoom out: Unemployment is still low overall at 4.1%. Job growth in retail, dining, healthcare, and government carried the labor market over the past two years while white-collar hiring watched from the sidelines.—ML STAT [Prime number: 55% of cannabis users](#) [A woman smoking marijuana]Joaquin Sarmiento/Getty Images Saying “Mary Jane” instead of marijuana makes more sense now. For the first time, more women are [consuming cannabis]( than men, leading to a major shift in how companies market their products, Reuters reported. Women make up 55% of users on the weed-centric app Jointly, while women aged 19 to 30 are blazing more often than men in the same age group, per a survey from the US National Institute on Drug Abuse (NIDA). Experts say this could be due to the rise in using cannabis to treat anxiety, which is more common in women than men. As a result, pot companies are reportedly devoting more resources to products that are popular with women and rebranding to appeal to the new majority of their consumers.—AE NEWS [What else is brewing](#) - [Apple and Goldman Sachs]( were ordered to pay $89 million by the Consumer Financial Protection Bureau for failing to address thousands of consumer disputes of Apple Card transactions. - [Novo Nordisk]( asked the FDA to ban cheap copies of its weight loss drugs Wegovy and Ozempic, arguing they pose safety risks. - [Netflix]( is joining forces with TED Talks to launch a daily word game that you will presumably play while not really paying attention to whatever Netflix show you have on in the background. - [Secretary of State Antony Blinken]( visited Israel, where he urged officials to agree to cease-fires in Gaza and Lebanon following the killing of Hamas leader Yahya Sinwar last week. Meanwhile, Israel continued to strike Hezbollah targets in Lebanon, including in the ancient city of Tyre. - [Frontier and Spirit Airlines]( are once again exploring a merger, the Wall Street Journal reported, after previous attempts to combine the low-cost airlines floundered. RECS [To do list Thursday] Travel: Wired’s guide on [how to fly]( with only one small personal item (and the best bags to buy). Drink: The list of the [world’s best bars for 2024]( is topped by a Mexico City speakeasy. Learn: Why Mount Everest is [still growing]( because apparently it’s not tall enough already. Watch: Our long national nightmare is over, as Apple has finally released [a trailer]( for Season 2 of the corporate sci-fi series Severance. Excel: The best-selling Morning Brew deskpad that supercharges your Excel game is [back in stock](. Let’s ride: Looking for your next car? Edmunds has millions of [new and used listings]( price ratings to show if the deal is fair, good, or great. [Shop now]( Fit check: Our own Morning Brew Daily host showed up + showed out in [three fresh ’fits]( all curated by Bonobos. [Watch the video and pick your fave]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Today’s crossword might give you an eerie sense of familiarity (six letters). [Play it here](. Three Headlines and a Lie Three of these headlines are real and one is faker than an August group Halloween costume promise. Can you spot the odd one out? - A secret alliance between Kit Kat and Twix [prevented]( other companies from making the “double bar” - Throne’s toilet camera [takes pictures]( of your poop - Mark Zuckerberg is [using]( his fortune to be a wife guy - A24’s ‘Heretic’ will make these movie theaters [smell]( like blueberry pie during one pivotal scene 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 We made up the one about the secret chocolate alliance. Word of the Day Today’s Word of the Day is: floundered, meaning “to struggle to move or obtain footing.” Thanks to Jason from Burlington, Ontario, for the fishy suggestion. Submit another [Word of the Day here](. ✢ A Note From SmartAsset 1. [The Journal of Retirement (winter 2020)](. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in [The Journal of Retirement study](. ✳︎ A Note From Infinity Fuel This is a paid advertisement for Infinity Fuel Cell and Hydrogen, Inc.’s Reg CF offering. Please read the offering circular at [(. Reserving the ticker symbol is not a guarantee that the company will list on the NASDAQ. Listing on the NASDAQ is subject to approvals. Written by [Adam Epstein]( [Matty Merritt]( [Cassandra Cassidy]( [Molly Liebergall]( Sam Klebanov, 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