Uber needs a ride

Sponsored By April 14, 2022 Good morning traders, Welcome back to The Daily Setup. Markets were down again yesterday as the sell off continued. Here’s what’s on the docket today: - Uber’s CEO has some strong words for his employees - A dive into why Bitcoin keeps falling - Phillip Morris is eyeing an acquisition So have a cup of coffee, read through the newsletter, and let’s make today a good one. Nick How'd the markets look? Market Outlook Hemisphere Media Group Biggest Mover [Activision Blizzard, Inc. ]( Shares of Hemisphere Media Group (ticker: HMTV), a broadcaster whose focus is on the U.S. hispanic and Latin American markets, rallied enorme during Monday’s trading session. The company announced that they agreed to be [acquired by Searchlight Capital Partners at $7/share]( which represents an 86% premium to Friday’s closing price. In a separate deal, the company agreed to sell their Spanish language streaming platform in the U.S., Pantaya, to TelevisaUnivision. Investors were muy contento with the news as evidenced by the stock closing the day up [78%](. Shockingly, I did not hold any shares of HMTV prior to the announcement. Uber - Check your privilege’ Street Stories [Cycling Downhill] Uber CEO Dara Khosrowshahi had some strong words for his employees [in an email]( he sent to them on Sunday. Why he’s sending Sunday emails is beyond us, but in the email, Khosrowshahi let Uberers know that it would be cutting back on spending and focusing on being lean and profitable, following meetings with investors. Being profitable? A novel idea, like ordering a car on your phone. - As part of the new platform, Uber said it will be cutting marketing and driver incentive spend while treating hiring like a “privilege.” You know, like the privilege of breaking your back to work at a tech stock whose shares closed down 11% on Monday and have fallen 45% YTD. - In Q1, Uber posted $6.9B in revenue, which is good for a company that wants to be profitable. - Alas, Uber still managed to post a $5.9B loss in the same quarter. How much were they spending on marketing? Uber joins other tech giants like Meta and Robinhood in slowing hiring (or, in Robinhood’s case, [firing 9%]( of its employees). You’d think Silicon Valley would have figured out how to make some money on its own by now. Meeting with the Bobs [Activision Blizzard, Inc. ]( Welcome to [Meeting with the Bobs](. Click one of the links below to vote. What’s your go-to option for getting a ride? - [Uber]( - [Lyft]( - [Taxi]( - [Public transit]( - [Walk / Bike]( Sponsored By: Invest in the Robots Headed to Jack in the Box This year, [Miso Robotics]( is piloting autonomous kitchen assistants Flippy 2 and Sippy at a single Jack in the Box location. Since Jack in the Box has 2,200 sites across the US, the deal creates excellent potential for Miso to tighten its robotic grip around the restaurant industry. Quick service restaurants are crying out for automation now more than ever. The industry expects a 3.7 million labor shortfall over the next 10 years, and [Miso’s solutions]( could play a major role in helping to fill that gap. These robotic kitchen assistants have the potential to cut down on human error and increase profits by up to 3X. That’s why Jack in the Box isn’t the only big brand teaming up with [Miso](. White Castle has been onboard for years and just announced plans to expand Flippy to 100 more locations. While the partners pile in, you can [join Miso]( in rescuing the $70.3 billion quick service restaurant market. [Invest in Miso Today!]( *See Disclaimer Below Hodlr’s Being Institutionalized Token Talk [Token Talk] Apparently having diamond hands means losing money hand over fist. Since May 4th, Bitcoin is down [22%](, and all seems to be quiet from the laser-eye community. Quite a reversal from a year ago. The question though is why is crypto tanking if it’s supposed to be a hedge against broader market down moves? The real answer is that when there is swift selling in one market, other markets usually follow suit even if long term correlations portray a different picture. Case and point is [here]( for gold’s decline. One potential reason for the huge downswing in Bitcoin, which seemingly isn’t a hedge against market losses afterall, may be due to strong institutional selling. This is shown by the Coinbase Premium Index ([what’s that?](), which recently turned from positive to negative, indicating a strong sell off by crypto whales. And while institutions continue to sell, driving prices further down, there’s guys in their parents basements that will keep buying the f*cking dip. The $30,000 level has shown in the past to be a key point of support, but like any key level, a further break can turn that support into resistance. If I was hodl’ing anything right now, it would be the bile coming up from my stomach watching the money evaporate from my accounts. Philip Morris wants to bum a smoke Deals and Rumors [Deals and Rumors] Philip Morris International is looking to take its talents across the pond, as the US cig maker is in talks to acquire Swedish Match AB, a European smokeless tobacco maker. While Swedish Match might not mean much to you, you’ve likely heard of their fan-favorite product Zyn. The company's fastest-growing product, and the US smokeless tobacco market, helped Swedish Match hit double-digit sales growth in 2021. Swedish Match is [currently valued]( at nearly $12B, but the deal could value the snuff maker upwards of $15B. You can do the conversion math to the Swedish kroner. On the news of the deal, Philip Morris shares closed up just 1%, which isn’t too shabby considering the rest of the market took a UFC-style beating. Match, on the other hand, climbed 20% over in Stockholm. Grabbing Zyn would certainly help PMI make a case against Rival Altria, whose smokeless On! pouch sales were up 122% over the year ending April 23rd. Too bad moist snuff doesn’t look nearly as cool as an old-fashioned [heater](. Link Roundup Other News - Apparently Companies Yielding Zero Revenue Are Bad - Biotechs Feeling the Pain in 2022 ([link]() - But Will You Be Broke Before it Happens? - Inflation Could Be Slowing Down ([link]() - At Least You Know They’ll Always be Bailed Out - Potential Gems in Travel Industry Sector ([link]() - Brought to you by the guys that shorted Nikola - Short seller Hindenburg Research thinks Musk’s Twitter deal could be priced lower ([link]() - We immediately (years later) regretted this decision - Ford sells nearly 10% of its stake in Rivian the first day it could ([link]() Meme of the day I’m surprised this wasn’t written by the Morning Brew, [via @packM]( [other news] 62 Calef Hwy #233 Lee, New Hampshire 03861 United States Questions or concerns about our products? 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