__Unvaxed...__ __[AstraZeneca](https://robinhood.com/stocks/AZN)__ is causing some vexation... that's preventing *vaccination*. Last week, European regulators [said](https://www.wsj.com/articles/astrazeneca-covid-19-vaccine-restrictions-pile-up-complicating-shot-roll-outs-11617901430?mod=business_lead_pos4) there might be a link between AstraZeneca's vax and rare (but sometimes deadly) blood clotting. Now: Australia, Italy, Spain, the UK, and others are restricting the rollout of its shot. 

__*Wrong direction*...__  Real estate tech firm __[Compass](https://robinhood.com/stocks/COMP)__ watched its stock plunge 14% since it IPO'd last Thursday. The Softbank-backed startup is the second-largest residential brokerage in the country — and the housing market is thriving thanks to ultra-low interest rates. But some investors [see](https://www.curbed.com/2021/04/compass-real-estate-ipo.html) a basic old brokerage model behind Compass' charming techy exterior. 


Lows

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__Sarah cast her ballot...__ and the votes are in. Fun fact: there are more __[Amazon](https://robinhood.com/stocks/AMZN)__ employees than Americans named Sarah. Now, a massive labor showdown at America's second-largest employer is making headlines (again). Amazon workers in Alabama just [voted](https://www.wsj.com/articles/what-amazons-alabama-union-vote-means-for-the-company-and-workers-11617787801) *not* to unionize their warehouse. It would've been Amazon's first unionized US warehouse. Some context:

- __Last month,__ Amazon warehouse workers in Bessemer, Alabama were pushing to unionize for job security and better working conditions. 
- __Amazon pushed back__ (think: anti-union bathroom flyers). It doesn't want to be legally required to bargain with the retail union over its workers' rights.  
- __Last week,__ ~71% of the Alabama workers who cast ballots voted *against* joining the RWDSU (Retail, Wholesale and Department Store Union).

__Prime outcome...__ While Amazon says it "didn't win" because employees made the choice, it's a victory for the 'Zon. Union rules could've limited its freedom to quickly hire (or cut) workers, and its ability to automate (think: more robot-hiring). On Friday, Amazon shares jumped 2% to their highest level in months. Why some workers voted "no"...

- __Unnecessary middleman:__ Workers who voted against the union said issues could be resolved within Amazon, without the union middleman. 
- __Unnecessary dues:__ Some didn't see a benefit in paying dues to a union. Amazon says it already offers competitive benefits and wages.

Vote

__The pushback isn't over...__ Blue-collar unions have been falling out of favor in the US: the unionization rate fell from 35% in the mid-1950s, to 11% in 2020. This vote seems to confirm that trend. But it’s not the end of the labor pushback against Amazon. Labor activists are already looking at other methods to challenge Amazon’s practices. And they could get a boost from legislators: politicians on both sides of the aisle are eager to reign in Amazon’s power, and many are advocating for better conditions for workers. Think: better hours [and](https://www.theguardian.com/technology/2021/mar/11/amazon-delivery-drivers-bathroom-breaks-unions) bathroom breaks. 

Amazon emerges victorious from its historic labor battle against unionization

__Bringing S3XY back...__ __[Tesla](https://robinhood.com/stocks/TSLA)__ shares ticked up for the week after it delivered a record ~185K cars last quarter. That's more than double its deliveries from the same quarter last year (when Covid hit), thanks to healthy demand from China. Still, competitors in the side-view mirror may be closer than they appear: it's [losing](https://snacks.robinhood.com/newsletters/dXjXBUtnIIx60nq4PmLF7/articles/2e4xQmjj3i18XCcn0DYijD/) market share to EV rivals.

__Forgot what a waistband feels like...__ __[Levi](https://robinhood.com/stocks/LEVI)__'s sales fell 13% last quarter because ripped sweatpants are the new ripped jeans. But the stock *jumped* 9% for the week, since Levi's boosted its sales and profit outlook for the first half of the year. Levi's thinks you'll be "revenge spending" on denim for outings, and expects sales will return to pre-pandemic levels by October.

Highs

Who's up...

__*Stories we're watching:*__

- __The corporate tax debate...__ The tax filing deadline was extended to May 17 (eyy). But for corporations, the headache is just starting. The Biden admin plans fund its $2.3T infrastructure [proposal](https://snacks.robinhood.com/newsletters/5LFeKLcW6vcwl0ortNgrtm/articles/4n7AMG2fFNs2TmR0EXgTgO/) by raising corporate taxes. Treasury Secretary Janet Yellen says the hikes would bring home ~$2T in overseas profits. To keep the US [attractive](https://snacks.robinhood.com/newsletters/2FGYY02td4t3rp9KjKvLQM/articles/1d7eiIZp8iwgUI9aKXGIQZ/) to corporations, Yellen has been pushing for a *global* minimum corporate tax rate. It's working: now the G-20 [aims](https://www.wsj.com/articles/g-20-to-seek-agreement-on-global-minimum-tax-rate-by-mid-2021-11617807018) to agree on a global minimum by mid-2021.

- __The rise of digital currency...__  China became the first major economy to [launch](https://snacks.robinhood.com/newsletters/5gmxJQUqpvzHWE4CeHvylQ/articles/1UVV5lKmuNvZyE2FiTurJg/) an e-currency: the digital yuan (#digi-yuan). Unlike crypto, digi-yuan is state-backed. Unlike cash, it's fully traceable. The wildest part: Beijing is testing digi-yuan expiration dates to encourage people to spend, and could use it to automatically fine people for rule-breaking. Beyond China, digi-yuan threatens the global dominance of the US dollar. Now the US is more seriously [exploring](https://www.cnbc.com/2021/02/27/op-ed-a-digital-dollar-would-help-the-us-and-its-allies-keep-china-in-check.html) its *own* digital currency. So are 60+ other countries. 

__*What's dropping:*__

- __Banks kick off earnings season...__ Wall Street's finest, including __[JP Morgan Chase](https://robinhood.com/stocks/JPM)__, __[Citi](https://robinhood.com/stocks/C)__, and __[Goldman Sachs](https://robinhood.com/stocks/GS)__, all report this week. Banks' performance will be compared to a year ago (aka: the quarter ended April 2020). Back then, banks [added](https://snacks.robinhood.com/newsletters/7AbTHa6Ld095hkHZCRzEaL/articles/6MiIgW9CSp3vQEIYRasNPN/) billions to their reserves to prepare for pandemic loan losses (like mortgage defaults). By April, Chase had set aside $8.3B. Banks are expected to release more reserves as the economy recovers. That could lift their results. 

- __Coinbase goes public...__  The largest crypto exchange in the US plans to go public on Wednesday via direct listing. It'll be the first crypto exchange to go public in the US, at a time when investors have been pouring into crypto. __Coinbase__ thrived last quarter, estimating $1.8B in revenue from January to March — *more than it made in all of 2020*, and 9X more than the year-ago quarter. Coinbase's huge growth highlights the "[seasonal](https://snacks.robinhood.com/newsletters/4ivhnY1RscwdC1MNfKSQqi/articles/3D0DnltBHdA072YBLL7koC/)" nature of its biz. 

- __Delta reports earnings...__ Since mid-March, pandemic travel has been [notching](https://www.tsa.gov/coronavirus/passenger-throughput) record highs, with 1M+ people taking off their watches for TSA each day. __[Delta](https://robinhood.com/stocks/DAL)__'s Thursday earnings will give us a window seat into how airlines fared over the last quarter — and whether people are really "revenge spending" on travel during the vax rollout. 

...and who's down

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