Hey Snackers,
Who are the coolest people in the world? Though it seems like a subjective question, a new survey published by YouGov this week definitively answers which celebrities Americans rate the coolest. At the top of the list was 77-year-old Samuel L. Jackson. Surprisingly, half of the top 10 coolest celebrities were over 65. Check out the full list.
The S&P 500, Nasdaq 100, and Russell 2000 retreated from Monday’s records as core inflation came in hotter than expected for April.
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Hims’ “strategic pivot”
Hims & Hers reported a surprise earning miss on Monday, as Q1 was the least profitable quarter for the company in more than five years. The company’s taken a big hit from costs associated with moving away from its own compounded weight-loss products and toward branded treatments sold by Novo Nordisk and Eli Lilly.
Hims originally began selling knockoff Wegovy in May 2024, when it was allowed to because the drug was in a shortage. But it continued to do so after the drug was taken off the shortage list, saying it was offering a “personalized” version of the drug that met a clinical need that Novo couldn’t with its prefilled pens.
In January, Novo’s Wegovy pill came to market and immediately showed signs that it was expanding the GLP-1 market. Weeks later, Hims rolled out a copy of the pill. That would become the straw that broke the camel’s back: Novo sued Hims for patent infringement.
Eventually, Novo dropped the lawsuit and Hims agreed to no longer market its own knockoff products, instead offering Novo’s branded products on its platform.
The pivot away from knockoffs cost Hims $33 million in the first quarter, primarily consisting of “write-downs related to our compounded GLP-1 supply chain that now face risk of obsolescence,” Hims CFO Yemi Okupe told analysts.
It was likely not a surprise to Hims that selling Novo’s products would have worse unit economics, but Okupe said selling branded products has the potential to bring more people onto the platform who may purchase other products as well.
The Takeaway
So how will Hims move forward?
The company is now looking beyond GLP-1s to fuel growth. In the past year, it launched hormone treatments and a lab product, and has expanded to international markets.
Hims has also signaled that it will sell peptides once the Food and Drug Administration lifts restrictions on them. Additionally, Hims CEO Andrew Dudum teased potentially making its own wearable device.
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According to the latest inflation data, smartphones are cheaper... except they’re not
One of the hardest things about measuring inflation is that products change. According to the official Consumer Price Index data for smartphones, prices have dropped 65% since the start of 2020 in the United States. For comparison, the latest iPhone at the start of 2020 was the iPhone 11, which was yours for $699. Today, the iPhone 17 from Apple is $799 — not exactly a 65% cut.
Snacks Shots
⚾ MLB: Batter up! The Toronto Blue Jays are a favorite to win against the Tampa Bay Rays tonight, with prediction markets* root, root, rooting for the home team, predicting a 60% chance the Jays will win and the Rays will not shine.
🪓 Who’s next? On Tuesday, the ax finally fell on Trump’s FDA commissioner, Marty Makary, who left after a bumpy tenure marked by backlash from drugmakers, doctors, and patient groups… and not being fast enough in approving fruity vapes. Traders continue to put their cash against FBI Director Kash Patel as next to go, pricing in 71% odds he’ll be out this year.
*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
What else we’re Snackin’
eBay rejected GameStop’s unsolicited $56 billion takeover bid, calling the offer “neither credible nor attractive” — ouch
Google unveiled the creatively named… Googlebook — and while pricing wasn’t revealed, the blog post mentions “premium” four times
A Reuters investigation poured cold water on Tesla’s Texas Robotaxi expansion, finding long wait times, lengthy rides, and unpredictable drop-offs
Speaking of water, Alphabet’s Waymo recalled 3,800 robotaxis after a software glitch sent an unoccupied vehicle into a flooded lane
Snack Fact of the Day
Netflix has spent more than $135 billion on content over the past decade.
Wednesday
Premarket earnings: Alibaba, Nebius, and Eos Energy
Postmarket earnings: Cisco and USA Rare Earth
April PPI