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Hey Snackers,
The weiner takes it all: Patrick Bertoletti wolfed down 58 hot dogs to become the men’s champ of Nathan’s Famous eating contest and Miki Sudo set a women’s record by devouring 51. Former top dog Joey Chestnut, who was barred, didn’t relish it.
Stocks ended the shortened holiday week in the green after a rally in tech stocks (the Nasdaq gained 3.5% for the week). The S&P 500 closed at a record high on Friday after the US jobs report showed that unemployment ticked up last month, boosting investors’ rate-cut hopes.
The US’s first major heat-safety rules could protect 36M workers as temps spike nationwide
The dog days of summer… could get their first US leash. Fourth of July sweat stains are no joke: 75M Americans were under heat alerts to start the month as high temps and humidity scorched the country. Last week the Occupational Safety and Health Administration (OSHA) proposed a rule that could protect 36M workers from excessive heat on the job. It would apply to both outdoor workers (like delivery drivers and construction workers) and indoor workers (such as warehouse and kitchen staff). If passed, it would be the first major federal heat-safety standard in America.
The rules: Employers would be required to prepare heat-response plans and designate a heat-safety coordinator. Temperature levels would trigger various precautions. At 80 degrees: access to water and break area. At 90: paid 15-minute breaks every two hours.
Deadly temps: There were 43 reported workplace heat-related deaths in the US in 2022, up from 36 the year before. OSHA said those figures were likely “vast underestimates.”
High-risk jobs: Construction workers — 6% of the workforce — accounted for 36% of heat-related workplace deaths between 1992 and 2016. Studies show that deaths are climbing as temps rise.
Water breaks have their haters… Only five states have established heat-safety protections, with Maryland poised to become the sixth (and the East Coast’s first). The rules tend to meet strong resistance from trade groups, who argue they’re complicated and expensive. Phoenix (one of the US’s hottest cities) passed a workplace rule in March mandating shade, water, and A/C access. Other cities have blocked heat rules: Texas Gov. Greg Abbott nixed heat-safety requirements that passed last year in several cities, and Florida Gov. Ron DeSantis made similar moves this year.
High temps = high costs… Over the past decade, heat waves have cost California alone nearly $8B. Studies have shown that ~3B US labor hours were lost in industries like agriculture, construction, and manufacturing in 2022 from lost worker productivity related to heat exposure. As temperatures climb with the climate crisis, excessive heat is expected to cost the US economy $500B/year in lost labor by 2050.
Remember When Humans Did That?
Elbow grease… Working the local burger joint’s fryer is tough, dangerous, and undesirable. Between grease burns and low wages, it’s getting harder and harder for fast-food restaurants to staff their kitchens. In fact, ~3M jobs will go unfilled in the US alone.
Oiling the wheels… Miso Robotics has the solution: their AI-powered robot, Flippy, is the fry station operator of the future. That’s exactly why White Castle, Jack in the Box, and others have turned to Miso to automate their kitchens and help boost profits.
And Miso’s just getting started — they’ve even locked in a collaboration with NVIDIA. To fuel their growth, Miso’s opened a funding round for investors to tap into the automation of the $1T fast food industry.Â
Coming up this week
Medallion miles… Delta Air Lines, America’s most profitable airline, is set to report Thursday as air travel booms. A record 3M passengers jetted through US airports in a single day in June, and the TSA said it expected another all-time high for last week. Delta has positioned itself as the country’s luxe flying option (picture: premium lounges, extra legroom). When it last shared earnings, Delta delivered record revenue and forecast even higher sales for the June quarter. We’ll see whether it can stick the landing.
Out of the vault… Citi, Wells Fargo, JPMorgan Chase, and BNY Mellon kick off Q2 earnings szn this week after topping Q1 expectations in April. Banks have benefited from high interest rates as they can charge more for loans like mortgages and credit-card debt. With the Fed holding rates steady so far this year, that could continue. US bank profits grew nearly 80% last quarter, even as many banks paid off hefty fees and hiked yields on savings accounts to lure customers. Still, in April JPMorgan warned of “uncertain forces” in the industry.
Stories we’re watching
Something old, nothing new… As high interest rates weigh on wallets, folks have been holding on to big-ticket purchases for longer. That’s shown up in the increased average age of cars (14 years), time spent living in a house (12 years), and how long people hold on to their phones. 31% of iPhone owners now keep their mobile for 3+ years, up from 6% a decade ago. Last month, Apple framed shoppers’ upgrade reluctance as a testament to its phones’ durability. But as financial uncertainty sticks, Americans may be saving more $$ for rainy days.
Overturned, under scrutiny… The Supreme Court voted to end a judgment that’s guided gov’t regulation of businesses for 40+ years. It could hamstring agencies’ ability to regulate companies’ effects on the environment, workplace safety, and more. The “Chevron deference” gave the likes of the EPA and FTC the power to interpret unclear laws and fill in any legal gaps, acting as the foundation for rules around pollution, drug approvals, and noncompete clauses. In another boost for corporate, SCOTUS recently extended the time companies have to challenge regulations.
What else we’re Snackin’
JPEGs: The new TikTok trend: shooting an iPhone video of shooting on a digital camera. 90-year-old photography icon Fujifilm is capitalizing on Gen Z hype for its “vintage” compact cams.
Shred: Mark Zuckerberg said Threads, Meta’s X dupe, hit 175M monthly users in its first year. In an interview with Sherwood, Threads chief Adam Mosseri dished on a “wild year” and plans for growth.
5Dollar: Dollar Tree’s moving upmarket by raising prices (think: more $3-to-$7 items) to lure folks with higher incomes. Last year the discount chain had 3.4M shoppers earning at least $125K/year.
Snack Fact of the Day
The average US gas price on July Fourth was $3.51, a dollar less than two years ago
This Week
Monday: US consumer-credit report. Earnings expected from Greenbrier
Tuesday: Fed Chair Powell expected to give twice-yearly testimony on monetary policy before Senate Banking Committee
Wednesday: Earnings expected from PriceSmart, WD-40, and Manchester United
Thursday: US consumer-price index for June. Earnings expected from PepsiCo, Delta, and Conagra
Friday: US producer-price index for June. University of Michigan preliminary consumer-sentiment survey for July. Earnings expected from JPMorgan Chase, Wells Fargo, Citigroup, BNY Mellon, Fastenal, and Ericsson
Authors of this Snacks own shares of: Delta
Advertiser's disclosures:
* 10% bonus stock is contingent on a minimum $25,004.07 investment. This is a paid advertisement for Miso Robotics Regulation A offering. Please read the offering circular and related risks at invest.misorobotics.com.
Past performance is no guarantee of future results. Start-up investments are speculative and involve a high degree of risk. Those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investment tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Further, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns.
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.