__*The Uber for drivers*...__ Now with 39% of the ride-hail market (doubled from 2016), __[Lyft](https://robinhood.com/stocks/lyft)__ jumped 9% on its first-day trading Friday, raising its valuation to $27B. The co-founders (FYI, they [own](https://www.forbes.com/sites/bizcarson/2019/03/29/investor-interest-drives-lyft-to-24-billion-valuation-but-it-still-wont-make-founders-billionaires/#730e547d4ba6) 5% of the shares, but 49% of the voting rights) rang the bell from a former car dealership in LA — Not NYC's Nasdaq stock exchange. It's a vehicular metaphor for its un-Uber [strategy](https://www.wsj.com/articles/lyft-shares-open-at-87-24-up-21-from-ipo-price-of-72-11553875007): *Happy drivers = Happy riders*. That lot will become a "Driver Center" for car repairs and tax support.

__Man-leisurewear...__ First, it made yoga pants brunch-ready. Now, it's conquering the work wardrobe. For guys. [__Lululemon__](https://www.robinhood.com/stocks/LULU) revealed  2018 was one of its strongest years, yet. Then  shares soared 14% last week on the CEO's goal for [gender parity](https://www.marketwatch.com/story/lululemons-positioned-to-be-a-menswear-disrupter-2019-03-28) in its sales (starting with stretch-khakis).

__5G drama...__ America's worried that China's government can spy through __Huawei's__ smartphones. Suspicion hasn't stopped it though — The Chinese telecom's profits jumped [25% last year](https://www.cnn.com/2019/03/28/tech/huawei-earnings-china/index.html) to nearly $9B. Countries that aren't the US just want their 5G network future to come fast and at a low-cost, and Huawei's answering their calls.

__Sleep in a box...__ Physical goods startups don't usually earn invites to the unicorn ranch. But __Casper Sleep__ just joined all the $1B-valued apps with its [latest fundraise](https://snacks.robinhood.com/newsletters/5y7lVrxE9oSCH4AKKtq9RV/), and we learned its sales are growing 60% per year. It even thinks 2019 will be its 1st year of profitability (and it's interviewing investment bankers to run its future IPO).

Highs

Who's up...

__Pump the house music...__ __[Spotify](https://robinhood.com/stocks/spot)__ dipped before the weekend on analyst concerns about Mom and Dad's music taste — American families want family plans ($14.99/month), not a bunch of individual ones ($9.99). That trend simply sounds [less profitable](https://www.marketwatch.com/story/spotifys-family-plans-could-hurt-the-stock-analyst-says-2019-03-29?mod=mw_theo_homepage) for the music streamer.

__*Chaise*, you've been demoted to *chair*...__ __[Restoration Hardware](https://robinhood.com/stocks/rh)__ (AKA "RH") fell 22% because December's tough stock market psychologically affected its high-end furniture buyers. The CEO is confident though that his lavish plan to aggressively renovate and upgrade their mansion-sized stores (its NYC "[Gallery](https://www.restorationhardware.com/content/category.jsp?context=NewYork)" cost $50M to build) will fix "retail's [lost decade.](http://ir.restorationhardware.com/news-releases/news-release-details/rh-reports-record-fourth-quarter-and-fiscal-year-2018-results?field_nir_news_date_value[min]=)" *We dived into his unique strategy [on our pod](https://itunes.apple.com/us/podcast/marketsnacks-daily/id1386234384?mt=2)*.

__A really, really big poke...__ __[Facebook](https://www.robinhood.com/stocks/FB)__ [banned](https://motherboard.vice.com/en_us/article/nexpbx/facebook-bans-white-nationalism-and-white-separatism) white "nationalist" and white "separatist" content last week (it's already been removing white "supremacy" content from the world's walls). But then the US government sued it for allegedly discriminatory housing ads. Now Zuck's [asking](https://www.washingtonpost.com/opinions/mark-zuckerberg-the-internet-needs-new-rules-lets-start-in-these-four-areas/2019/03/29/9e6f0504-521a-11e9-a3f7-78b7525a8d5f_story.html?stream=top&utm_campaign=newsletter_axiosam&utm_medium=email&utm_source=newsletter&utm_term=.1e509a703537) Congress to write "new rules for the internet" so the social network doesn't have to.

__Bundle my bundles...__ [__Apple__](https://www.robinhood.com/stocks/AAPL) splashed into gaming, premium news, and TV subscriptions for its [biggest non-iPhone unveil](https://www.theverge.com/2019/3/25/18277461/apple-event-2019-tv-plus-arcade-credit-card-streaming-news-oprah-recap-biggest-announcements) yet. But shares ended the week down since it was so light on the *how-much-will-this-cost-us-a-month* details.


Lows

...And who's down

__BBM is dead. Long live BlackBerry...__ The iPhone victim [quit](https://www.theguardian.com/technology/2016/sep/28/blackberry-to-stop-making-phones-handsets) making its own smartphones in 2016. And on Friday, shares jumped after __[BlackBerry](https://robinhood.com/stocks/bb)__ beat expectations with 9% quarterly sales growth. But it was words from the CEO that made the stock win: "We're done rebuilding. We're looking to invest."

__The Batman of tech...__ Under new CEO John Chen, BlackBerry pivoted to become a "[security company](https://www.theglobeandmail.com/business/article-blackberry-jumps-on-strong-quarterly-results-as-chen-lauds-companys/)" — A watchful guardian for big business and government. It's designed cybersecurity services to __stealthily protect your digital life__:

- __Your connected car:__ Blackberry's QNX software is there so that the tech-y features of your car are safe, secure, and actually work.
- __Your money:__ It [just dropped](https://edition.cnn.com/2019/03/29/tech/blackberry-earnings-john-chen/index.html) $1.4B for Cylance, a buzzword-packed, AI-powered, predictive analytics cybersecurity firm protecting financial institutions from hackers (ATMs = the front lines).
- __Your connected home appliances:__ Later this year, BlackBerry's unveiling Spark, its major move into the internet-of-things. Its software connects household-anything with your phone's app-everything.


Evolution

__Services are the new black...__ Selling electronic gadgets includes expensive manufacturing and fickle consumer tastes. The software business model can be less costly and more scalable, with recurring monthly money coming in. And __Apple's__ pulling the [same move](https://www.forbes.com/sites/dantedisparte/2019/03/26/apple-services-a-broadside-of-4-industries/) — With iPhone sales down, it's nudging you to Apple Music/TV+/News+ (AKA, monthly subscriptions).

BlackBerry surges 13% on big pivot milestone

__Living its best life...__ The S&P 500, a wide-ranging index of publicly traded companies, jumped 13.1% over the last 3 months — Cue the *Best Quarter Since '09* and *Best 1st Quarter Since '98* trophies. The thing is, markets still haven't climbed out of the brutal hole from the end of last year.

- __Let's back up to the holidays:__ From October to December, the S&P 500 fell 20%. And it bottomed out on Christmas Eve on concerns of rising interest rates.
- __It's been all up since:__ From December 26th through this past Friday, the S&P 500 has risen 20.5% (and the tech-packed Nasdaq's up a shocking 25%). 
- __Plus, fossil fuel's getting into it:__ Oil prices [rose](https://finance.yahoo.com/news/oil-prices-rise-adding-biggest-quarterly-gain-10-011733636--finance.html) up 32% last quarter as the international oil-controlling cartel OPEC cut supply a tad, and sanctions hit Venezuela and Iran's production.

__*There are so many people I need to thank*...__ Politics — including January's government shutdown, the US/China Trade War, and Brexit — isn't on the list. Neither is the US economy, which has been slowing down (America's 2018 GDP was [just](https://www.washingtonpost.com/business/2019/03/28/us-economic-growth-revised-down-slightly-commerce-department-says/?utm_term=.2597199552c3) retouched downward). It was all *markets*:

1. __Profits:__ They're the underlying driver of stock values, and they were [still](https://www.wsj.com/articles/fear-of-missing-out-pushes-investors-toward-stocks-11554030001) growing faster than the economy last quarter (Q1 earnings season starts soon, so we'll see if that continues).
2. __The Fed:__ The central bank's December decision to raise interest rates bothered investors. But to encourage investors and businesses, the Fed hasn't changed them since. Markets applaud it.

Rising

__It's perfect weather for an IPO...__ There are a bunch of companies eager to go public in 2019, especially now that investors are feeling good again. Lyft squeezed itself in on the last day of the quarter, and its Silicon Valley tech buddies are lined up [ready to go](https://money.usnews.com/investing/stock-market-news/slideshows/best-stocks-ipo-this-year) too. We'll see how the dump of fresh stocks onto Wall Street affects the market as a whole.

The best 3 months for stocks in a decade

Dow Jones

S&P 500 

Nasdaq

Bitcoin

10-Yr US Treasury

"Lyft, you finally made it"

It's Official: Best Quarter Since '09

__*“There are going to be competitors. And we will kill them”*...__ -- *Travis Kalanick, __Uber__ co-founder, [circa 2011](https://www.wsj.com/articles/how-lyft-survived-a-cutthroat-money-raising-battle-with-uber-11553776934)*. Three years later, Lyft rejected a low-ball takeover [offer](http://fortune.com/2016/09/02/uber-lyft-acquisition/) from Uber. And even though Uber's expected to have a bigger IPO this spring, today Lyft gets to list its shares publicly first at a valuation of $24B.

__Cars, drivers, and riders have feelings, too...__ That was a core message from Lyft's roadshow — The multi-week tour to generate interest from big-time investors. It dropped words like "holistic" and "mindful," and got nostalgic about its mission-focused carpooling origins. Its [IPO docs](https://www.sec.gov/Archives/edgar/data/1759509/000119312519088569/d721841ds1a.htm) added some key numbers, too:

- __39%:__ That's [Lyft's piece](https://www.bloomberg.com/news/articles/2019-03-28/lyft-ipo-puts-uber-in-the-back-seat-for-once) of the US rideshare market, which doubled over the last 2 years of #deleteuber. 
- __$2.2B:__ That's Lyft's revenue, which also doubled from just last year.
- __$62-$65:__ That's how much Lyft expected (at first) to sell shares for. But after enthusiasm and a good roadshow, it's selling them this morning for $72.

IPO'd

__US Transportation's a $1.2T market...__ And Lyft's interested in all of it. So far it's got bikes, scooters, rides, big rides, and carpools. But the mission-oriented co-founders Logan Green and John Zimmer want more. Unlike Uber though, which is targeting the world (+ food delivery), Lyft has so far just stayed local in the US and Canada.

Lyft IPOs today with 1 message: "We care"

__0 days since getting sued...__ [__Facebook__](https://www.robinhood.com/stocks/FB) was [taken to court](https://www.washingtonpost.com/business/2019/03/28/hud-charges-facebook-with-housing-discrimination/?utm_term=.b0a884391ec6) Thursday by the Department of Housing and Urban Development ("HUD"), which has a problem with Facebook's advertising platform. Since ads make just about all of Facebook's money, investors have a problem too.

__Advertisers want to put a roof over the head...__ of *certain* Facebook users. And that's not ok. Here's what HUD [filed](https://www.hud.gov/press/press_releases_media_advisories/HUD_No_19_035) with the courts:

- __The complaint:__ Facebook allowed real-estate companies to target their ads to users based on "race, color, national origin, religion, familial status, sex, and disability."
- __The law:__ The Fair Housing Act of 1968 prohibits discrimination in housing based on "protected class." Basically, all those characteristics mentioned above. 

__The law only goes so far...__ Anti-discrimination laws apply to housing, employment, and credit/lending products. Anything else is up to Facebook. Will it let advertisers target only us for a *Game of Thrones* roller disco, excluding grandad? Probably. But where does it draw the line? Get ready for more controversy.

Facebook sued for discriminatory housing ads

__Established in 1867. [Re-established](https://vimeo.com/282020990) in 2018...__ *Digressed in 2019*. Tim Sloan became __[Wells Fargo's](https://robinhood.com/stocks/wfc)__ CEO 2.5 years ago to fix its problems. Now, a month after he testified to Congress that he wasn't going anywhere, he is.

__Here's a small sampling...__ of the [dozen+ scandals ](https://finance.yahoo.com/news/every-wells-fargo-consumer-scandal-since-2015-timeline-194946222.html)Sloan was dealing with. The diversity of violations is almost impressive:

- __Fake accounts:__ Over 2016 and 2017, insane sales quotas pushed Wells Fargo associates to open up to 3.5M fake bank accounts and 500K fake credit cards.
- __Failed tests:__ The Federal Reserve makes banks prove they're fit and following the rules. Wells failed Fed tests in 2016, 2017, and 2018.
- __And more:__ Wells has been sued and/or fined during Sloan's tenure for discrimination, overcharging customers, poor compliance, and abusive car and home loans.

Quit

__Banks are living their best lives right now...__ and that makes Wells' situation look even worse. Its stock is at the same level it was 5 years ago. Meanwhile, __[JPMorgan's](https://www.robinhood.com/stocks/JPM)__ is up 67% and __[Bank of America](https://www.robinhood.com/stocks/BAC)__ is up 62%. The fines didn't just hurt their financials — They distracted Wells execs from investing in the strategies that are now powering its competition.

Wells Fargo's "turnaround" CEO suddenly quits

S&P 500

_Your Lyft Pool is now arriving_

3-2-1 Lyft-Off...

__Set an intention...__ The Vancouver-based team over at __[Lululemon](https://robinhood.com/stocks/lulu)__ did for 2018. And it worked. Quarterly sales surged 26%, making last year one of its "[strongest](https://www.cnbc.com/2019/03/27/lululemon-fourth-quarter-2018--earnings.html) yet." Lulu's focus for the future is to blossom into a "dual-gender" brand. 

__Man's best friend...__ is a pair of sweat-wicking, technical khakis with a [hidden](https://shop.lululemon.com/p/men-pants/Abc-Slim-5-Pocket-34/_/prod9090037?color=30380) back pocket. Lulu's CEO straight up called out guys as its "most exciting" area of growth:

- Turns out __"men's bottoms"__ have become "extremely profitable."
- So Lulu __signed NFL QB Nick Foles__ to be its first male ambassador of squat-worthy pants (FYI, he prefers the title "*elite* ambassador" and is now really [into](https://twitter.com/NickFoles/status/1105121256389541888/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1105121256389541888&ref_url=https%3A%2F%2Fsports.yahoo.com%2Fnick-foles-agrees-to-new-dealwith-lululemon-162107964.html) the hashtag #thesweatlife).
- And since Lulu __only owns 20%__ of the male workout market currently, it's very, very into this.

Wear

__"*Work*-leisure-wear" is now a thing...__ Goldman just [rolled out](https://www.cnbc.com/2019/03/05/suits-and-ties-now-optional-goldman-sachs-says-its-relaxing-its-dress-code.html) a “firm wide flexible dress code” JPMorgan's been tie-optional since 2016. So Lulu's thinking beyond its *vinyasa* gear to daily uniform options of a suit-free office future.

Lululemon surges 11% on man-pants focus

__Healthcare's back in play...__ on markets and in DC. First, the Trump admin announced it's taking another shot at [repealing](https://www.npr.org/2019/03/26/706869835/trump-administration-now-says-entire-affordable-care-act-should-be-repealed) the Affordable Care Act. Then one of the plan's largest providers, [__Centene__](https://www.robinhood.com/stocks/CNC), revealed it's acquiring [__WellCare__](https://www.robinhood.com/stocks/WCG) for a healthy $15B.

__Want key details on the deal?...__ We've got you fully covered: 

- __One side booed, the other cheered:__ Shares of Centene fell 5%, likely because it paid 32% more than the share price of WellCare. For the same reason (but from the other side), WellCare shares jumped 12%.
- __Now the Justice Dep't gives a second opinion:__ Since the combined company would control a [huge part](https://www.wsj.com/articles/centene-to-buy-wellcare-health-plans-11553682582) of the Medicaid market, regulators will likely only bless the deal if one side hands off millions of enrollees to another provider. That would keep competition for health insurance strong. And that's what regulators want.

Coverage

__Politics = Business...__ WellCare and Centene's enrollment benefited hugely from the Affordable Care Act's expansion of *Medicaid*, the government health insurance for the poor. If the Trump admin completely upends the Affordable Care Act, at least WellCare and Centene will have a shoulder to cry on.

Obamacare health insurers announce $15B merger

__What's in the box?...__ A $1.1B queen-size. That's how much the OG direct-to-consumer mattress icon's worth thanks to a $100M injection of money from new, private investors. And we learned from a slide deck obtained by [*The Information*](https://www.theinformation.com/articles/inside-caspers-financials?utm_medium=email&utm_source=sg&utm_campaign=article_email) that __Casper Sleep__ might not be private so long — It's [interviewing](https://www.reuters.com/article/us-casper-ipo-exclusive/exclusive-online-mattress-retailer-casper-to-hire-ipo-underwriters-sources-idUSKCN1R72XY) banks to advise a future IPO.

__Some woke highlights from the slide deck...__ (which was intended for investors only):

- __Profitability__ __isn't there yet:__ But losses are shrinking. Plus, Casper's expecting profits in 2019.
- __Growth__ __is happening. Fast:__ Revenues rose 50% in 2018, and are expected to jump the same amount in 2019 and 2020.
- __Amazon's a non-factor:__ "Dog bed" through "King size" Caspers are all [available](https://www.amazon.com/stores/node/14851012011?_encoding=UTF8&field-lbr_brands_browse-bin=Casper%20Sleep&ref_=bl_dp_s_web_14851012011) on the everything store, but just 4% of sales last quarter were on Amazon. That means customers are going straight to Casper or its investor/retail partner Target. That helps the CEO sleep nice.

Sleep

__Brick and mortar retail's not dying...__ *bad* retail's dying. Casper's created a bunch of dreamy stores selling mattresses and 45-minute [naps](https://www.racked.com/2018/7/13/17562404/casper-dreamery-nap-pods-experience) (for $25). It costs $650K to build each location, and according to the deck, the whole investment pays off in less than 2 years on average. *That's* fast. And it's why it wants [200](https://www.cnbc.com/2018/08/08/casper-to-open-200-stores-across-the-us-as-mattress-firm-struggles.html) Casper stores by 2021.

Casper grows unicorn feathers with $100M fundraise

"I breathe better in breathable khakis" 

Lulu's New Mantra: Manleisure-wear

__Surge pricing?...__ Doesn't stop __Uber__ from spending $3.1B on "the Uber of the Middle East": __Careem__. The deal had leaked before — Tuesday's *surprise* was that Uber closed it just weeks before it plans to go public. Most companies would be focused on their IPO right now. Uber's not most companies.

__Let someone else drive...__ That's been Uber's go-to move abroad. It's buying 100% of its regional rival Careem, but typically it invests in just a percentage of its competitors so they can keep running their own company. This way if a competitor wins, it wins. And a bunch of Uber copycats [copy that](https://www.recode.net/2019/3/25/18281191/uber-careem-ipo-yandex-grab) same strategy:

- __Uber__ owns 37% of Russia's __Yandex__, and 28% of Southeast Asia's __Grab__. And it used to own 20% of China's __Didi__ but then sold it back to Didi.
- __Didi__ invested $600M in Brazil's ride-hailer, __99 Taxis__.
- __Gett__, which is Israeli, owns part of New York's __Juno__.
- *It's incestuous competition in ride-hailing,* defined by the Uber of (blank) cozying up with the Uber of (blank). 

Hail

__International is Uber's differentiator...__ With Lyft about to IPO Friday and Uber aiming for April, both are about to become available to public investors. Uber's not just bigger, it's also more internationally sophisticated. It's studied abroad plenty, so an investment in Uber could be exposure to Earth-wide ride-sharing.

*FYI, Careem is The Middle East's biggest tech startup sale ever — [Here's what](https://www.cnbc.com/2019/03/26/uber-ceo-dara-khosrowshahis-email-to-staff-on-careem-acquisition.html) Uber's Iranian-born CEO emailed Uberites about it.*

$3.1B gets Uber to the Middle East

__Let. There. Be. Lawyers...__ The SD-based chip company [__Qualcomm__](https://www.robinhood.com/stocks/QCOM) just won a major court ruling that __[Apple's](https://www.robinhood.com/stocks/AAPL)__ illegally used its tech in iPhones. Without paying for it. At all. The Qualcomm/Apple relationship's been awkward since Apple left it for Intel a few years back. 

__Reminds us of Pied Piper...__ The algorithmic thing from TV's *Silicon Valley* is freakishly similar to what Qualcomm's patented. *Nobody understands it, but it makes tech work better.* And Apple's guilty of using Qualcomm's "inventions" that speed downloads. The judge's rec? A ban on selling iPhone 7 and 7 Plus (and maybe more).

Patented

__Qualcomm's patent trolling Apple hard...__ This is the third major ruling in favor of Qualcomm, as China and Germany already said Apple did Qualcomm wrong. There are 2 ways to look at this:

1. __Apple's take:__ Qualcomm's "[taxing](https://www.theverge.com/2018/9/25/17902384/blockbuster-qualcomm-apple-modem-tech-intel-stolen-claims) innovation" by unfairly suing any smartphone maker that doesn't use its chips.
2. __Qualcomm's take:__ Apple [stole](https://www.theverge.com/2019/3/26/18282700/apple-vs-qualcomm-patent-infringement-iphone-import-ban) its fancy tech and gave it to Intel so it could save money. 

We let the judges judge.

Qualcomm patent-trolls Apple hard

__Awkward...__ Shares of __[Bed Bath & Beyond](https://www.robinhood.com/stocks/BBBY)__ surged 22% for their best day in a decade. But that's all because activist investors (funds who own 5% of the chain) want [to replace](http://fortune.com/2019/03/26/activists-look-to-replace-bed-bath-beyonds-entire-board/) the CEO and 12 board members. All of them. Fresh start. The stock's down 80% since 2014, so they're staging a corporate intervention. And they got personal (our [favorite quotes](https://www.retaildive.com/news/investors-look-to-ax-bed-bath-beyond-ceo-and-entire-board/551332/)):

- "The company has lost touch with modern retail"
- "A dizzying array of too-similar items"

__Not enough "Bed" and "Bath"...__ Too much "Beyond." The activist investors simply think the destination for newly cohabitating couples has lost its focus. So they want it to make 2 moves since the competition is cheaper (__Homegoods__) and more convenient (__Amazon__):
1. __Sell off__ its rando brands (@Christmas Tree Shops, @Buy Buy Baby).
2. __Slim down__ its stores since you're probably still lost in one.

Activist

__Time to "pull an Olive Garden"...__ Activist investors came in and replaced the board of the pasta chain's parent [in 2014](https://www.vanityfair.com/news/2016/04/olive-garden-breadsticks-starboard). The old leadership didn't add salt to the pasta water. The new leadership does. And shares are up 150% since then. Now activist investors want the same turnaround-style renovation at Bed Bath & Beyond.

Bed Bath & Beyond surges 22%...because of an intervention

"Let's go buy the Uber of ____"

Uber's Spring Break Splurge

__iTransform...__ Apple marathoned through its biggest non-iPhone product event ever. Technically, there was no hardware — Just human being celebrities there to promote its new TV shows (enter, Oprah, Spielberg, J-Aniston). __[Apple](https://www.robinhood.com/stocks/AAPL)__ made itself over into an *everything company*. 

__Here's the new roster...__ Apple offered a bunch of services for your living room, but was hazy on some details and the price (no clue yet on how much TV or gaming will cost):

- __Apple Card:__ A Goldman Sachs and Mastercard powered *menage à* partnership credit card (without the physical card). Pay and manage spending from an app, which updates your budget.
- __Apple TV+:__ Its new streaming service starts with a dozen original new shows. But it also [integrates](https://www.cnet.com/news/how-apples-tv-service-could-make-cord-cutting-better-3-ways/) your other streaming options (except Netflix), so you can search once to see if *The Notebook* is available anywhere.
- __Apple News+:__ It's bundled the *WSJ*, *LA Times*, and over [300 magazines](https://www.theverge.com/2019/3/25/18277103/apple-news-subscription-service-launch-price-release-date-event-2019) for $9.99 monthly (the *NY Times* and *Washington Post* are doing their own thing).
- __Apple Arcade:__ A subscription for smartphone, tablet, and computer games (and it's the least exciting of all 4). 


Bundle

__Bundling for you, while it unbundles itself...__ Apple's got a TV bundle, a news bundle, a music bundle, and a gaming bundle. It's like Apple's updated its own operating system to become a real "services" company. Its future is bundled in bundles because that means you're paying monthly for each.


Apple reinvents itself with 4 fresh products

__Treat yo' self...__ __[McDonald's](https://robinhood.com/stocks/mcd)__ just dropped over $300M to buy Israel's __Dynamic Yield__. *Great technology, brutal name*. It's McD's biggest acquisition in two decades (it splurged $174M on chicken chain Boston Market in '99), but this one's got one focus: Make drive-thrus freakishly personal.

__*This Happy Meal feels like my soulmate*...__ That's the vibe McD's wants you feeling as you coast away from the drive-thru. Dynamic's technology unleashes [some serious](https://www.wsj.com/articles/mcdonalds-nears-deal-to-buy-israeli-digital-startup-dynamic-yield-11553552124) customization to the menu. 

- Temp hit 92-degrees? Dynamic Yield __pushes up M&M McFlurries__ on the drive-thru menu.
- Already ordered Egg McMuffin? Dynamic Yield __suggests hashbrowns__ to round out that breakfast of champions.
- Kitchen low on chicken? The Dynamic Yield menu __highlights the 6-pack of McNuggets__ over the 20-pack binge option.


Fried

__Ronald's New Year's resolution was a new look...__ 2018 was all about upping McDonald's digital game (including order kiosks and a new app), but 2019's focused on physical transformation — McD's [is dropping](https://www.cnbc.com/2019/03/25/mcdonalds-announces-acquisition-to-personalize-the-drive-thru.html) almost $1B to upgrade 2,000 locations. The drive-thru just wants to get to know you.

McDonald's reinvents drive-thru with 1st acquisition in 20 years

__You and your truck want to go topless?...__ __[Fiat Chrysler](https://www.robinhood.com/stocks/FCAU)__ has you covered with a new version of its Jeep. The "[Gladiator](https://www.bloomberg.com/news/articles/2019-03-25/the-galapagos-is-evolving-with-luxury-yacht-cruises)" is part SUV, part pickup truck, part convertible. Executives just see all profit.

__Americans want a V8 engine with 18 cup holders...__ And America's auto industry is happy to oblige:

- According to *Bloomberg*, Premium, Entry, and Crossover SUVs made up 3 of the top 4 fasting-growing car types from '15 to '18.
- Those hefty SUVs cost the same(ish) to build as smaller cars, but are [priced way higher](https://www.autonews.com/article/20170724/RETAIL01/170729911/crossovers-and-suvs-fatten-profit-margins). 
- And those fatter profits are why Jeep's making a whole new SUV-ish creation that nobody asked for.

Steer

__"It's a Jeep thing" for US workers...__ Jeep's parent company Fiat Chrysler relies aggressively on Dodge Ram and American-made SUVs for the [bulk](https://www.autoblog.com/2019/02/07/ram-jeep-wrangler-drive-fiat-chrysler-profits/) of its profits. That's why it recently announced 6,500 new jobs and a $4.5B investment in new assembly lines, [mainly for Jeeps](https://www.nbcnews.com/business/autos/fiat-chrysler-add-6-500-jobs-major-jeep-expansion-n976261). SUVs are getting all the love.

Fiat Chrysler whips up a Franken-Jeep

"What do you mean no new phone unveil?"

"Hey Siri, Give Me A Full Makeover"

__Dress for the IPO you want...__ Not the private shares you have. __[Levi's](https://www.robinhood.com/stocks/LEVI)__ popped 30% on its first day of public trading. Then it went smart-casual, relaxing the rest of the week. Investors like the looks of its [post-IPO plans](https://www.cbsnews.com/news/levi-strauss-stock-price-up-in-ipo-back-as-public-company-shares-soar-30-percent/) to expand denim deep into China, and pump out more women's lines to compete with J. Crew's Madewell and __[Urban Outfitters](https://www.robinhood.com/stocks/URBN)__' Free People.

__Carbs FTW...__ About half of __[Darden Restaurants'](https://www.robinhood.com/stocks/DRI)__ sales are served up from the Olive Garden. Darden rose last week as the OG revealed record profits in December, fueled by its well-balanced "Never Ending Pasta" promo. We don't play entrée favorites, but the CEO gave a chicken alfredo dish its own [special shoutout](https://www.cnbc.com/2019/03/21/darden-restaurants-q3-2019-earnings.html).

__Basement-Flix...__ Google [just created](https://www.thestreet.com/investing/stocks/google-unveils-stadia-streaming-game-14901040) "one place for all the ways we play." __[Alphabet's](https://www.robinhood.com/stocks/GOOG)__ new video game streaming platform called Stadia lets you join games instantly on YouTube. No hardware or fancy console needed. Just WiFi, a pulse, and no afternoon plans.

__Find my Apple unveil...__ The iBeast casually airdropped [3 product unveils](https://www.washingtonpost.com/technology/2019/03/20/apples-big-week-tiny-product-upgrades-heres-whats-worth-your-money-not/?utm_term=.669dc2e4c5a8) last week (new iPad, new iMac, and new Airpods). And __[Apple](https://www.robinhood.com/stocks/AAPL)__ rose on anticipation of its varsity-level event today, expected to include a streaming TV service and premium news subscription. 



Nice

Who's having fun...

__Just need a little more time to freshen up...__ Turns out __[Revlon](https://www.robinhood.com/stocks/REV)__ will be late delivering its annual financial statements because new software messed with its accounting mojo. That problem [will cost](https://www.bizjournals.com/bizwomen/news/latest-news/2019/03/revlon-brands-value-drops-below-1-billion.html?page=all) about $54M to touch up. Revlon also mentioned that it suffered a loss for the 7th straight quarter.

__Arguing over Beer Pong rules...__ means nobody wins. __[Molson Coors](https://www.robinhood.com/stocks/TAP)__ sued Budweiser owner __[AB-InBev](https://www.robinhood.com/stocks/BUD)__ for its recent TV attack ads. The Taste of the Rockies [didn't appreciate](https://www.nytimes.com/2019/03/21/business/miller-lite-bud-light-lawsuit.html) the King of Beers claiming Miller and Coors are packed with corn syrup (it's just used in the brewing process, not the final watered-down product). 

__Sneakers ruined your buddy's savings ?...__ __[Nike](https://www.robinhood.com/stocks/NKE)__ feels ya. Shares dipped as its US and China sales growth slowed a tad. Now it's whipping up [more options](https://qz.com/quartzy/1578458/nike-plans-on-making-more-affordable-innovative-sneakers/) for kicks under $100 so you can actually afford to get a pair dirty.

__Attention college seniors...__ __[General Motors](https://www.robinhood.com/stocks/GM)__ is hiring. Fresh after planning to shut down 5 factories, [GM's dropping](https://www.detroitnews.com/story/business/autos/general-motors/2019/03/22/gm-build-new-ev-orion-add-400-new-jobs/3235029002/) a cool $300M into a Michigan plant. That'll add 400 jobs, focused on its not-quite-Tesla electric model, Bolt. The stock fell into the weekend though because that investment's costly.


Naughty

...And who's having less fun

__Gary in Accounting should schedule more conference calls...__ said no one ever. __Zoom__ disagrees. It's the Silicon Valley-raised unicorn fixing video conferencing since 2011. It just filed paperwork to IPO next month, highlighting "viral enthusiasm" for its software (humble brag). That term hadn't been used in a filing [since 1991](https://qz.com/1578917/zoom-zm-a-video-conferencing-company-is-the-rare-tech-ipo-thats-profitable/).

__"Can we take this offline?"...__ Zoom's pretty proud of its mobile-friendly video calling since so many other video hangouts are delayed 12 minutes with someone stuck on mute. So it's focused on 2 unique qualities that separate it from tech's finest.

1. __The customers:__ Zoom's are diverse and spread out. It's got startups and half the Fortune 500. And its top 10 customers [make up](https://www.cnbc.com/2019/03/22/video-conferencing-company-zoom-files-to-go-public-is-profitable.html) just 10% of its revenues (so it's safe if one of them de-Zooms).
2. __The profits:__ Zoom has them. That's a rare trait among tech unicorns, which burn through cash (hiring engineers, dishing out promo codes, or buying office kombucha taps) to grow. Zoom did lose money last year, but has nearly $8M in profits so far in 2019.

IPO-Fest

__"Hi, I just joined. Who else is on?"...__ Everybody. Zoom is going public just as its tech siblings are [making moves](https://techcrunch.com/2019/03/23/startups-weekly-a-much-needed-unicorn-ipo-update/) — __Lyft__ IPOs this week, __Pinterest__ filed its IPO paperwork last week, and __Uber's__ aiming for June. With plenty of newly-public companies offering shares, Zoom has to communicate clearly why it's special.

A profitable tech IPO you haven't heard of: Zoom

__Bad-ish news for the economy...__ was good news for stocks. Just in time for Spring Break, Federal Reserve officials caught up for a 2-day policy meeting last week and passed on a chance to increase interest rates. It's official — The Fed's now [not expecting](https://www.reuters.com/article/us-usa-fed-instantview/instant-view-steady-fed-sees-no-more-hikes-in-2019-idUSKCN1R12H6) to raise rates at all in 2019.

__Bank-handed compliment?...__ It kinda feels that way, Fed. The nation's central bank is keeping interest rates down, but not because the economy is in its happy place.

- __The good vibes:__ Lower interest rates will help people/companies get loans, and they'll also make stocks more attractive compared to bonds.
- __The bad vibes:__ But the Fed's keeping them low because the economy’s growing slower. In December, the Fed thought that GDP (which measures the economy's size) would rise by 2.3% this year. Scratch that. Now it's predicting just 2.1% growth.

Regulated

__Washington's not helping...__ DC drama is the cause for less-than-charming economic forecasts from the Fed.

- Economists realized the Mountain Dew surge of economic strength from the __2017 tax cut__ __has worn off__ faster than expected.
- President Trump just tweeted he'd __keep tariffs in place__ even if the US and China sign a trade deal. That's just as his two top trade negotiators fly out to Beijing this week.

The Fed's sad (but awesome) market gift

*Rule #148: Say hello to your new Snacks newsletter*

US manufacturing grew last month for the first time in 1.5 years

This is a subtitle

Surprise — A Profitable Unicorn

__Don't touch the couch...__ (it's technically not ours). __[Williams-Sonoma's](https://robinhood.com/stocks/wsm)__ West Elm brand partnered with __Rent The Runway__ so you can rent a 2-year Chaise instead of buy one and awkwardly sell it on craigslist. RTR's showing West Elm [the ropes](https://www.cnbc.com/2019/03/12/rent-the-runway-west-elm-team-up-to-offer-home-decor-rentals.html) on leasing out its mid-century mod chairs for your post-college 1-bedroom.

__Hold the condiments...__ Fresh after announcing an embarrassing billion-dollar accounting error, __[Kraft Heinz](https://robinhood.com/stocks/khc)__ is getting itself together. To start, [it's putting](https://www.cnbc.com/2019/03/12/kraft-heinz-weighs-sale-of-its-breakstones-cottage-cheese-sour-cream.html) its sour cream and cottage cheese biz on the market, and investors approve of the down-sizing of its old school food.

__Define The Relationship...__ Germany's two biggest banks, __[Deutsche](https://robinhood.com/stocks/db)__ and __[Commerzbank](https://www.robinhood.com/stocks/CRZBY)__, confirmed they're "[in talks](https://www.bbc.co.uk/news/business-47602571)" about merging. But with the country's powerful labor unions and the Volk's concerns of merging #1 with #2, they're taking it slow.

__The California Walnut's expensive...__ The $33M that __[Lumber Liquidators](https://robinhood.com/stocks/ll)__ has to pay in penalties is expensive-r. The wood-seller was fined heavily for buying Chinese floorboards that were treated with Formaldehyde, a known carcinogen (and CBS [cracked](https://www.cnn.com/2019/03/12/business/lumber-liquidators/index.html) the case Scooby Doo style with a simple factory visit).

__S-3-X-Y...__ The team's now complete after __[Tesla](https://robinhood.com/stocks/tsla)__ unveiled its 4th eDriving option: Model Y. With more Americans splurging on bigger cars, the Y's size sits snugly between its Model X (SUV) and 3 (sedan). But investors weren't impressed with Elon's "[underwhelming](https://www.marketwatch.com/story/teslas-introduction-to-the-model-y-underwhelms-and-stock-promptly-falls-2019-03-15)" infomercial-style unveil.

__Bring in das lawyers...__ Just after revealing it's going carbon neutral by 2050, __[Volkswagen](https://robinhood.com/stocks/vwapy)__ got sued by the USA. The guys and gals at the SEC claim VW [execs knew](https://www.cnbc.com/2019/03/15/dieselgate-sec-says-volkswagen-perpetrated-fraud-lied-to-investors.html?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosmarkets&stream=business) as far back as 2007 that they its emissions readings were lies. And since V-dub leaders didn't tell investors, that's fraud. 

Down

__Mom's upset you don't post on Facebook anymore?...__ Add that to the list of drama. __[Facebook](https://robinhood.com/stocks/fb)__ shares fell 3% last week on bad news all up in its feed.

__FB got swept in 4 games...__ by life. The social network's now more intertwined with society than the phone services it's made obsolete. That's why these problems have huge impact: 

- __People:__ One of the OG FB-ers not named Zuck is Chris Cox, and he was leading product there until [stepping down](https://www.cnbc.com/2019/03/15/facebook-stocks-falls-after-cox-exit-outage-threats-from-washington.html) Thursday. So did Chris Daniels, the head of WhatsApp. 
- __Technical:__ #FacebookDown happened Wednesday, as “[Server](https://twitter.com/facebook/status/1106229690069442560)" issues caused Facebook, Instagram, and WhatsApp to unapologetically stop working.
- __Legal:__ Federal prosecutors sent out criminal investigators to see if Facebook broke laws by sharing user information inappropriately with [over 150](https://www.nytimes.com/2019/03/13/technology/facebook-data-deals-investigation.html) tech companies.
- __Societal:__ The mass murderer in New Zealand used Facebook to live broadcast his terrible acts.

Click

__The Situation Room's empty...__ Zuck's deputies aren't there anymore to help him fix all this. Cox led everything ("Product" is a catch-all word in tech referring to all the stuff a company does for customers). The WhatsApp founders were already gone, but now their sub's done, too. And the Insta guys are #Out.

More bad Facebook PR. Lots more.

How The Zuck must be feeling right about now

Facebook Gets Poked (Badly)

__How much is clear skin worth?...__ Wall Street thinks $240M. __[Dermira's](https://www.robinhood.com/stocks/DERM)__ company value jumped by that much Monday on [news](http://investor.dermira.com/news-releases/news-release-details/dermira-announces-positive-topline-results-phase-2b-study?field_nir_news_date_value[min]=) it cleared a key hurdle in developing a drug to treat Dermatitis. Shareholders are feeling *clean and clear and under control*.

__Sweet ticker symbol — "DERM"...__  It deals in medical treatments for Atopic Dermatitis, so it's hard to evaluate the biz without a Molecular Biology & Biochemistry degree (that's a real [degree](http://www.middlebury.edu/academics/mbb)). Small bio-tech companies like Dermira also don't even have products (yet), so it's all speculation. Monday's news though improves the prognosis that it could make money someday. 

Dose

__Carpe freaking diem...__ Fresh off the news, Dermira announced it's issuing new shares to raise new money so it can do the lab work needed to pass Phase III testing. But analysts think the market for atopic dermatitis treatment will be [$8B by 2021](https://www.thestreet.com/investing/stocks/dermira-shares-rocket-after-successful-phase-ii-eczema-treatment-study-14898758), so some investors are taking the gamble this drug can work. 


Dermira scores 84% stock boost on positive drug test

__Spoiler Alert...__ Canada's official legalization of pot was really, really good for cannabis producer __[Tilray](https://robinhood.com/stocks/tlry)__. It announced Monday it sold a record 6,478 kilos of the stuff last year (double 2017's). And a third of its product is now used recreationally by Canada Joe and Jane.

__Tilray doesn't smoke alone...__ One of the biggest reveals in Monday's earnings report is that Tilray's putting serious money into a new project with a new partner: __[Budweiser](https://www.robinhood.com/stocks/BUD)__-owner [AB-InBev](https://www.cnbc.com/2019/03/18/weed-grower-tilray-pops-after-sales-rise-110percent-kilograms-sold-doubles.html). They're each tossing in $50M to cook up CBD-infused drinks to replace your Four Loko memories.

Inhale

__Tilray doesn't chill...__ It's got its hands in so many pot projects worldwide — it's borderline peer-pressure.
- Tilray [expanded](https://www.cnbc.com/2018/12/18/tilray-shares-jump-after-announcing-deal-with-swiss-drugmaker-novartis.html) its partnership with Swiss pharmaceutical icon __[Novartis](https://robinhood.com/stocks/nvs)__ to package and ship __medicinal cannabis__ everywhere it's legal.
- Its medical cannabis products are expected to [help](https://www.marketwatch.com/story/tilray-stock-rises-after-the-company-shows-it-can-sell-recreational-pot-2019-03-18?mod=mw_theo_homepage) __100K German patients__ this year.
- And it's [tripling](https://www.marketwatch.com/story/tilray-stock-rises-after-the-company-shows-it-can-sell-recreational-pot-2019-03-18?mod=mw_theo_homepage) the size of its __Greenhouse-cultivated production in Portugal__ to keep up with all that love across the pond.


Tilray pops on its cannabis beer/medicine moves

Wondering how they'll patrol CBD-infused Budweiser

This Pot Bud's For You

__One of America's most powerful not-elected people...__ is Fed Chairman Jerome Powell (the guy who calls your number at the DMV is 2nd). Jerry announced Wednesday the Fed is *not* raising interest rates because the [economy's not too hot](https://www.nytimes.com/2019/03/20/us/politics/fed-rates.html) — it thinks GDP will only grow 2.1% this year, not the 2.3% first expected.

__A strong economy needs to be brought down a tad...__ and increasing interest rates usually does the trick: People simply can't borrow as easily to splurge when rates are higher. But the Fed's stopped increasing rates: 

- In December it raised its "one rate to rule them all" by 0.25% to 2.5%. __It then predicted 2 more increases in 2019__
- __Those raises haven't happened.__ And most of the Fed's 17 decision-makers don't think rates need to be hiked this year at all.


Stay

__Inflation's being really weird...__ The US economy's been growing since the '08 financial crisis and the unemployment rate's historically low. But for some reason prices aren't rising like they should in a strong economy. Maybe it's Amazon, Netflix, and Uber driving prices of things down. Economists simply aren't sure.

The Fed says interest rates probably won't rise this year

__The jewelry of Silicon Valley...__ are the new $159 AirPods you wish were all up in your ears. __[Apple](https://robinhood.com/stocks/aapl)__ just unveiled them. And unlike your ancient 2017 AirPods, they do this:

- __Speak with Siri__ by voice straight through them, so she's in your ears all day, e'ry day.
- __Wirelessly charge__ *if* you upgrade to the new, magical wireless-charging case for a smooth $40 more.
- __Connect via Bluetooth way faster__, so no more annoying waiting when you're just trying to get Spotify going before your run.

__Do less, Apple...__ These new AirPods were its 3rd product unveil this week. First, they hit us with new iPads and then Apple updated iMacs for the first time in two years. By the way, you busy Monday? Apple's got a [bigger launch](https://www.cnet.com/news/apple-event-march-25-what-to-expect-how-to-watch-apple-tv-streaming/) event planned, expected to be its "Netflix Killer."


Launched

__The art of the pivot...__ Apple's making it. Sales in its wearables biz (including AirPods) jumped 35% last year — But they still [only](https://www.wsj.com/articles/apple-launches-new-airpods-in-wearables-push-11553092528?mod=hp_major_pos16) make up 6% of all revenues. The iPhone? It's 66%. But since iPhone sales, the pride-of-Cupertino, are slowing, Apple's trying to make services and anything else happen (like "fetch").

Apple's wireless charging AirPods cap its product-palooza

"Miranda, someone's wearing the same Airpods as you"

Apple's JV Product Unveil

__Those shares look good on you...__ Fresh off the top shelf, __[Levi's](https://robinhood.com/stocks/levi)__ IPO'd Thursday, jumping to a $9B valuation under uncreative ticker symbol "LEVI." Since 70% of its sales are [to dudes](https://www.cnbc.com/2019/03/21/levi-strauss-shares-open-at-22point22-in-ipo.html), it's now focused on convincing women Levi's isn't their dads' jeans company.

__Look who's sporting Canadian tuxes now...__ It's the Haas family. They're decendents of the founder, old man Levi Strauss himself, and that family tree's controled the brand for 166 years. This IPO means they're fashionably [cashing out](https://www.cnbc.com/2019/03/19/why-levi-strauss-the-worlds-biggest-denim-brand-is-going-public.html) part of their heritage.

- Before yesterday they __owned over 80%__ of the company's voting shares. That means they could add a 3rd back pocket if they wanted. 
- The Haas fam's __selling 21M shares__ during this IPO in return for cash — $623M [total](https://www.forbes.com/sites/willyakowicz/2019/03/21/levi-strauss-heirs-sell-300-million-in-shares-at-ipo-pushing-family-net-worth-past-4-billion/#6db25c494b35).
- FYI, this is the 2nd time they've listed shares publicly -- Levi's __actually IPO'd back in 1971__, then went private in 1985. Now they're trying it on again.

Ripped

__The timing fits poorly...__ Jean sales globally have [only grown](https://www.cnbc.com/2019/03/21/levi-strauss-shares-open-at-22point22-in-ipo.html) 3.5% the last decade, slower than fashion overall (blame athleisurewear, @Lululemon). And Levi competitors Old Navy and Wrangler are getting spun-off into their own publicly-traded companies this year.

Levi's jumps 32% on its IPO. Comfortably.

__Attack ads...__ Usually reserved for accusing your political opponent of eating pizza with a fork. But Budweiser brought them to the beer biz. Now Miller Coors is royally suing The King of Beers for it.

__Timmy and Dave argue over Beer Pong rules...__ Bud-owner __[AB InBev](https://www.robinhood.com/stocks/BUD)__ and Miller-owner __[Molson Coors](https://www.robinhood.com/stocks/TAP)__ fight over questionably accurate ingredient accusations. 

- __The first shot__ was the Super Bowl [ad](https://www.youtube.com/watch?v=LkHvj_KEHBk&has_verified=1) shaming Coors and Miller Light for being brewed with corn syrup (unlike Bud).
- That’s when a __plan for American Macro Brews to unite__ with a “[Got Milk?](https://www.wsj.com/articles/buds-super-bowl-ad-threatens-to-derail-beer-alliance-11551009600)” style ad campaign fell apart.
- Yesterday, __Molson Coors sued Bud__, claiming its ads are [misleading](https://www.nytimes.com/2019/03/21/business/miller-lite-bud-light-lawsuit.html) — it does brew with corn syrup, but the final beer is free of the stuff (and evil high fructose corn syrup never touches the foam at all)
- __*The best part:__ to make Bud's campaign backfire, Coors deployed [magic taps](https://onmilwaukee.com/bars/articles/coors-light-smart-beer-tap.html) to bars nationwide that treat everyone to free Coors Light every time it hears the Bud Light ad playing on a nearby TV. 

__Craft is thy real enemy...__ Like Starks and Lannisters, AB InBev and Molson Coors could unite against the craft beer, wine, and spirits — all of which are growing faster than 30-packs of watery stuff stuck in 13-ounce cans.