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This man's trash could also be his treasure: a British chap has sued a local city council for $644M in damages, saying it won't let him dig up the town's dump. At stake are believed to be 8K bitcoin that he mistakenly binned in 2013, worth over a half billion dollars today. Oops. The Dow sealed yet another record close yesterday, as did the price of gold, which is up 30% this year. Also rising: US retail sales, which last month grew more than expected. 💘 Nobody Wants Quiz: Adam Brody would get a 7/7 on the Snacks Seven quiz. How about you? Try the first Q here: |
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"Nobody Wants This"... Netflix's password-mooching crackdown and price hikes are working. Yesterday the streaming leader reported that its profit popped 41% from last year, to $2.4B, a quarterly record. Netflix gained 5.1M subscribers last quarter, bringing its global total to nearly 283M. Investors have focused on that metric for ages, but next year the streamer will stop sharing subscriber #s to focus on revenue over membership growth. After the expectation-topping results, the stock spiked 5%. Still watchin'… the countdown clock on the ad. For a long time, Netflix rejected the idea of having ads in its service. But since introducing its $7/month ad-supported tier a year ago, it seems it has no regrets. Netflix said that last quarter the ad plan accounted for half of sign-ups in countries where it's available, and ad memberships surged 35% from the previous quarter (FYI: in May, the plan had 40M+ subs). As the cheaper tier prompts sign-ups, Netflix aims to launch it in more countries. |
- Change of strategy: Netflix is said to be earning more $$/user from its ad tier than from its pricier subs. It's hiked prices for its premium plans, which could prompt folks to trade down to the ad tier.
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If folks find it tolerable, it can be profitable… It turns out a lot of people will put up with ads to save money, especially as streamers continue to raise prices. It's not just Netflix leaning into ads: Amazon's Prime Video introduced ads this year (unless subscribers pay an extra $3/month for ad-free streaming). This month Amazon said it'll pack even more ads into its streamer, suggesting that subscribers didn't mind it enough to rage-unsub. |
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Bear vs Bot… Carmy's tattooed arms may no longer be the most distinctive ones in the kitchen. With the fast food industry facing 150% annual turnover rates, global brands are turning to Miso's AI-powered kitchen robot, Flippy, to curb labor shortages and boost profits up to 4X. Flip side… Miso is already a leading force in the kitchen AI and automation space. Flippy's already cooked over 3M baskets of fries, onion rings, chicken nuggets, and more for brands like Jack in the Box, White Castle, and Caliburger. Their newest Flippy Fry Station — the smartest, fastest Flippy robot yet — just had its first small-scale production run… and sold out in seven days. Today's your last chance to invest in this round for Miso as they target 170+ U.S. fast food brands, a $4B annual revenue opportunity. Invest in Miso before midnight PST.1 |
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Bear vs Bot… Carmy's tattooed arms may no longer be the most distinctive ones in the kitchen. With the fast food industry facing 150% annual turnover rates, global brands are turning to Miso's AI-powered kitchen robot, Flippy, to curb labor shortages and boost profits up to 4X. Flip side… Miso is already a leading force in the kitchen AI and automation space. Flippy's already cooked over 3M baskets of fries, onion rings, chicken nuggets, and more for brands like Jack in the Box, White Castle, and Caliburger. Their newest Flippy Fry Station — the smartest, fastest Flippy robot yet — just had its first small-scale production run… and sold out in seven days. Today's your last chance to invest in this round for Miso as they target 170+ U.S. fast food brands, a $4B annual revenue opportunity. Invest in Miso before midnight PST.1 |
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Red is the new black… High-end retailers have lost billions in market value as Chinese consumers continue to skip out on Dior saddle bags. LVMH — which owns Dior, Louis Vuitton, Fendi, and 70+ other luxury brands — said its sales fell 3% last quarter. The luxe legend's revenue fell 16% in Asia, dragged down by China, where LVMH said consumer confidence has hit lows not seen since the pandemic. Ferragamo's also struggling to sell its fancy loafers in Beijing: the Italian fashion house this week reported that sales in the Asia Pacific region — which make up about a third of its total revenue — plunged 20%. |
- BOGO: Companies including Gucci owner Kering, Burberry, Hugo Boss, and Cartier owner Richemont have warned investors about shrinking sales in China. Prada's been an outlier, with revenue boosted by its more affordable Miu Miu brand.
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Off the rack… The luxury slowdown is a symptom of weak spending in China, which has been struggling to revive its economy. The world's second-largest economy is expected to report today that its third-quarter GDP grew at the slowest pace since 2022. The country's in its longest period of deflation in decades as companies cut prices to drum up demand. While a broad decline in prices may sound good, it's dangerous for economies. Companies might earn less money, leading them to scale back production and lay off workers, leaving consumers with even less money to spend… and so on. |
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Spending now could pay off later… After China announced stimulus measures last month, stocks boomed on optimism for an economic turnaround. But investors' enthusiasm dimmed as Beijing failed to unveil more economic pick-me-ups. The country might need a humongous red envelope of stimmies to get its groove back. |
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The game has become a cross-platform sensation that can propel artists to the top of the charts. Brands from Disney to Balenciaga are eager to get in on the action. Read more. |
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💰 Spendy… Three pro-crypto super PACs — Fairshake, Defend American Jobs, and Protect Progress — spent $62M+ on political ads last month alone. None of the ads mentioned crypto. 📸 Flashy… VC firm Andreessen Horowitz said a record 617M people now own crypto and that stablecoin use is skyrocketing. 🪙 Coins… World Liberty Financial, the Trump-affiliated DeFi project, held a token sale with the reported goal of raising $300M. As of yesterday afternoon, it had raised less than $13M. |
- Ray-Ban maker EssilorLuxottica said its third-quarter revenue was up, thanks partly to sales of its Meta smart glasses.
- KitKat maker Nestlé cut its annual sales forecast, saying that consumers are spending less despite cooling inflation.
- Experts expect the damage from Hurricanes Helene and Milton to each pass $50B.
- Hollywood's total shoot days this summer were 36% lower than the five-year average. Production's even slower than last year, when workers were on strike.
- Meta, whose metaverse unit lost $4.5B in Q2, is said to be laying off employees across the company.
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- Earnings expected from American Express, SLB, Procter & Gamble, and Fifth Third Bancorp
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Authors of this Snacks own bitcoin and shares of: Amazon and Disney |
Advertiser's disclosures:
1 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. |
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