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I'm in my mac-and-cheese era |
For those of us in the know, that's a reference to Taylor Swift's "Eras" tour AND to one of life's most satisfying concoctions, allegedly (but not really) invented by Thomas Jefferson. It's also the slogan of a T-shirt currently available on Amazon for $20, which I see as a worthy investment for some of you cheddheads. #NotFinancialAdvice |
Now, what's up with the news today? |
Today's cheddlines you Need2Know |
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I'm in my naps era, too. |
—Matt Davis, Need2Know Chedditor |
P.S. Find out which fast food chains have jacked their prices the most, on our 'gram! |
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Quote of the Day |
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Should You Check Your 401(k) Today? |
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(nope) |
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Companies mentioned in today's newsletter |
$SPX ( ▲ 1.76% ) $DIS ( ▲ 0.72% ) $ME ( ▼ 59.22% ) $HYMTF ( ▲ 2.58% ) |
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Markets rise as White House 'refines' tariffs for April 2 |
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If you've watched "The Apprentice," the multi-Oscar-winning movie based on President Donald Trump's strategic communications training under his former lawyer, Roy Cohn, you'll know that there are three rules he learned about building power: |
Attack, attack, attack. Never admit mistakes. Always claim victory, no matter what the outcome.
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It's a great movie. I watched it on Sunday night and must say, it gave me some valuable communications advice when it comes to winning in a marriage. I didn't do the dishes? YOU DIDN'T DO THE DISHES. I ALWAYS DO THE DISHES. I WIN AT THE DISHES. |
I only mention all this because "Liberation Day" is now coming on April 2, when Trump plans to announce tariffs against countries around the world. Although another way of interpreting "Liberation Day," it turns out, is what the Wall Street Journal reports to be a "narrowing" of the tariffs originally considered, which had spooked stock markets and CEOs. |
Trump has so far touted an aggressive tariff policy, championing the imposition of broad tariffs as a tool to reduce trade deficits and bolster American manufacturing. However, the purported "Liberation Day" indicates a strategic pivot — rather than broad-stroke tariffs, Trump's focus seems to be shifting toward more precisely aimed measures, the details of which are very much… TBD. |
This pivot could signal an attempt to mitigate unintended economic consequences that broad tariffs can inflict, such as higher costs for consumers and strained relations with key trading partners. Markets rose sharply yesterday morning on the news, first reported by Bloomberg, with the S&P $SPX ( ▲ 1.76% ) up 1.5%, albeit still down 3.6% over the last month. |
The announcement has prompted a mixed reaction: Proponents argue that a more targeted tariff strategy could be effective in addressing specific concerns without the collateral damage of wider tariffs. Critics, however, remain skeptical of the efficacy of tariffs as a trade policy tool, pointing to the broader economic disruptions and retaliatory tariffs that have previously impacted American exporters, particularly in agriculture and manufacturing. |
The remarkable thing about the movie was it made me feel sorry for the protagonists. Meanwhile: Don't worry. We'll let you know when it's safe to check your 401(k)! You Can Trust Us™. |
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Disney's 'Snow White' is sleepy at the box office |
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Disney's latest venture into live-action remakes, "Snow White," embarked on its cinematic journey this weekend with less magic and more turmoil. Despite a massive budget and significant anticipation, the film opened to a grumpy box office reception, with bashful figures of $43 million domestically, despite projections that once soared as high as $85 million for its debut weekend. Globally, the movie was also pretty dopey, tallying a worldwide haul of $87 million. When contextualized against the $250 million budget to make the movie, it's veering into sneezy territory. By comparison, previous Disney live-action adaptations such as "The Lion King" and "Beauty and the Beast" debuted with happy numbers of $191 million and $174 million domestically. |
Critically, the film needs a doc. I'm not sure you're aware of this but I've been subtly putting the names of all seven dwarves into this story because I care about your reader experience and I'm not just phoning this newsletter in. No, sir! And now I've done it! |
Still, the movie has struggled to gain positive traction, with a modest 44% approval rating on Rotten Tomatoes. It was also embroiled in several controversies that perhaps shaded its public reception even before its release. And we'll definitely go into all of them here. |
Kidding. The good news for those behind the movie is that Disney's share price $DIS ( ▲ 0.72% ) was up yesterday! And the cost of producing blockbuster movies is tax-deductible. Heigh-ho! |
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From @cheddar |
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23andMe files for Chapter 11 bankruptcy |
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Founded with the vision of making genetic testing accessible to the general populace, 23andMe $ME ( ▼ 59.22% ) once stood at the zenith of its industry, boasting a market value that peaked at nearly $6 billion in 2021. Now it's bankrupt. |
The firm's filing for Chapter 11 bankruptcy on Monday came as the culmination of a series of setbacks, including weak demand for its ancestry testing kits, a detrimental data breach in 2023(andMe), and mounting scrutiny over privacy concerns. |
The breach that exposed the personal data of nearly 7 million 23andMe customers over a five-month period in 2023 was more than just a blow to the company's reputation; it was a strike at the heart of its promise to customers. Adding to the company's tumultuous journey, co-founder Anne Wojcicki resigned as CEO after multiple failed attempts to buy the company, signaling a significant leadership transition during a period of instability. Wojcicki was a notable figure in the growth of 23andMe, utilizing her industry connections, including with ex-husband and Google co-founder Sergey Brin, to secure early investments that catapulted the company into the public eye. |
One of the most pressing concerns arising from 23andMe's bankruptcy filing is the fate of the genetic data collected from millions of customers. Despite reassurances that the bankruptcy process will not affect the management or protection of this data, uncertainty looms large, especially in light of California Attorney General Rob Bonta's advisory last week for customers to delete their genetic data from the platform. |
Have you taken a DNA test? I haven't, but if I did, it would tell you my family has been remarkably unadventurous since emerging from the swamps. Meanwhile, in 2018 Sen. Elizabeth Warren took a test, with help from an adviser to 23andMe, to prove her Native American ancestry. It did not help things, and a year later she apologized. |
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Hyundai investing $20 billion in the U.S. |
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Hyundai $HYMTF ( ▲ 2.58% ) has unveiled a $20 billion investment strategy in the United States. Amid the swirling tensions and uncertainties surrounding global tariffs, the ambitious plan not only marks a new chapter for the South Korean automotive giant but also signifies a strategic U-turn pivot in how global companies are navigating the complexities of U.S. trade policies. |
Central to Hyundai's investment is the establishment of a new steel plant in Louisiana. With an estimated cost of $5.8 billion, the facility is poised to become a vital cog in Hyundai's North American operations, underscoring the company's commitment to consolidating its manufacturing footprint in the U.S. The chosen location, near Donaldsonville — about 40 miles south of Baton Rouge — promises more than just logistical advantages; it signals a profound economic boost for the region, anticipated to create over 1,400 jobs. |
If you live in Donaldsonville, You Can Trust Me™: This is a big deal. |
The backdrop to Hyundai's announcement is a complex web of trade policies and tariffs, prominently including President Trump's declaration of a 25% tariff on foreign-made steel and aluminum, which (see above) may well be negotiable come April 2. Still, domestically produced metals are exempt from the tariffs — a nuance that has not escaped Hyundai's strategic planning. By establishing a steel production base in the U.S., Hyundai is not just sidestepping the tariffs but is also aligning with a broader governmental push towards American industrial rejuvenation. |
Hyundai's vision extends beyond steel production. The investment plan outlines a considerable expansion of the company's auto manufacturing capabilities in Georgia, alongside significant investments in advanced American technology companies. The multifaceted approach mirrors Hyundai's ambition to deepen its roots in the American economic landscape, fostering innovation and job creation in the process. |
Chung Eui-sun, the executive chairman of Hyundai Motor Group, congratulated President Trump on the "remarkable" start to his administration at the White House — and said the company has a shared vision for "American industrial leadership." |
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Taylor Swift's influence on Purdue's marketing |
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Kelly Hiller, vice president of marketing at Purdue University, shared insights into the institution's innovative marketing strategies and its broader vision at SXSW. She emphasized Purdue's commitment to being more than just a top university, but a "brand that shifts culture" and makes a significant "impact on society."
Hiller discussed Purdue's approach to cultural moments, highlighting several successful partnerships. One significant example involved leveraging the immense popularity of Taylor Swift's Eras Tour when it came to Indianapolis. Recognizing that many attendees were from out of state and might be unfamiliar with Purdue, Hiller and her team saw an opportunity.
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"Everybody knew, right, Taylor Swift's Eras tour was taking place. And Indianapolis was her last stop. So this was gonna be a moment," Hiller explained. This led to the creation of a STEM activation named "In Our STEM Era," held at Circle Center Mall. The event offered free activities like creating friendship bracelets with binary code and making galaxies in a bottle, all aimed at sparking interest in STEM, especially among young women. Hiller noted, "We had 10,000 people come through the activation. So it was a really fun weekend." |
The Taylor Swift phenomenon provided Purdue with a unique platform to connect with a broader audience and showcase its commitment to STEM education in an engaging and relevant way. Another noteworthy partnership was with NASA around the recent solar eclipse. "There's no better partner than Purdue University as the cradle of astronauts," Hiller said. |
When discussing Purdue's marketing philosophy, Hiller shared a key mantra: "If it's not a hell yeah, it's probably a no."1 |
This principle guides their decisions on which cultural moments to engage with, ensuring alignment with Purdue's brand identity. "We really try to keep our eyes on cultural moments that make sense for our brand," Hiller said. |
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1 I'm more of a "hell meh" person, personally, which probably explains why Kelly is doing so much better in life. |
