☕ Migrant standoff

GOP governors escalate their migrant transfers...
September 16, 2022 View Online | Sign Up | Shop

Morning Brew

Buick

Good morning. We're exactly 100 days out until Christmas, which means Spotify Wrapped is arriving even sooner. Now would be a good time to stop listening to the music you actually enjoy and start listening to the music you want your friends to think you listen to.

Neal Freyman, Matty Merritt, Max Knoblauch

MARKETS

Nasdaq

11,552.36

S&P

3,901.35

Dow

30,961.82

10-Year

3.455%

Bitcoin

$19,860.42

Adobe

$309.13

*Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these numbers mean.

  • Markets: Wednesday's rally made it about as long as your houseplant. Stocks resumed their sell-off and the Dow closed at its lowest level since July 14. Investors weren't so enthusiastic about Adobe shelling out $20 billion to buy design platform Figma.

Markets Sponsored by Fidelity Investments

Though you can't control or predict how the markets perform, you can help set up your portfolio for a solid financial future. Tune into the latest episode of Fresh Invest, our investing podcast sponsored by Fidelity Investments and powered by Morning Brew, for actionable advice on navigating current market uncertainty and maximizing your portfolio. Listen here.

IMMIGRATION

GOP governors ramp up their migrant transfers

People handing out food in Martha's Vineyard Boston Globe/Getty Images

Two planes carrying about 50 migrants landed unannounced in Martha's Vineyard on Wednesday, sending local residents scrambling to find food and shelter for the new arrivals. And yesterday, two buses unloaded more than 100 migrants at Vice President Kamala Harris's doorstep in Washington, DC.

These drop-offs are part of a pattern. Throughout the summer, Republican governors have been sending migrants to Democrat-led areas in an attempt to troll them for their pledges to be migrant sanctuaries. Florida Gov. Ron DeSantis chartered the flights to Martha's Vineyard, and Texas Gov. Greg Abbott said he deliberately dispatched the buses to Harris's home. Abbott explained in a tweet, "VP Harris claims our border is 'secure' & denies the crisis. We're sending migrants to her backyard to call on the Biden Administration to do its job & secure the border."

Cities are struggling to handle the inflows

Since the spring, Gov. Abbott and Arizona Gov. Doug Ducey have been bussing migrants from border towns to DC, NYC, and Chicago. Irate Democrats have called the move a cynical stunt that uses vulnerable human beings as pawns to score political points. Those mayors are also warning that GOP governors are creating a "humanitarian crisis" as cities run out of resources to deal with the influx of migrants.

  • Last week, DC Mayor Muriel Bowser declared a public health emergency to help the city drum up more aid to handle the 7,900+ migrants that Texas has sent.
  • In NYC, which has received 11,000 migrants in recent months, Mayor Eric Adams warned that the shelter system is "nearing its breaking point," and with more migrants expected to arrive by the busload, the city needs to reconsider its strategy for absorbing them.

Did you know: NYC is one of the only US cities with a "right to shelter" law. The result of a 1979 court settlement, it mandates that the city give every homeless person in the city a bed in a habitable facility.

Big picture: Some immigration experts say that these governors are unwittingly helping out migrants by subsidizing costly travel with taxpayer funds. Texas has spent nearly $13 million on bussing migrants, while Florida has allocated $12 million for migrant relocation.—NF

        

TOGETHER WITH BUICK

All about alignment

Buick

We aren't talking about the overused corporate way of saying you're aligned on next steps. We're talking about you, and the different aspects of your life being in sync.

Let's say you value wellness and your goal is to run a marathon. Alignment could mean having a post-work training schedule, or putting a note on your mirror that says, "26.2 miles, I got this."

The tech we use every day needs to be in our alignment pit crew, too. We use apps to track our mileage, motivate us to push through our practice runs, and inspire our race-day breakfasts. Tech helps us see our values and goals—big or small—to the finish line.

See how Buick is getting into alignment with the future.

        

WORLD

Tour de headlines

Roger Federer Frey/TPN/Getty Images

Federer announces his retirement. The Swiss maestro is saying goodbye to competitive tennis—not that he has anything left to prove. Considered one of the greatest tennis players of all time, Federer racked up 20 Grand Slam singles titles, $130 million in career tennis earnings, and perhaps $1 billion more in off-court sponsorships. He spent a record 237 consecutive weeks as the world No. 1 in men's tennis during a mesmerizing run from February 2004 to August 2008. We'll miss that one-handed backhand.

Strike the railway strike. Railroads and unions representing workers reached a tentative labor deal, averting the mother of all supply chain disasters if workers would have gone on strike today. The agreement, which includes pay raises and the loosening of strict attendance policies, was brokered by the Biden administration over 20 hours and reportedly included an Italian dinner, which always brings people together. Amtrak worked to restore passenger service it had canceled ahead of the potential strike.

The NFL entered the streaming age. Amazon took a three-hour break from promoting The Rings of Power to make football history—last night's game between the Chiefs and Chargers marked the first time that an NFL regular season game was aired exclusively on a streaming service. The deal between Amazon Prime Video and the NFL will be closely watched by both the media and sports industries as more tech giants eye pricey live sports deals.

SOFTWARE

Adobe wants in on the ligma jokes

Figma logo with drop down menu options "cut, save as..., paste, delete" Francis Scialabba

Adobe, creator of the programs you lie about knowing on your resume, said yesterday that it's acquiring design platform and competitor Figma for $20 billion. As most tech startups enter their flop era this year, it's an extremely impressive exit for Figma and its early investors. Adobe is paying an eye-popping ~50x annual subscription revenue for the company in its largest acquisition by far.

Figmathematics: Figma was valued at $10 billion in 2021 after its most recent funding round and is expected to bring in $400+ million in revenue this year. The 10-year-old company has grown rapidly, becoming a favorite among designers, product teams, and engineers of Big Tech firms like Google, Oracle, and Salesforce.

At the same time, Figma's deepening relationship with Microsoft was also threatening Adobe's long-standing partnership with Bill Gates's baby.

Big picture: The key to Figma's success is its web-based collaboration tools, meaning a bunch of different editors and their quickly moving cursors can all work on a project simultaneously—a department in which Adobe has lagged. Figma's own website still has a page that tells potential users, "Don't sync to the cloud with Adobe XD. Work in the cloud with Figma."—MM

        

FASHION

After 2 beautiful years, Kanye and the Gap have parted ways

Kanye West, or Ye. MEGA/Getty Images

The business partnership between Kanye West and Gap Inc., like basically every pair of pants the brand sells, has split after just two years. West, who changed his name to Ye, formally notified Gap of his plans to terminate his contract with the struggling retailer yesterday.

The Yeezy–Gap partnership, first announced in June 2020, was never looking super healthy TBH: Just three months after the announcement, West threatened to withhold the clothing line if Gap didn't give him a board seat.

According to West, Gap breached its end of the agreement by not opening branded Yeezy locations or selling enough Yeezy Gap merchandise in stores. Gap was required by the contract to open as many as five Yeezy stores by the end of July 2023, but to date hasn't opened any, West's letter contends. In a memo to employees, Gap said the company would be ending the partnership.

It wasn't all a disaster, though. The Yeezy Gap hoodie made history by delivering Gap's record for most online sales of an item in a single day when it debuted. A $200 Yeezy jacket was a big hit, with 75% of its buyers being new to Gap. And of course, you can't put a price on all the lifelong friendships the partnership surely led to.

Looking ahead…on Instagram last month, West announced his intention to open Yeezy stores worldwide, starting in Atlanta.—MK

        

GRAB BAG

Key performance indicators

Mourners waiting in line to view the coffin of Queen Elizabeth II Odd Andersen/Getty Images

Stat: Thousands of mourners in London waited in the line…err, queue for over nine hours yesterday for a chance to pay their respects to Queen Elizabeth II, whose coffin is resting at Westminster Hall. The good news for people waiting in the four-and-a-half mile queue: You won't have to hold it in, because the route's been stocked with 500 port-a-potties. Plus, 1,000 people have been tasked with making sure the line stays orderly and 30 clergy members across different religions were brought in to chat with those waiting.

Quote: "Global volumes declined as macroeconomic trends significantly worsened later in the quarter."

For any other company, a statement like this probably wouldn't be big news. But this warning came from FedEx—the shipping giant that's considered a bellwether for the US economy. So not only are FedEx's troubles bad for FedEx (whose stock plunged 17% in late trading), they're also sure to spook investors across many sectors. In fact, former Fed Chair Alan Greenspan used to have weekly chats with then-CEO of FedEx Fred Smith to gauge the health of the economy.

Read: Hear from the last person standing in the floppy disk business. (AIGA Eye on Design)

TOGETHER WITH OUTER

Outer

Winter, spring, summer, and fall: Outer's premium outdoor sofas are designed to follow you through the seasons thanks to built-in weather-protection covers. Their proprietary OuterShell® technology keeps cushions clean, dry, and ready for lounging at a moment's notice. Plus, they're incredibly comfy. (Win-win.) Find your sustainable outdoor-living solution here.

        

QUIZ

Oktoberquiz

Weekly news quiz

The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to knowing exactly what you want to eat for dinner.

It's that satisfying. Ace the quiz.

WHAT ELSE IS BREWING

  • Adderall supply is drying up at pharmacy retailers due to surging demand.
  • When the disrupter tries to not get disrupted: TikTok unveiled a BeReal clone.
  • Runners in next year's Boston and London Marathons will have the option to classify themselves as nonbinary.
  • 12 toys, including Catan, have been nominated for induction into the National Toy Hall of Fame.

BREW'S BETS

Videos of the week: 1) A basketball shot that could only happen in NYC and 2) Black girls' reactions to seeing an Ariel that looks like them.

Epic thread: An example of architecture from every single country in the world.

Why have Crocs popped off? Find that answer and a lot more at The SKU: A Retail Brew Summit presented by Bolt on October 13. Tickets are being discounted for a limited time, so grab one here before the price goes up. See you in NYC.

FROM THE CREW

Elevate your career with the Brew

Pam from The Office saying "I should probably go back to work" The Office/NBCUniversal via Giphy

It's time to offset the hours you spent analyzing Harry's alleged spit-take and invest in your career. Morning Brew's virtual eight-week Business Essentials Accelerator is designed to elevate your business knowledge and take your career to the next level. Spots are filling up fast, so apply to our September cohort today.

GAMES

The puzzle section

Jigsaw: Hop on a transatlantic flight for free in today's London Eye jigsaw (scattered pieces not included). Play it here.

Friday puzzle

Each sentence below contains a word that can be anagrammed to answer or describe the sentence.

Example: Craft that might tip in the ocean. Answer: canoe (anagram of "ocean")

  1. You cover a mattress with one of these.
  2. Weapon that a cavalryman bears.
  3. Feature on which a tire might be rated.
  4. It doesn't necessarily bring rain, but it could.

Blind dates figure out if opposites do attract

Blind dates figure out if opposites do attract

She's a punk-rock freelance artist who lives life in the fast lane. He's a frugal stand-up comedian who lives with his parents and hates talking about money. What could go wrong? Watch here.

Check out more from the Brew:

On Business Casual, Nora chats with Eddie Hearn, the chairman of Matchroom Sport. Hearn explains why storytelling is at the core of his business and why he believes that "sales is a transfer of emotion." Listen or watch here.

There's still time: Sharpen your business acumen with the Brew's Business Essentials Accelerator kicking off September 26. Learn more about the course here.

ANSWER

  1. Sheet
  2. Saber (or sabre)
  3. Tread
  4. Cloud

Source

         

Written by Neal Freyman, Max Knoblauch, and Matty Merritt

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