Why it matters: After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.
"The pandemic and its restrictions have hurt Coke, which gets about half of its sales from restaurants, cafeterias, stadiums, and other places and events outside the home," per Barron's.
Yes, but: Coca-Cola is promising a "reopening" plan: "Coke benefits from rising living standards in the developing world. And ... the company generates about 75% of its profits outside the U.S."
After spending an additional $45.2 million on political ads this week, former Vice President Joe Biden has become the highest-spending political candidate on TV ads ever, according to data from Advertising Analytics.
By the numbers: In total, the Biden campaign has spent $582.7 million on TV ads between 2019 and 2020, officially surpassing Michael Bloomberg's record spend of roughly $582 million. Biden's spend includes his primary and general election advertising.
President Trump’s campaign says it just had best-ever fundraising day, securing $26 million in the hours around last night’s debate. This just adds to what was already a record-shattering election season, in terms of money raised and money spent.
Axios Re:Cap digs into the 2020 fundraising story, including what happens to a candidate's unspent money, with election law expert Ciara Torres-Spelliscy.
This week's car is from an electric vehicle brand you might not be familiar with: Polestar.
The big picture: Originally a Swedish racing brand, Polestar was acquired in 2015 by Volvo Cars, which put the Polestar label on its high-performance models —similar to Mercedes’ AMG hot rod label.
Analysts and investors are getting ever more bullish on electric vehicles, but with little regard, it seems, for consumer attitudes.
Why it matters: Tightening regulations around the world could indeed shove the vehicle market toward electrics more quickly than expected. But if consumers are reluctant to buy, automakers will have to slash prices and absorb the losses, erasing investors' rosy hopes.
Why it matters: The pandemic temporarily suspended on-road testing at many AV companies, but the past week shows they've been hard at work.
Tesla is beta-testing its latest self-driving technology with a small group of early adopters, a move that alarms experts and makes every road user — including other motorists, pedestrians and cyclists — unwitting subjects in its ongoing safety experiment.
Why it matters: Tesla hailed the limited rollout of its "full self-driving" beta software as a key milestone, but the warnings on the car's touchscreen underscore the risk in using its own customers — rather than trained safety drivers — to validate the technology.
BC Partners plans to disentangle pet supplies retailer PetSmart from online rival Chewy, via a recapitalization plan.
Why it matters: This reflects PetSmart's improved performance, driven largely by increased pet adoptions during the pandemic. It's also a tacit admission by BC Partners that its original investment thesis was flawed.
Reservations for the first edition of GM's new electric Hummer revealed Tuesday night filled up in 10 minutes, according to spokesperson Mikhael Farah.
Driving the news: The page where you can plunk down $100 to reserve the $112,595 first edition, which arrives in late 2021, offers a waitlist. You can still reserve the less souped-up and less pricey versions going into production in 2022–2024.
Fraud in California's Employment Development Department (EDD) was so rampant and seemingly easy to exploit that one Los Angeles rapper was arrested recently after making a song and video about doing it.
What's happening: In a historic example of snitching on oneself in an effort to clout chase, rapper Fontrell Antonio Baines, aka Nuke Bizzle, describes how easy it is to get "rich off of EDD" in a music video posted to YouTube titled "EDD."
The value of the Turkish lira against the dollar fell more than 2% immediately following the central bank's decision not to adjust its benchmark one-week repo rate, sending the currency plummeting to its lowest level on record.
Why it matters: Turkey is becoming a cautionary tale of what can happen when a central bank loses its independence and credibility and is effectively controlled by the president.
Investors around the world prefer Joe Biden by a small margin in the 2020 election, according to a new survey from UBS of nearly 3,000 investment professionals in 14 different global markets.
Of note: 72% of investors surveyed said they plan to adjust their portfolios ahead of the election.
New data from the Pew Research Center shows that parents are being hit especially hard by the coronavirus pandemic, and as far as job losses go, mothers and fathers are faring equally poorly.
Why it matters: Economists have been warning for months that the pandemic could do long-term damage to the economy as people remain unemployed for longer stretches of time.
Macy's said Santa Claus won't be greeting kids at its flagship New York store this year due to the coronavirus, interrupting a holiday tradition started nearly 160 years ago, AP reports.
The state of play: Before taking a picture with the jolly old man, crowds walk in tight quarters through a maze-like Santaland that's filled with Christmas trees, running toy trains and elves in green costumes.