Morning Brew - ☕ Judge vs. judge

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April 08, 2023 View Online | Sign Up | Shop 10% Off

Morning Brew

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Good morning. Save the date: Exactly one year from today, April 8, 2024, a total solar eclipse will arrive over North America. It will be the first total solar eclipse in the US since 2017, and the last one for another 20 years.

Our favorite eclipse was in 2007, written by Stephenie Meyer.

Neal Freyman, Matty Merritt, Jamie Wilde, Abby Rubenstein

MARKETS: YEAR-TO-DATE

Nasdaq

12,087.96

S&P

4,105.02

Dow

33,485.29

10-Year

3.405%

Bitcoin

$27,913.37

Vix*

18.40

*Stock data as of market close, cryptocurrency data as of 2:00am ET. Here's what these numbers mean.

  • Markets: When government economic data drops but the markets are closed, does it make a sound? We’ll likely find out Monday when Wall Street opens back up after being closed for Good Friday. While traders were sleeping in, the federal government (not closed) released its usually market-moving jobs report. The report will give investors plenty to chew on this weekend along with their Easter candy: It showed job growth slowing down, but the unemployment rate still declining—so, the Fed’s next move is anyone’s guess.

 

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HEALTH

Courts duel over access to abortion pill

Abortion pills Robyn Beck/Getty Images

In less than an hour yesterday evening, two federal district courts issued two contradictory rulings on the legal status of a key abortion pill, creating a high level of uncertainty around medication that is the most common method of abortion in the US. Together, these decisions constitute the most significant court rulings since the federal right to an abortion was scrapped by SCOTUS last year.

The first ruling suspended FDA approval of the drug

In Texas, Judge Matthew Kacsmaryk suspended FDA approval of mifepristone, the first part of a two drug regimen commonly used to terminate a pregnancy—a ruling with nationwide reach. Mifepristone was approved by the FDA back in 2000, but Kacsmaryk ruled that the agency violated a rule when it originally approved the pill and that it ignored risks in subsequent years when it loosened restrictions on access to the drug.

The FDA and 12 respected US medical organizations have pointed to studies showing that mifepristone is overwhelmingly effective and safe (about as safe as standard over-the-counter drugs like ibuprofen). Kacsmaryk’s ruling is unprecedented—it marks the first time that a judge has suspended a medication’s regulatory approval over the objection of the FDA and the drug’s manufacturer.

Washington state enters the chat

Less than an hour after the Texas judge suspended FDA approval for mifepristone, a federal judge in Washington, Thomas Rice, ruled that the the FDA…could not make the pill any less available. Siding partially with 17 Democratic-led states that wanted to increase access to the pill, the judge blocked the agency from changing access to the pill in the states that brought the lawsuit.

What you need to know: The Texas ruling will not take mifepristone off the market immediately; the judge gave the government seven days to appeal the decision. And the government has already filed a motion to appeal and said it would seek to have the ruling put on hold while the appeal is pending. The status of the abortion pill, the subject of numerous legal challenges since Roe v. Wade was overturned, will likely end up at the Supreme Court.—NF

        

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WORLD

Tour de headlines

Clarence Thomas Alex Wong/Getty Images

Supreme Court Justice Clarence Thomas defends his free White Lotus-style trips. A ProPublica report revealed this week that Thomas had been taking luxury trips for two decades paid for by his ultrawealthy friend Harlan Crow. Yesterday, Thomas defended his decision not to report the lavish gifts, saying he had been advised early in his career that “personal hospitality from close personal friends” did not need to be reported. Still, he noted that he intends to follow new guidance released last month that requires a more detailed accounting of these kinds of jaunts.

Classified US military docs are showing up on social media. The first confidential documents to surface were what appeared to be classified plans for the war in Ukraine. Then yesterday, even more documents with US secrets about China and the Middle East also popped up on Twitter and elsewhere. The leak may be even bigger: Analysts told the New York Times that more than a hundred documents could be compromised.

Racial gap in unemployment drops to a record low. We may not know how the jobs report is going to impact the market yet, but we do know it contained this nugget: The gap between the unemployment rate for Black and white Americans narrowed last month. The Black unemployment rate fell to 5%—the lowest since the 1970s. And though it’s still higher than the white unemployment rate of 3.2%, the distance between the two is the smallest it’s ever been.

TECH

There’s a crypto Easter egg secretly saved on every Mac

File folder looking side to side Illustration: Morning Brew

Bitcoin’s iconic white paper—the document that first revealed the plan for the digital currency—has been saved on every Mac running an operating system from late 2018 on, tech entrepreneur Andy Baio discovered this week.

  • Yes, Hansel, the files are in the computer: Type “open /System/Library/Image\ Capture/Devices/VirtualScanner.app/Contents/Resources/simpledoc.pdf” into the Terminal app on a Mac, and a PDF of Bitcoin’s white paper will pop up (it worked for us at least!).

Do you want the fun explanation or the most likely one?

Conspiracies are flying around Twitter that Steve Jobs could low-key be the anonymous Bitcoin creator Satoshi Nakamoto and this is his way of breadcrumbing the world.

Choose your truth, but Occam’s razor suggests that an unknown crypto-loving Apple engineer coded the PDF into Macs just for funsies (or for testing that was never meant to reach users). It wouldn’t be the first time: The Pages app used to contain a secret text file of Apple’s “Here’s to the crazy ones” ad and the commencement speech Jobs gave at Stanford in 2005.

Looking ahead…“a little bird” told Baio that Bitcoin’s white paper PDF will likely be deleted in a future Apple update.—JW

        

TOGETHER WITH CARIUMA

Cariuma

Step into spring with these B-Corp beauties. Cariuma’s bestselling sneaks are ready to capture hearts and eyes this spring. Fans of this famed footwear include skaters, surfers, and even celebs, so treat your feet (and the planet) right and step out in coveted style. Use code BREWAPRIL for 20% off—and let the shoe envy begin.

C-SUITE

Top bosses are going back to work

Laxman Narasimhan, CEO of Starbucks Illustration: Morning Brew/Photo: Getty

Taking a page from Undercover Boss (minus the fake Billy Ray Cyrus wigs), some CEOs are opting to pick up a shift in the field. The new CEO of Starbucks spent time training as a barista before taking on the title, and Uber’s chief exec has completed almost 100 passenger and food delivery trips as a driver.

Laxman Narasimhan will continue working in Starbucks coffee shops for a half day each month to stay “close to the culture and our customers.” And Dara Khosrowshahi, Uber’s CEO, said he didn’t fully grasp drivers’ concerns about the app’s clunky driver sign-up process or the inability to see ride destinations in advance until he got behind the wheel himself.

  • Simple changes based on Khosrowshahi’s experiences helped Uber return to pre-pandemic driver numbers and jump from 62% of the ride-hailing market in 2020 to 74% now.

Why now? CEOs getting their hands dirty may decrease the gap between them and the workers below pulling espresso shots. But both companies also happen to be facing extreme pressure from labor organizers and legislators over how they treat their workers, which probably has something to do with why they’re choosing this moment to put their top bosses to work.—MM

        

GRAB BAG

Key performance indicators

A house crossed with a pizza oven Hannah Minn

Stat: Homes with pizza ovens and other professional-grade appliances sell for ~5.3% more than they otherwise might—a premium of around $17,400 on a typical US residence, according to new research from Zillow. Meanwhile, mentioning a “she shed” in your listing can boost the price by 2.5%, and a doorbell camera can help your house sell five days faster. One thing buyers aren’t looking for: walk-in closets. Houses with a closet big enough to sit in while you wolf down one of your homemade pizzas go for 0.7% less than similar homes without.

Quote: “People were job-hopping from jobs where they were doing nothing, working from home, to another where they were doing nothing, working from home, and got paid 15% more.”

As tech workers transition from a world where Big Tech couldn’t hire fast enough to one where mass layoffs are the norm, ex-employees are coming out of the woodwork to talk about one very special kind of job: the kind with no work. While scaling back, tech CEOs have admitted they overhired during the pandemic talent wars, and the experience of former staffers now speaking up bears that out. Many say they wanted to work, but there wasn’t enough to go around.

Read: The impossibility of logging off. (The Verge)

NEWS

What else is brewing

  • Tesla cut its prices in the US by up to 6%. It’s the EV-maker’s fifth price drop since January.
  • A storm knocked down pine trees near spectators taking in the Masters tournament, but no golf fans were injured.
  • Births in Italy dropped to a historic low last year, with less than 400,000 babies born in the country.
  • S Club 7 singer Paul Cattermole has died at age 46. The British pop group had recently announced a reunion tour.
  • Lucasfilm is making three new Star Wars movies—big-screen movies, not just streamers.

RECS

Saturday To-Do List graphic

Follow the directions: This Costco bakery certainly did.

Why is LinkedIn so weird? Our video team’s Dan Toomey investigates the cringe.

Monkey business: This magic trick fools monkeys—but only if they have opposable thumbs.

Watch list: Film critics name the top movies of the 21st century (so far).

Leader is more than just a title: The Brew’s Leadership Accelerator is built to help you tackle management challenges, like hiring a dream team, setting and selling strategy, and masterfully executing it all. Apply today for the May 29 cohort.

Start the clock: A zero-day attack could be looming. Now’s the time to ensure your SOC team can defend your org. Learn how to counter zero days in Palo Alto Networks’ latest video.*

*This is sponsored advertising content.

GAMES

The puzzle section

Brew crossword: From history buffs to sports fans to pop culture aficionados, today’s crossword has a clue for everyone. Give your brain a test.

Open House

Welcome to Open House, the only newsletter section that still kind of wants to live in an art gallery. We’ll give you a few facts about a listing and you try to guess the price.

Mansion in Winter Haven, FloridaZillow

Today’s 3,659-square-foot home is in Winter Haven, Florida, a city that set a world record in 2007 for hosting the largest easter Egg hunt with 501,000 plastic eggs. This house is also full of Easter eggs, like a bunch of tiny man statues that will scare the crap out of you in the middle of the night. Amenities include:

  • 4 beds, 4 baths
  • Pool with waterfall edge
  • Bathtub with a view

How much for a West Coast mansion stuck in the Florida wetlands?

AROUND THE BREW

Your new cheat sheet

Your new cheat sheet

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Tech Brew sat down with Pinterest’s revenue chief to better understand how the e-commerce behemoth is using technology to make 2023 a success. Check out the interview for free.
Make tax season a breeze for your employees. HR Brew’s guide offers strategies to streamline processes, reduce stress, and save time. Download now.

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ANSWER

$4.25 million

✢ A Note From tastytrade

tastytrade, Inc (previously known as tastyworks, Inc) is a registered broker-dealer and member of FINRA, NFA, and SIPC.

tastytrade offers self-directed brokerage accounts to its customers. tastytrade does not give financial or trading advice, nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of tastytrade’s systems, services, or products.

         

Written by Neal Freyman, Abigail Rubenstein, Jamie Wilde, and Matty Merritt

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