Covid-19 Vaccine Hopes | The Supreme $2.1 Billion Deal | Giving Up U.S. Citizenship

Plus: Why Losing The Election Should Be Good For Trump’s Business

Good morning.

Today we’re looking at how the stock market reacted to the news of positive developments in the search for a Covid-19 vaccine. You may also be interested in Goldman Sachs’ forecast of a v-shaped recovery, and VF Corporation’s announcement of the $2.1 billion deal for global streetwear brand Supreme. Also, Trump is selling his helicopter—asking price: “make an offer.”

In The News Today

Joe Biden’s team is reportedly looking at legal action to formally begin the transition process, currently stalled by Trump appointee Emily W. Murphy, who heads up the General Services Administration.

More children than previously thought have yet to be reunited with their parents after being separated under the Trump administration’s “zero-tolerance” policy at the U.S.-Mexico border. 

Top Take-Aways

Stock markets rejoiced at Pfizer’s announcement of positive results from phase three trials of its Covid-19 vaccine, developed in partnership with German biotech outfit BioNTech. It benefited the fortunes of BioNTech’s billionaire founder and the firm’s largest investors, as well as sports and entertainment companies like WWE, while the pandemic’s big winners Zoom, Peloton, and Netflix all took a hit.

In more Covid-19 treatment news, the FDA granted emergency use authorization to Eli Lilly’s coronavirus antibody treatment. Brazil instead halted clinical trials of a Chinese Covid-19 vaccine CoronaVac and the NIH formally concluded hydroxychloroquine is ineffective in treating adult Covid-19 patients.

Goldman Sachs’ prediction for the global economy forecast a v-shaped recovery, under which the economy bounces back to its baseline levels, or better, after a crisis with minimal hiccups along the way.

The VF Corporation, owner of apparel and lifestyle labels such as Vans, The North Face, and Timberland, is looking to acquire Supreme, a global streetwear brand known for its direct-to-consumer model and brand loyalty, for $2.1 billion.

McDonald’s presented its new plant-based burger, McPlant, as “exclusively for McDonald’s, by McDonald’s,” but there is ambiguity over the role Beyond Meat played in developing the recipe.

One of Trump’s helicopters, a 1989 Sikorsky S76-B, is up for sale. Asking price: “Make an offer”—but if interested, know that the average price for those models is around the $1.4 million mark.

More Americans than ever have given up their U.S. citizenship so far in 2020. The numbers have never been very high, but in recent years, they have risen noticeably. 

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