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Friday, May 5, 2023
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Good morning! Today we’re covering Republican efforts to defend Justice Clarence Thomas’ reputation, the battle over abortion rising across the nation, and the five best Margarita recipes for Cinco de Mayo.
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Republicans Defend Clarence Thomas
Republicans pushed back hard against efforts to force a code of ethics on the Supreme Court in the wake of continuing reports of gifts to Justice Clarence Thomas from a billionaire friend.
It remains unclear exactly how Democrats in Congress plan to handle the issue, with Republicans insisting that the Supreme Court—as an independent branch of the government—should police itself on ethics policies.
In defense of Justice Thomas, GOP legislators also point to ethically questionable behavior by liberal justices, which in the past raised no clamor in Congress.
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Abortion Battles Heat Up State by State
A number of states are moving forward this week with new abortion legislation.
In Montana, the governor signed five anti-abortion bills, and in North Carolina, Republicans unveiled an agreement on a 12-week abortion ban. In Oregon, Republicans are refusing Democrats the quorum needed to pass a pro-abortion bill.
In Maryland, by contrast, the governor signed a bill protecting abortion rights, and Michigan Democrats moved abortion protection legislation forward as well.
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Anheuser-Busch CEO Moves to End Controversy
CEO Michel Doukeris told investors the company’s relationship with trans influencer Dylan Mulvaney, which has cost its brand Bud Light heavily in lost sales and brand value, was a one-shot promotion never meant as a long-term partnership.
To soothe investors, A-B plans to triple its marketing spending in the U.S. this summer, focusing primarily on sports and music festivals. It’s also paying extra to support its wholesalers and other employees who were hit financially by Bud Light’s sharp decline.
“Everything we do should be about beer and should promote beer,” he said. In advertising circles, the Bud Light brand has long been celebrated for its very funny commercials (watch here). At the moment, it’s being reviled by many Americans, including fans at Fenway Park who aren’t standing in line for Bud Light.
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➤ Russia accused the US of responsibility for the Kremlin drone attack this week, a charge US officials quickly denied. Russia also claims the right to retaliate, and some officials there have called for killing Ukranian President Volodymyr Zelenskyy. (More)
➤ New York Democrats are at odds with each other over the choking death of a black subway rider by a white passenger. Top city officials defend the decision to release the passenger without charges pending investigation, but many progressive Democrats are angry he wasn’t charged with murder. (More)
➤ The Florida Legislature passed new bills extending the state’s control over public education in the state. Gov. Ron DeSantis is expected to sign the bills, which ban diversity programs in higher education and end pronoun-use requirements (More)
➤ Colorado’s largest teachers’ union passed a resolution declaring that “capitalism requires exploitation of children, public schools, land, labor, and/or resources.” The resolution is watered down from an original version that was even stronger. (More)
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➤ The Kentucky Derby runs Saturday at Churchill Downs, even as race officials launch an investigation into the “unusual” deaths of four horses at the track. Betters have made Forte, a thoroughbred who’s won six of his last seven races, a 3-1 favorite. (More)
➤ Ticket prices skyrocket for the third game of the Lakers-Warriors NBA playoffs, the first home game of the series for the Lakers. At an average price of $873 per ticket, Game 3 has the highest NBA prices seen in L.A. since Kobe Bryant’s final game in 2016. (More)
➤ Alabama baseball coach Brad Bohannon was fired after being linked to a betting scandal involving a recent Alabama-LSU game. Several states have barred betting on Alabama baseball while awaiting a review of the incident. (More)
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Market Report 5/5/23
▼ |
Nasdaq Natl. Assoc. of Securities Dealers Automated Quotations |
11,966.40 |
– 0.49% |
▼ |
S&P S&P Global Rating |
4,061.22 |
– 0.72% |
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DOW J Dow Jones Industrial Average |
33,127.94 |
– 0.86% |
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BTC Bitcoin |
$29,198.4 |
+ 1.24% |
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FHN First Horizon National Corporation |
$10.06 |
+ 33.16 |
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➤ Big Stock Move of the Day: First Horizon bank shares plummeted 33% on news that its proposed merger with Canada’s TD Bank had died. Regional banks generally dragged the market down as investors worried about more bank failures. (More)
➤ Michelle Obama launched a new company to sell healthier food and drinks to kids. She will work behind the scenes at PLEZi Nutrition, which she co-founded, but will not be the face of the company. (More)
➤ Airbnb began an aggressive push to offer single rooms in host homes as a lower-cost option to renting an entire house. Budget-conscious guests can rent a room in the same home as their hosts for an average cost of $76 a night, the company says. (More)
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➤ The World Health Organization convened a panel to decide whether to declare if COVID is still officially a global emergency. The decision, expected in a few days, will affect global funding and collaboration efforts to study and battle the disease. (More)
➤ A new Alzheimer’s drug from Eli Lilly slows the disease by a third, according to research by the pharmaceutical giant. The drug, donanemab, is the second medicine to show results against Alzheimer’s in the past year. (More)
➤ Elon Musk’s Boring Company announced plans to expand an underground train loop beneath Las Vegas to 18 new stations covering 25 miles. Currently, the system offers five stops covering 2.2 miles and has surpassed 1 million passengers in total. (More)
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➤ The lavish coronation of Britain’s King Charles takes place Saturday at Westminster Abbey, the site of British coronations since 1066. Americans who want to follow the procession have many TV options — as long as they get up very early. (More)
➤ Harrowing video captured the moment a baby in a stroller was saved from rolling into the street. The stroller comes within feet of entering a busy highway when a man manages to grab it. (Watch)
➤ Cinco de Mayo is here, and our thoughts turn to margaritas. Here are five epic recipes from notable culinary websites to kick off the weekend celebration. (More)
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Daily Quote
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“Her big miss was, I don’t think she understood who the core Bud Light shopper was. When she came out with her comments, they were deemed as being derogatory, insulting, and juvenile. And the Bud Light drinkers said ‘Enough of that.’”
-Bump Williams of Bump Williams Consulting, referring to former Bud Light marketing VP Alissa Heinerscheid
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Today’s Trivia
How many British monarchs have been crowned at Westminster Abbey?
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Show me the
answer
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