Hey Snackers,
A 25-foot-tall rubber duck with "JOY" written on its chest randomly appeared in a Maine harbor. No one knows why it's there — but pretty much everyone wants to keep it.
Stocks jumped to start the week, after Pfizer's Covid vaccine became the first to gain full approval from the FDA. In other news, Bitcoin crossed $50K for the first time since May as more institutions signaled support for crypto coins.
Feels like deja vu... It's not. The FDA granted full approval for Pfizer and partner BioNTech's Covid vaccine. Thanks to emergency use authorization, 201M people in the US have gotten at least one vax shot. Pfizer's is the first vax to gain FDA-approval — it was also the first to get authorized for emergency use in December. Pfizer shares spiked 4% on the news. Moderna, whose application for full approval is under review, also closed the day up 7%.
The shot is hot… While 73% of US adults are vaxxed, vaccine demand remains strong globally. Less than 2% of people in Africa are vaxxed, and many countries are still clamoring for vaccines. Meanwhile, vaccine demand is surging in states hardest hit by the Delta variant. Now, FDA-approval could boost vaccine demand even more:
Covid vaccines are here to stay… and so is vax cash. Pfizer expects a whopping $33.5B in Covid vax sales this year, and that forecast came before it got full approval. Analysts expect that next year's Covid vax sales will significantly surpass 2021 levels, and remain strong for years. Pfizer’s 2022 Covid vax sales are expected to be 70% higher than this year’s. And don't forget the booster shots: health officials recommend that Americans who got Pfizer or Moderna's shot series get a booster eight months after their second shot.
Just when you thought it was over... Think again. The CA gig-worker law saga has more sequels than Fast & Furious. On Friday, a California judge ruled that Prop 22 is unconstitutional and unenforceable. In November, CA voters overwhelmingly passed the ballot measure, which has classified gig drivers as independent contractors.
9 to 5 at Uber Eats... Means no moonlighting for Grubhub. With Prop 22, gigs drivers gained new benefits like: health insurance if you work at least 15 hours per week, at least 120% of minimum wage, and 30 cents reimbursed per mile driven. If Prop 22 is overturned...
The gig economy is at existential risk... If the CA judge's ruling is upheld, chronically unprofitable apps like Uber and DoorDash would likely become even more unprofitable. As the most populous US state, California is a critical market for gig companies — and its decision could shape gig law across the country. A Prop 22-like ballot will be voted on in Massachusetts next year. The outcome of CA's ruling could set a precedent.
Authors of this Snacks own: shares of Uber, Moderna, Clear, and Bitcoin
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