🏀 Crypto sports arenas

Extreme pump anxiety... US gas prices are up more than 60% from a year ago, hitting seven-year highs. California just hit a state record of $4.68/gallon. President Biden wants to understand why: Yesterday he sent a letter to Federal Trade Commission Chair Lina Khan, calling on the FTC to look into "whether illegal conduct is costing families at the pump."

• Biden alleges there's “evidence of anti-consumer behavior by oil-and-gas companies,” saying gas prices are rising while the price of “unfinished” gas (aka gas that hasn’t yet been blended with other liquids to use in vehicles) drops.
• Biden underscored that the two largest gas companies — Exxon and Chevron — are on track to nearly double their profits from 2019.

Oh, PEC... Oil prices plunged last year when travel and manufacturing halted. So OPEC, the powerhouse org of oil-exporting countries, slashed production. This year, oil demand rebounded quickly as the economy revved up. That's led to an oil shortage, which is aggravating supply issues and soaring prices. BTW: Higher gas prices will hurt low-income families the most this winter.

• Biden has asked OPEC to increase oil production to ease shortages and keep prices in check — so far, OPEC has said "no, thanks."
• The American Petroleum Institute, an industry group, said that instead of investigating tightly regulated markets and “pleading with OPEC,” the US should encourage “responsible” development of American-made oil/gas.

Home-court advantage… Crypto.com just bought it. The world’s fastest-growing crypto exchange struck a 20-year deal reportedly worth $700M — one of the largest of its kind — to rename LA’s famous Staples Center. The Staples Center is home to the NBA’s Lakers and Clippers, the WNBA’s Sparks, and the NHL’s Kings, and has been named after the office-supplies retailer for 22 years. Its new name doesn’t exactly roll off the tongue: Crypto.com Arena.

• Crypto’s second stadium: Rival crypto exchange FTX bought the naming rights to the Miami Heat’s stadium earlier this year in a 19-year deal worth $135M.

Crypto’s courtship with sports… is bigger than stadiums. Crypto.com has spent hundreds of millions sponsoring NBA, NHL, European soccer, UFC, Formula One, and esports teams. Other big players in the crypto industry have also embraced pro sports branding deals:

• Crypto <3s sports: Crypto-finance company XBTO sponsors the MLS’ Inter Miami, and crypto startup StormX sponsors the Portland Trail Blazers. NFL stars Tom Brady and Trevor Lawrence are also sponsored by FTX and Blockfolio.
• Fantasy tie-ins: Many sports fans already participate in fantasy-sports leagues, which are increasingly embracing NFTs and other crypto-powered features.
• Marketing play: Crypto.com’s CEO said the company planned “to be a top brand in the coming years, next to Nike and Apple.”

• Pill: Pfizer announced it would allow generic versions of its Covid pill to be manufactured and sold inexpensively in 95 developing countries.
• Treasure: Target and TJ Maxx owner TJX posted strong sales ahead of the holidays, and said it’s fully stocked for Black Friday.
• Chipper: Chip titan Nvidia notched a record $7.1B in quarterly revenue, as demand for its gaming and data-center chips boomed.
• Unvest: A panel of experts called together by Congress said the US should restrict investment in China for data-security reasons.
• Robo: Google's self-driving-car company Waymo said it’s expanding a UPS partnership to move shipments with autonomous trucks ahead of the holidays.
• Boost: The Biden admin will partner with drugmakers and spend billions of dollars to produce an extra 1 billion Covid vax doses/year for global distribution.

• Jobless claims
• Earnings expected from Intuit, Workday, Williams-Sonoma, Macy's, Kohl's, Petco, and Victoria’s Secret

Authors of this Snacks own shares of: Amazon, Apple, Pfizer, and Google

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