Bill Gates is getting in on the SPAC frenzy. Solid-state battery maker, QuantumScape Corp., will be merging with Kensington Capital Acquisition Corp for an estimated value of $3.3 billion. Under the ticker “QS,” this battery supplier backed by both Gates, Qatar’s sovereign wealth fund, and Volkswagen will bring the “next phase” of batteries to Wall Street. Solid-state batteries charge faster than lithium-ion and offer longer miles per charge.
Something else we noted yesterday was Amazon’s announcement about “ghost grocery stores.” This news came as Walmart announced its subscription service to rival Prime, and while I think Walmart’s subscription will keep customers loyal, the Amazon announcement was a little more forward-thinking in my mind. The ghost store is a Whole Foods that is online only— you are not allowed inside—and Amazon delivery workers fulfill e-grocery orders at these locations. I think this could solve one of the biggest problems with e-grocery that has emerged…You order something online and then the picker cancels the order because it’s gone. These ghost groceries could improve order reliability and also keep people safe by not having them go inside…
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And if you are ghost grocery-ing (it’s a vibe)…Maybe pick up some popcorn and Milk Duds and then sneak them into a spouse’s purse because Tenet hits theaters tonight. Christopher Nolan’s time-travel caper is being called the “most confusing movie in history,” which is saying something. Plus, I heard the dialogue is hilariously muted, even more muted than Bane…BUT, the debut of Tenet is going to speak volumes about the future of movie theaters. By curtain call, more than 70% of AMC and Cinemark locations will be open and analysts are going to be watching closely if a blockbuster of this magnitude gets people off their couch. If Tenet bombs at the theaters expect a domino effect of acquisitions, bankruptcies, and figuring out what to do with enormous movie theater parking lots. In 1918, the Spanish Flu epidemic killed off small production companies and the big studios just got bigger…Except this time around, you might see an obvious uptick in straight to download producers and more interesting delivery deals like Disney+ is trying with Mulan this Friday.
Speaking of Disney, Lego saw a 14% rise in sales during the pandemic. Harry Potter, Disney characters, and Star Wars were the most popular sellers, and in its earnings discussion, the company said adults are coming back to the brick life like never before. Good for you, guys…
Global stock markets were mostly higher. London, Frankfurt, and Tokyo advanced as Wall Street’s exuberance spreads. This jobs report today might smother this happy face trading, but let’s dive into that tomorrow, Heaters.
Below you can find some of the most notable stocks to watch today.