July 24, 2024

The Appetizer

We’re on a roll. This week’s Stifel Bits is again being brought to you by our CIO Office summer interns. Enjoy!

“I’m not getting my groceries into my car, getting my children into the car, and then leaving them in the car to go return the cart.”

• A California mother on why she doesn’t return her shopping cart at the grocery store.

Now, on to the numbers. Drum roll, please …

• 36%: The percentage of U.S. adults with a side hustle, according to a new Bankrate survey of 2,332 people. The average side hustler is bringing in $891 per month, up from $810 per month in 2023, or a 10% increase.
• $13 billion: The amount grocery stores spent on tech automations in 2022, according to research by FMI, The Food Industry Association.
• 120th: The anniversary of modern air conditioning, one of the coolest things ever made.
• 8.5 million: The amount of Windows devices that were affected from CrowdStrike’s botched software update.
• 1982: The last time American golfers swept all four major tournaments in a year, until this past weekend when Xander Schauffele won the British Open, his second major victory of 2024.

Dig In
Amazon Prime Day Results

Amazon Prime Day 2024 was a whirlwind of deals and discounts that had shoppers clicking “add to cart” faster than you can say “free shipping.” With an average order size of $57.97, shoppers weren’t just window-shopping, they were loading up on essentials and treats alike. On average, households spent about $152.33, likely ensuring their mail carriers got quite the workout.

Top buys included Amazon Fire TV Sticks, Premier Protein shakes, and Liquid IV packets. Apparently we all decided that hydration and binge-watching were the new summer trends. Most items sold for under $20, making it easy to justify that extra purchase (or ten). The prime demographic? High-income suburban women aged 35 to 44 – multitasking queens who probably compared prices with other retailers while juggling a million other tasks.

Two-thirds of shoppers were thrilled with the deals, though some did admit to sneaking a peek at prices elsewhere. Clearly, even during a shopping spree, we like to feel like we are getting the best bang for our buck.

Weekly Specials

Paris Mayor Anne Hidalgo took a dip in the River Seine in a wetsuit and goggles to demonstrate how clean the water is prior to hosting Olympic outdoor swimming events as June tests revealed unsafe E. coli bacteria levels. The mayor and other swimmers were some of the first to swim in the Seine in a long time as the act had been banned for over a century. Right now the only thoughts flooding the swimmers’ minds are “no rain!”

A blogger tried to bring 20 bottles of Trader Joe’s Everything But the Bagel seasoning to South Korea from the U.S., but due to poppy seeds being categorized as a narcotic substance there, they left the airport with everything but the seasoning. But don’t worry, the University of Florida’s College of Medicine says poppy seeds can’t cause intoxication.

An AC Hotel in Glasgow is seeking a “banter merchant” to entertain guests during breakfast in anticipation of the Edinburgh Festival Fringe. The comedian should be “the toast of the hotel,” aiming to knock the socks off of guests. Given the seemingly not-so-accommodative accommodation prices, it seems like any comedian who steps up to the plate is really going to be toast.

Corporate Lunch

Elon Musk says he’s moving SpaceX and X out of California; you are going to Mars, we get it. California wasn’t ready for space traffic anyway.

Uber now shows the average wait time and cost for rides in thousands of cities. Now, if only they could show you the driver’s mood too.

Burberry is replacing its CEO and suspending its dividend as the British luxury brand known for its signature plaid warned that it’s expecting an operating loss for the first half of the year.

New Balance has partnered with the WNBA as the brand looks to grow in women’s sports. This opens up a chance for their sneakers to score three-pointers instead of just comfy walks.

Startups like Zephalto, Space Perspective, and World View are building balloons to hoist tourists 100,000 feet into the stratosphere. Nothing like a vacation where your ears pop before the champagne does.

The new KEI hot trucks come from Japan and look like a toy. Finally, something my toddler and I can agree on.

Ray-Ban maker EssilorLuxottica is buying the Supreme brand from VF Corporation for $1.5 Billion.

Diversification does not ensure a profit or protect against loss.

Indices are unmanaged and are not available for direct investment.

Past performance is not indicative of future results.