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What you need to know about the Omicron subvariants...
October 19, 2022 View Online | Sign Up | Shop

Morning Brew

Teampay

Good morning. Here are two words you can use in conversation that will a) make you appear smart and b) have people probably not understand you. Those words are "perspicacious" and "fructify."

Why those words? Bank of America CEO Brian Moynihan used them in the company's earnings call on Monday. He said, unironically, "A perspicacious analyst might wonder whether the talk of inflation and recession and other factors would fructify in slower spending growth."

What do they mean? According to Merriam-Webster, perspicacious is defined as "of acute mental vision or discernment," aka keen. And fructify is "to make fruitful or productive." See if you can slip those into an email today and let us know how they were received.

Neal Freyman, Abby Rubenstein, Max Knoblauch, Holly Van Leuven

MARKETS

Nasdaq

10,772.40

S&P

3,719.98

Dow

30,523.80

10-Year

4.011%

Bitcoin

$19,291.08

Goldman

$313.85

*Stock data as of market close, cryptocurrency data as of 2:00am ET. Here's what these numbers mean.

  • Markets: Strong earnings reports are like chicken soup for the stock market's tortured soul. Stocks climbed for the second straight day after companies including Goldman Sachs, Netflix, and Lockheed Martin topped Q3 estimates. Tesla's up later today.
 

COVID

The new Omicron subvariants: What you need to know

Omicron Andriy Onufriyenko/Getty Images

You may not have thought about Covid this summer, but it's been busy—hitting the gym, drinking spike protein shakes, and fragmenting into a constellation of immunity-dodging subvariants that may lead to another winter surge.

Quick catchup: Since it arrived on the scene a year ago, Omicron has evolved into so many family lineages even George R. R. Martin can't keep track. Each of those subvariants is trying to outcompete the next for dominance, breeding new strains that better evade immunity and potentially increase the risk of infection.

Which is a bit disconcerting, given that the OG Omicron was already one of the fastest-spreading diseases humanity has ever known.

What's happening now?

The US considers two of the new subvariants—BQ1 and BQ1.1—especially worrisome.

Now accounting for more than 10% of new cases, they pose a distinct threat to people with compromised immune systems. Due to their mutations, the "BQs" could neutralize the main treatments used by immunocompromised people for protection against Covid, early studies show. "If you have a variant that does not respond or isn't sensitive to one of the most important tools that we have, that's very concerning," Dr. Fauci told Politico.

For the rest of the population, existing immunity from vaccines and prior infection, and the treatment Paxlovid could offer substantial protection—even against these new subvariants, experts say. "If you are up to date with your vaccines and if you get treated if you have a breakthrough infection, your risk of dying from Covid is now close to zero," Dr. Ashish Jha, the White House's Covid-19 response coordinator, said.

Thing is, most Americans are not up to date with their vaccines. Fewer than 5% got the updated Omicron-targeting booster in the first month it rolled out, and 20% didn't know it existed. US officials expect the number of boosted people to jump once the holidays get closer.

Big picture: Contrary to the popular narrative, a good chunk of people haven't "moved on" from the pandemic. A new working paper found that more than 10% of Americans with recent work experience will continue social distancing after Covid, and 45% will social distance in limited ways. That could result in persistently lower labor force participation, the authors note.—NF

        

TOGETHER WITH TEAMPAY

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WORLD

Tour de headlines

Sex Education character saying Sex Education/Netflix via Giphy

After two down quarters, Netflix grows again. The world's biggest streamer just learned a rule so many of us already know about its original programming: If you go in expecting very little, you won't be disappointed. The company projected that it would add just 1 million subscribers this quarter, but yesterday it announced the addition of 2.4 million. Shares jumped more than 14% after the bell and, feeling like it could fructify even more, Netflix projected an additional 4.5 million subscribers for next quarter.

🏛 Biden said his top goal next year is to codify abortion rights. The president promised that the first bill he'd send to the new Congress would enshrine the right to an abortion into law. However, the law could only pass if Democrats keep control of the House and expand their majority in the Senate. Which is exactly the point: By announcing his intention to carve abortion rights into stone, Biden is trying to motivate Dems to vote in the midterms, which are now less than two weeks away.

French cement giant pleads guilty to paying off ISIS. Yesterday the company, Lafarge SA, agreed to pay $778 million as part of its plea deal with the DOJ. So what did it do? In 2013 and 2014, Lafarge and its Syrian subsidiary paid millions to armed factions in the region, including ISIS and the Nusra Front, to keep its cement operations going and give it a leg up against competitors, authorities said. While that was happening, ISIS unleashed terror on the area, and tortured and killed Americans.

LABOR

Amazon union 0–2 in last two votes

Amazon Labor Union president Chris Smalls at a protest Michael M. Santiago/Getty Images

The Amazon Labor Union's quest to organize the e-commerce giant's workers suffered a setback yesterday when workers at a warehouse outside Albany, known as ALB1, voted against joining the union.

It wasn't close: There were 206 votes in favor of the union and 406 votes against.

For those keeping score at home, that's the second loss in a row for the union after workers in Staten Island also voted against joining. Still, the ALU, which faces major opposition from the company, won a landmark victory at a different Staten Island location earlier this year.

The fight may not be over at ALB1: Before the vote count, a lawyer for the union said it had already filed legal complaints against Amazon, setting the stage to potentially contest the outcome. "It was a sham election where workers were subjected to intimidation and retaliation on a daily basis," ALU President Chris Smalls said yesterday.

And it's definitely not over at Amazon in general…the US' second-largest employer is still fighting the union's Staten Island win. But the union has vowed to keep organizing—workers in Southern California filed a petition for a vote to join last week.

Bottom line: Union or no union, Amazon has a worker retention problem. Attrition across all levels is costing the company ~$8 billion per year, according to Engadget.—AR

        

GOVERNMENT

NYC takes on its biggest enemies: Trash and rats

Rat Susanne Kosig/Getty Images

Despite all Master Splinter has done for them, New York City officials have decided to wage a war on rats. In an effort to keep the rodents at bay and make things look a little less trashy, the city will not allow households and businesses to take trash out for street collection until 8pm (shifting from 4pm), Mayor Eric Adams announced on Monday.

"The rats are going to absolutely hate this announcement," Sanitation Commissioner Jessica Tisch said at the press conference. "The rats don't run the city. We do."

To rat-accustomed New Yorkers, this move might feel like making it illegal for guys in Queens to say "It is what it is." But, despite being ubiquitous to the culture, NYC's rat problem has gotten out of control: Sightings have increased 71% since 2020.

The city is hoping that shortening the amount of time that piled-up trash bags fester on every sidewalk will help keep both problems in check. The current 4pm start time for curb service is one of the earliest in the world among major cities.

Zoom out: Despite the rat uprising, NYC isn't the country's leader in the field. On Monday, Chicago was named the rattiest city in the US for the eighth year running.—MK

        

GRAB BAG

Key performance indicators

Peggy Olsen quitting on Mad Men Mad Men/Lionsgate Television

Stat: Women leaders are quitting their companies at the highest rate on record, per a new report from LeanIn.org and McKinsey. 10.5% of women leaders quit their jobs last year, compared to 9% of men (a much wider spread than typical). Calling the trend the "Great Breakup," the report found that women are feeling extra motivated to ditch their companies after getting passed up for promotions or being mistreated in the workplace.

Quote: "James Corden is a Hugely gifted comedian, but a tiny Cretin of a man."

Famous restaurateur Keith McNally said he banned James Corden from eating at his NYC hotspot Balthazar, accusing the comedian of harassing his waitstaff and just being an overall jerk when eating there. McNally later retracted his ban after Corden apologized. "I strongly believe in second chances," he wrote.

Read: How one company's algorithm could be driving up rent prices in the US. (ProPublica)

WHAT ELSE IS BREWING

  • The IRS released its new inflation-adjusted tax brackets for next year, and it could mean more money in your wallet.
  • An American citizen has been arrested in Saudi Arabia and sentenced to 16 years in prison over tweets he sent in the US, his son said.
  • Meta will sell Giphy after UK regulators blocked its $400 million acquisition from going through.
  • Amazon will stream the NFL's first Black Friday game in 2023.
  • MacKenzie Scott gave the Girl Scouts its largest donation from an individual in its history: $84.5 million.

BREW'S BETS

The graduation ceremony favorite just turned 25: How Green Day's "Good Riddance (Time of Your Life)" came to be.

Not all celebrities are jerks: Here's a really cute story about Roger Moore. He would never have gotten banned from Balthazar.

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FROM THE CREW

20 startup founders to know right now

An image of the 20 founders on the Solo List Francis Scialabba

How many times do you encounter a problem you wish someone would solve?

The entrepreneurs on Sidekick's Solo List do, too, but they've decided to do something about it. The 20 rising stars on this list didn't necessarily reinvent the wheel. Instead, they recognized a gap in the market and built innovative solutions across health, tech, community, food and drink, publishing, and style.

These dreamers are doing amazing things. Meet the 20 founders here.

This editorial content is supported by Catch.

GAMES

The puzzle section

Word Search: Find your favorite celebrity's jack-o'-lantern in today's Word Search. Play it here.

For the gram

Once again we're handing over the mic to our copyeditor Holly, who's going to give you all a grammar quiz.

Matty once posted a great meme about the existential angst commas cause (and I'm not just saying that because she compared my editing to unhinged parenting). Truth is, commas are tough, and the sentences below all contain an error pertaining to a comma. Can you, perspicacious readers, spot the mistake?

  1. Scientists worry that rats with a little bit of human brain could potentially possess bits of human traits like suffering and worrying about their follower count.
  2. Swift said the album reflects, "the stories of 13 sleepless nights scattered throughout my life."
  3. When the jeans were up for auction Haupert made a deal to cover 90% of the bid.
  4. Now, Toronto residents over the age of 19 can order from three local dispensaries through Uber's app.

AROUND THE BREW

How to pitch to a multimillion-dollar founder

How to pitch to a multimillion-dollar founder

Morning Brew co-founder Alex Lieberman challenges two teams of Brew employees to create a new startup and make a pitch worthy of his investment. Watch here.

🎃 This week on The Crazy Ones: how Spirit Halloween became so successful, and the growing pains of going from founder to CEO. Listen or watch here.

Attention healthcare pros: Healthcare Brew is a brand-new newsletter just for you. Subscribe now to catch the first issue next week.

Employee needs are changing faster than the leaves upstate. Are HR pros keeping up? Register for HR Brew's virtual event next week to learn how to adapt.

ANSWER

  1. Because the sentence would still make sense without "like suffering and worrying about their follower count" (and be 100% less funny), it's considered a "nonrestrictive" clause and a comma should be placed after "traits" to offset it from the main idea.
  2. While full quotations get introduced by a comma, a snippet of a quote used as the object of a sentence should not, so there should be no comma after "reflects."
  3. A clause beginning with "when" that comes before the main idea of the sentence (here, Haupert making a deal) should be set apart with a comma, so: "When the jeans were up for auction, Haupert made a deal to cover 90% of the bid."
  4. Now, here's a tricky one! As a conversational, introductory word, "now" takes a comma. But "now" in the example is referring to a specific timeframe, which means it's working hard as an adverb and not mucking about—so cut the comma.
         

Written by Neal Freyman, Abigail Rubenstein, and Max Knoblauch

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