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- [00:02]
John Couteau
Hear that?
- [00:02]
Mark Kirkham
That's me in Tokyo learning to make sushi from a master. How did I get here? I invested wisely. Now the only thing I worry about is using too much wasabi. Get where you're going with spy, the world's most traded etf. Getting there starts here with State Street Investment Management. Before investing, consider the fund's investment objectives, risks, charges and expenses. Visit state street.comim for prospectus containing this and other information. Read it carefully. Spy subject to risks similar to those of stocks. All ETFs are subject to risk, including possible loss of principal Alps Distributors Inc. Distributor.
- [00:33]
Ann Berry
Polar Bears and Gatorade. We go inside Pepsi's super bowl playbook with its chief marketing officer.
- [00:39]
Interviewer
Oh my Bob.
- [00:40]
Ann Berry
The discount furniture retailer debuts on the.
- [00:43]
Interviewer
New York Stock Exchange.
- [00:44]
Ann Berry
Latest on its IPO and Elf Beauty each year after its billion dollar purchase of Road. Have investors had enough time to make up their minds on the deal? We take a look at those who are The Beliebers for February 5th. It's Brew Markets Daily and I'm Ann Berry. More market details to come. But first we've broken down a lot of interesting deals and acquisitions on the show in what we call our merger moment segments. And today is an update on one deal that's had the jury out and that's E L F Beauty's billion dollar purchase of Hailey Bieber's brand Road.
- [01:24]
Interviewer
Now you may remember that this one.
- [01:26]
Ann Berry
Was announced in May, right in the thick of tariff turmo. And whether actually interested in personal care products or not, the math on this one caught the eye of many investors. Now, top of mind was could Rhode sustain the incredible growth it had seen as an independent brand? And just to recap what that looked like, it had gone from zero to over $200 million in net sales direct to consumer only. And with only 10 skincare products all in under three years, it was an extraordinary story. And tied to that question of continued possible growth was another question, which is would Hailey Bieber stick around to remain the face and soul of the brand that she'd founded? Well, both needed to be answered and to have good plausible answers to justify that chunky price tag. Especially since there has been a graveyard of celebrity batch brands in the consumer product sector. And from a macro perspective especially, you may remember, the timing was incredibly bold. The Liberation Day tariffs had surfaced just shortly beforehand and by the next quarter, ELF did announce margin hits from levies on imports from China, which provides about 75% of its products. The company even pulled guidance, something that.
- [02:39]
Interviewer
The market as we know, never enjoys well.
- [02:42]
Ann Berry
As a result, a lot of eyes were on ELF's earnings last night, and this one was especially fun for me to watch because I've done a lot in the beauty and wellness space in the Bay Area and ELF is headquartered not too far actually from where I am right now. They're over in Oakland. Well, Elle's report certainly silenced the doubters, at least for now and at least on the road front with an enormous earnings beat. Revenue for the quarter came in at just under $490 million, beating analysts estimates by 30 million, while adjusted earnings of $1.24 per share smashed the expected 79 cents. And the icing on the cake was a lift in guidance to the full year with a big part of that guts. Hayley Bieber's road expected to contribute up to $265 million in net sales this year, a bump up from the previous guidance of 200 million. And following successful launches in Sephora, a move into physical or bricks and mortar retail, which is different for the digitally native Road brand. Well, from digging into the numbers, and this is some important context here, it looks as though the acquisition really did sprinkle some needed magic on E L F, which otherwise saw organic sales of a frankly quite muted percent year over year. Results in the UK and Germany were somewhat lower than expected. Having said that, the namesake Elf cosmetics brand has done a decent job when it comes to product innovation and produced 130 basis points of market share gains. Gross margin is a big part of why the share price reaction is what it is today, which by the way is down. And that's because that gross margin came in approximately 30 basis point lower to a still impressive 71%. A lot of that was driven by higher tariff costs, though lower than had previously been anticipated. And again, even if you're not a beauty person, if you're just an investor or you're just a nerd like I am, this margin profile is what keeps the market's attention on this sector. Elf $4.6 billion market cap shares down more than 8% off the back of their earnings outlook. However, those beliebers in celebrity brands were rewarded with this one. Even if we've still got eyes on what the rest of the core portfolio is doing, we're going to keep on watching. Well, coming up today really is a consumer special because I'm going to be joined by PepsiCo's Chief Marketing Officer Mark Kirkham, specifically for the beverages and the US part of the business and the reason this is such a big conversation is the super bowl is this weekend. And he takes us inside Pepsi's approach to what is possibly the biggest and advertising and branding opportunity of the whole year.
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Interviewer
But first a word from our sponsor Iherb. So John, do you take supplements?
- [05:31]
John Couteau
Do you count gummy vitamins?
- [05:33]
Ann Berry
They do.
- [05:34]
Interviewer
And do you know where they come from?
- [05:35]
John Couteau
Well I know they don't grow on trees but beyond that I have no clue.
- [05:38]
Interviewer
Well that's why Iherb buys direct from manufacturers and trusted distributors to ensure authenticity. No third party resellers allowed. You can find nearly 2000 brands and tens of thousands of products to choose from on iherb.com what you won't find hidden membership fees. They make wellness accessible globally shipping to over 180 countries while accepting 80 plus currencies and more than 40 payment methods.
- [06:01]
John Couteau
Plus their eye tested products are continuously tested for purity and quality standards. Go to iherb.com that's iherb.com I'm joined.
- [06:11]
Interviewer
By Mark Kirkham, the chief marketing officer of PepsiCo Beverages US and as we all know the, the super bowl isn't just the big time when it comes to sports. It's literally the super bowl for chief marketing officers just in terms of the enormity of this event. So Mark, you're on the ground in San Francisco right now in preparation for the big game on Sunday. Thank you for joining. The first question I've got to ask you before we get into the actual marketing is how hard your team members lobby you during the year to get to accompany you to the Super Bowl. Like is this like the big ticket for your team?
- [06:47]
Mark Kirkham
Yeah, no, it's, I think, I think everyone lobbies to whether their brand is, is going to be on the super bowl first and then if you decide your brand is going to be on the super bowl which is a business decision at the end of the day in terms of strategy. But, but then it's like you know we have, you know we got some people on the ground, we get some people who, we have a lot of customers here. So it is, it is a hot ticket but it's also a ton of work and I think that's, that's what makes it fun.
- [07:11]
Interviewer
Well, let's talk about what that word translates into. Mark, if you can give us some numbers to really paint the picture for how big of a deal this event is for Pepsi in the grand scheme of your years advertising and marketing work. What's the scale of this one?
- [07:28]
Mark Kirkham
I think it's a big, it's a big investment for us. As PepsiCo and definitely for the brand, obviously, you know, the, for us historically, if you look at our relationship with the NFL and the Super bowl, we've been doing this for 30, 40 years. You know, both in terms of an advertiser as a partner and for us as a business. It's a pivotal point of the year in terms of where we put our marketing investments. You know, obviously throughout the year it's important. But in, in this period of kind of Q1, February, you know, we have a lot of customers doing resets, we launch a lot of innovation and, and so to have the right level of marketing investment, you know, and it's, it's blended throughout the year, but this is our first big spin. And it, and it's also, it's not just about the game or this weekend or even this week. It's how does this tie in throughout the year and what is most important. I'll give you an example. Last year when we launched the Mountain Dew commercial, if you recall, we turned Seal into a Seal.
- [08:22]
Ann Berry
Yeah.
- [08:23]
Mark Kirkham
You know, that was for Baja Blast. And we were coming off of a launch year and we used the super bowl to actually maintain the momentum and we closed the year growing the Baja Blast business, you know, double digits. And so when you think about the investment you make and how you then continue that from both advertising, marketing, trade, and it's really important to use this as a kickoff and not an exclamation point. And I think that's the important thing about super bowl in general, because it is, it's a big investment. It's a big investment of time, it's investment of money, but also it's an investment in the right things because you need to make sure that you're making the bet on the brand or the product that you're going to be continuing to invest behind throughout the year. And we saw that last year with Baja Blast. And I feel really confident we'll see that with both Poppy and with Pepsi Zero Sugar as we go into the Super Bowl.
- [09:10]
Interviewer
Let's talk a bit about those, those two beverages market since you mentioned them. So that's Poppy and Pepsi Zero Sugar. And just to put some parameters around the scale of this investment, it's been reported that a 30 second commercial spot for this year's super bowl can run between 8 and $10 million. Does that sort of number land with you? Does that sound about right?
- [09:29]
Mark Kirkham
I think there's, there's something about how we invest in our partners like NBC throughout the year. So, so, so yes, if you're Coming in new there, there is, there is a list price. But, but if you think about it as a one time moment of investment, it's one of the, you know, it's definitely the largest one time moment you make, particularly in TV advertising. But I think also you think about what you do around it, from digital to social to on the ground, et cetera. So, so the industry reports will put numbers out there. But what's important is you have to think about it as what percentage of your marketing mix it is, how important that one moment is, is it worth that investment and then what are you doing around it and continuing to kind of build on that throughout the year.
- [10:07]
Interviewer
Well, let's talk about that, which is the what do you do around it element. Mark. Because if you look back in time, the super bowl used to be the big unveil moment, right? Is where ads would get, would debut. And it's changed though in recent years. Campaigns have actually started to roll out in the weeks beforehand. It's like there's been a slow drum roll in the run up to the super bowl and sort of something spectacular launches on the day.
- [10:31]
Ann Berry
What's your approach to this?
- [10:32]
Interviewer
What are your thoughts on how this has evolved?
- [10:35]
Mark Kirkham
Yeah, I think that the value of the super bowl, there is no one single moment that will get you that many eyeballs and consumers engaged in your storytelling than the super bowl in the US but the reality is it's just, and I'd probably say even becoming more important what you do. Not the paid media, but the earned media around it. And this happened maybe 10 years ago when people started to release teasers and then obviously reveal. When I grew up, you just couldn't wait for that moment just to watch the game. Now the game is a crescendo to in some cases several weeks of teasing, of releasing, of storytelling, of the industry and the consumer reacting to your stories. So for me, how you build it is really important. And I think you have to have a clear strategy of why. We integrated our teaser into the AFC NFC Championships two weeks ago that started the buzz. We launched our 32nd spot for Pepsi. We launched it last Thursday, got a lot of buzz and, and then what we've done around it, you know, whether it's podcasts, whether it's, you know, we did a lot of out of home in New York City. If you go through Times Square on your way back, you'll see, you'll see somewhere out of home. All of this has to build up and then continue beyond the game. And the other thing I'll say is every brand does it differently. I'll tell you, Poppy, they're not releasing their ad until it goes live on air. And, and so there's a different reason for everyone. Whether you build the anticipation or whether you actually, you know, over time or whether you do smaller things to actually celebrate it and then, you know, continue to invest behind it after.
- [12:09]
Interviewer
And just give us some insight, Mark, as to why that particular strategy for Poppy, as you said in just some context here, it's a brand that was acquired last year for $2 billion. It's known for being sort of probiotics, a performance beverage. And typically the prime consumer has been described as sort of Gen Z females. So is there a reason why that demographic, why that consumer base would be a better fit for the big unveil on the day versus Pepsi, which has been around for a lot longer doing as you, a still photo. Then There was a 15 second teaser and then there was a big reveal in the Today show, which I'll come back to. But just explain how the consumer for one versus the other informs the strategy for one versus the other.
- [12:53]
Mark Kirkham
Well, I think the important thing is you think of Poppy and you're dead on. I think it's, it's a brand who, it's built itself very grassroots, you know, colleges and universities, young female consumer target. But as the brand grows, and especially, you know, since joining the PepsiCo family, our biggest goal is how do we get Poppy in more hands and get more people to try the product and also how does that fit within our total portfolio strategy? So for Poppy, this is an opportunity to actually expose their message to the masses, you know, to get a chance to kind of reach more consumers. And, and, and while the super bowl is about NFL fans, it's actually just about fans of entertainment. And if you think about Poppy's connection with culture and, and I can't go into the details, into the Poppy ad because it hasn't revealed yet, it is going to use that moment to be a cultural moment. The talent in their spot is going to celebrate it and the talent will reach many, many consumers within their core target. And I think that is why with Poppy, kind of releasing it on super bowl is important. And then for Pepsi, we're a known brand, we're widely distributed, we want to actually use it as an opportunity to really reinforce our story, in particular the case of the story of taste, and also make sure that it's kind of reaching new audiences in new ways versus opening up the aperture to kind of maybe a new cohort or to reach sports fans, including your core target.
- [14:12]
Interviewer
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- [14:27]
John Couteau
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- [14:35]
Interviewer
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- [14:41]
John Couteau
Full disclosure in Podcast Description the French Dip from Firehouse Subs is here for a limited time. Piled high with premium roast beef, caramelized onions and melty cheese on a freshly toasted garlic butter roll, every French dip is served with warm, savory au jus for dipping. This melty French dip is only at Firehouse Subs for a limited time, so head to your nearest Firehouse subs or order on the app and try the French Dip before it's gone. Limited time at participating Firehouse Subs restaurants.
- [15:12]
Interviewer
While supplies last let's talk about the Pepsi Zero Sugar campaigns you've got going. I'm going to be a little bit cheeky, Mark, because I, I feel I must be cheeky on this point. It involves a polar bear, and for decades the polar bear has been associated with your big rival Coke. What, what's the, what's the thinking here? Are you looking to heat the cola wars back up by going sort of straight into something emblematic of the other? Or how are you thinking about this one now?
- [15:43]
Mark Kirkham
What this is about is taste. And this, this, this story actually started 50 years ago with the taste challenge. Okay, 1975, we lost the Taste Challenge. Probably know amazing pivotal marketing experiment in the history of the craft. And last summer we brought the Taste Challenge back to the US and we focused on zero sugar. And when we did, you know, when we did the Taste challenge, let's be honest, it's a sampling activity, right? So you're going around the country. We hit 32 cities, by the way. We won in every city we knew. We were really confident. The taste of Pepsi Zero Sugar versus competition. And we celebrated that. But when you celebrate a sampling activation, yes, you can talk about which city, how they perform, things like that. But to take that story to a big stage, you really need to kind of bring it away in a fun, creative way. And the simplicity of the story is, hey, we Want everyone to try Pepsi Zero Sugar, even cola loving polar bears. And so that moment of reflection, that paradox where people think, you know, they may like one brand or another, using the backstory of Pepsi Challenge and the taste challenge we did with Pepsi Zero Sugar, it gave us a foundation to have the confidence to go out there and say, hey, everybody, including polo loving polar bears would really kind of both entertain and maybe spark some reappraisal with consumers based on taste. Because at the end of the day, this whole campaign is about taste. And we did it in a fun way, of course, because it's Super Bowl.
- [17:11]
Interviewer
It's interesting that it's a zero sugar brand. And I'd love to just pick your brain a bit on what you're seeing in terms of the evolution of consumer preferences and the language that's being used very intentionally to describe those preferences. I feel as though with the word diet has sort of disappeared from beverage titles. Is that an accurate perception or is that just a sort of a bias?
- [17:34]
Mark Kirkham
I think, I think the category has evolved and in the past five years in particular, it's exponentially evolved. If you look at the zero sugar subsegment within cola or even soft drinks in general, it's one of the fast, fastest growing segments. If you look at this past year, Pepsi zero sugar grew 30%.
- [17:51]
Interviewer
Yeah.
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Mark Kirkham
The zero sugar category grew. Total zero sugar grew about 15% and our competitors were growing about 10 to 11%. This is a perfect example of the shift in consumer behavior, you know, and it's also the shift in taste and the taste of these products. I mean, there was when diets were launched and we were one of the first to launch a diet product, you know, it was addressing a consumer need. Those needs have shifted. And I think over time the importance of taste, which is one of the number one drivers of the category, Zero sugar is delivering on that. And you can see that in the category across various beverage sub segments. But I think in cola in particular, it's been one of the biggest drivers, been a huge driver for us. And it's something that will continue. And you can see this across companies, across brands, that zero is the hero. And for us, our Zero Sugar, this is the other thing, our zero sugar business, we have so much room to grow and to build on this momentum is why we're focusing on the taste of Pepsi Zero Sugar.
- [18:48]
Interviewer
And I'm curious, Mark, whether there's an international element here. You were previously the chief marketing officer for international beverages, so wanted to get the opportunity here to talk about the following American football I say that as a Brit, right. Because football means something American.
- [19:06]
Mark Kirkham
I'm half British, so I totally get access all soccer football. So it's all good.
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Interviewer
Thank you for understanding. So American football has been garnering more and more interest in markets outside of the United States. You know, we've seen teams fly over to London, which is where I grew up, right. And playing in places like Wembley Stadium. How much are you expecting international audiences to tune in for the super bowl this weekend?
- [19:28]
Mark Kirkham
It's growing. And if you look at the NFL investments in international, it's been, it's been phenomenal, right? You look at the super bowl halftime show, it's now a global stage, not a domestic stage. And that both from talent and from broadcast for me. And as you said, I was the CMO of International for five years before coming over to back to the U.S. another example I use, I've been running the Pepsi Challenge around the world for the last eight years, you know, and, and again, these are markets and at different stages of category development, different stage of zero sugar and full sugar development. And one of the things that we've done I think really well is leverage sports as platforms to celebrate these product trends. We have a very good relationship with UEFA and Champions League. You know, we've been a partner there over a decade. And so we made that platform a zero sugar only platform. So the LEDs on the sidelines are Zero Sugar, the marketing and promotion, the kickoff show which we sponsor, which is great acts like Lenny Kravitz and Wembley a year or so ago. These are the moments that I think you can actually connect with global audiences through sport, through your product portfolio. But also the trends is kind of accelerated. So we, like I said, we've been doing the zero sugar trend test and the regular sugar Pepsi tests around Europe for the last decade. We've used that as a platform like we have here. But then we're using that to message in kind of big broadcasts, big consumer engagement and cultural moments like sport. And it's the same with the NFL. I mean, now the NFL, they did Brazil, they're going to Paris, they just announced. I spent many games in both Wembley and Spurs Stadium, although I'm a gooner in terms of, in terms of like them really reaching new fans and, and it's reaching a broader set of fans. If you've gone to a game in Wembley, you see jerseys and kits from all the teams. Doesn't matter who's playing. So this, this built up of the sport and the built up of the different categories and subcategories that that kind of advertise and engage with these platforms is really becoming a global stage.
- [21:28]
Interviewer
So what does that mean for a brand like Poppy? I mean, it's very hard to separate, for example, women's interest in the NFL from Taylor Swift. Right. It feels as though that was a really critical moment for saying, no, no, there's broad. So when you think about unveiling a Poppy ad and the super bowl, there's a domestic consideration here. But is this also paving the way to try and take Poppy further internationally?
- [21:52]
Mark Kirkham
Yeah, I think you're going to see Poppy in more places around the world in the coming years. And this is about building the brand in relevance and culture and reaching more consumers. And if the consumers are tuning in from the UK or they're tuning in from Shanghai, that just only adds to the excitement and to the opportunity you can have with the brands. The other interesting thing, if you actually look at Poppy's consumers, yes, they're skewed female, but it's not 80, 20. It's more 60, 40. So there is a lot of young consumers looking for different products and there are fans of sport. But the other thing, if you think about the super bowl in itself, it's an entertainment moment as much as a sports moment. And the number of people who are getting together in college campuses with their Poppy, with their friends, boys and girls alike, celebrating just being together and having fun, that moment is where Poppy wants to be. You know, it's not about being on the sidelines like Gatorade, and it's really about celebrating that moment in culture.
- [22:52]
Interviewer
So I've got to ask, with respect to the end of the game, Mark, it's traditional for the winning team to douse their coach with Gatorade, which is a Pepsi product. Are there odds right now? I think there are on Polymarket around what color that Gatorade shout will be. Are you looking at prediction markets to see whether there is a broader audience focusing on what's coming up with Pepsi?
- [23:17]
Mark Kirkham
It's interesting. So if you go back to the Gatorade dunk, which literally started in an NFL super bowl back when Bill Parcells and the Giants won In the 80s, that was a cultural moment of sense. In fact, when Wrexham got promoted last year, there was a Gatorade dunk.
- [23:33]
Interviewer
Yeah.
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Mark Kirkham
You know, Ryan Reynolds got dunked. And so if you think about Gatorade's role in the Super Bowl, I mean, Gatorade has long been, you know, one of the longest partners of the NFL. We've been on the sidelines that dunk moment is iconic, and I have no idea what color that dunk's going to be. No one's told me. I'm not placing bets. But what's amazing is that the, the fact that it's a cultural moment just like any sporting, you know, people. People might be wagering on who wins a Grammy or an Academy Award. Yeah. There are markets out there. People are getting. What color is the Gatorade? And for the record, I have no idea. I don't think any of our teams have ideas. The only people probably know what color is is the team itself, the guys who are actually mixing the Gatorade on the sidelines.
- [24:20]
Interviewer
So I've got to ask you, Mark, look, it's February, right? The super bowl happens early into the first quarter of the year. What else is on the docket for 2026? What's coming down the pike later this year that you're really excited about?
- [24:35]
Mark Kirkham
Yeah, if you look at, if you look at. I'll start with Pepsi. We're launching a Prebiotic Cola. It's a complement to what we have in the Poppy portfolio with Pepsi. Pepsi Prebiotic actually launches next week in retail. We actually teased it back in Black Friday and we launched it online there. We have some new flavors and new products that are coming out in Pepsi Realm throughout the year. And then also if you look at Gatorade, you know, Gatorade's launching a lower sugar, no FDC color product. We're continuing to kind of address the needs of our consumers around the world and in particular in the US as the market is kind of looking for new innovation. We've got a brand new restage of our Muscle milk brand. Honestly, best tasting protein shake that you can buy on the market. And we're starting to launch that from April. Then you look at Poppy. Poppy is known for all their new flavors that are kind of coming up throughout, culturally tied. They had an amazing Amaya papaya kind of stunt they did last year that has turned into a product. And then beyond that, flavors that they bring out throughout the year. If you go and look at Mountain Dew, we've got a great product called Dirty Dew coming out. We've launched Indulgent products. It's a creamy, indulgent Mountain Dew. Amazing. Both zero and full sugar. And then, and then you look at the broader portfolio even beyond beverages, you know, you know, look at the naked Doritos. You know, look at lay's restage, you know, we've got so much happening as a portfolio this year is I would honestly Say this is one of our biggest year. And then with our new partnership in energy, you know, we've got a Lonnie new dropping you know, amazing products on a regular basis. Celsius Rockstar. So there's almost so much happening this year that I can't fit it in one segment. But I think I want to reinforce two things. One, we want these innovations to not just be category relevant, we want them to be consumer relevant. And if you think of the consumer behaviors that are changing, whether it's shift into functional beverages, whether it's looking to bring kind of better for you products out there, you know, focusing on zero sugar, focusing on coffee, focusing on, on data rate, zero sugar and lower sugar with, with, with no artificial dyes in it. These are the types of things that are just continue to evolve the category and you're going to see a lot of that from us this year.
- [26:47]
Interviewer
And it's the protein trend real because you did throw in the protein in drinks. You read the headlines and there's some debate at the moment right as to whether extra protein in food, extra protein supplements from your seat. Is that consumer trend a meaningful one or is this, is that just a headline grabber?
- [27:06]
Mark Kirkham
I think it's a meaningful one and I think it's. I would broaden it to be on protein to be functional. You know, if you look at the needs of GLP1 consumers, you know, people who aren't GLP1s, they need fiber, they need hydration, they need protein, I would probably go to say that I think in the past we probably weren't conscious of how much protein or how much hydration. I mean a large portion of the population on a given day, including you and me right now, are probably under hydrated. You know, are we drinking enough water? Electrolytes, the role that they play, the role that, you know, fiber throughout the day, the role that protein throughout the day. So I do, I don't think it's a fad. I think it's a real trend. And I think the consumers are being more educated. The manufacturers and brands like ours are actually bringing the kind of products that people need. And I think it's a broader functional space that will continue to be the area of focus. Don't get me wrong, there's just always room for just taste and fun. But I think when you can have a portfolio that delivers on that but also adds functional benefits, that's where I think you're going to see the portfolios continue to evolve.
- [28:09]
Interviewer
Mark Kirkham, chief Marketing Officer of PepsiCo Beverages US. Good luck this weekend. Have at it. It's going to be a fun time for you. Please come back because we'd love to know how some of these performed and also to get another peek at what's going on in the portfolio later this year with those exciting rollouts coming.
- [28:24]
Mark Kirkham
Thanks. Really appreciate it.
- [28:26]
Ann Berry
Well, huge thanks to Mark Kirkham for joining us.
- [28:28]
Interviewer
I got to tell you, I flew.
- [28:29]
Ann Berry
Into San Francisco last night and you could see every single plane was full.
- [28:34]
Interviewer
Everyone coming into town for the big game this weekend there.
- [28:37]
Ann Berry
We just heard the closing bell. It's 4pm on the east Coast. The markets are wrapping up for the day. We don't have a ticker tape, so let's throw it over to our human ticker op producer, John.
- [28:46]
John Couteau
That's right, The S&P 500 and the Dow both down nearly one and a quarter percent. The Nasdaq down over 1 and a half percent on the day. And Bitcoin fell below 65,000, down 12% today and down nearly 50% from last year's all time high. Lots of speculation about what's causing the decline. Yesterday, Treasury Secretary Scott Besant signaled that the US Government would not step in to support the cryptocurrency market. Some other headlines and you started the show with a look at Elf Beauty's purchase of Hailey Bieber's Road. Well, today we heard from another beauty brand, Estee Lauder. The company reported earnings and said it expected a $100 million hit to its full year profitability due to tariff impacts. The company is in the midst of a turnaround plan dubbed, quote, beauty Reimagined. And although Estee Lauder raised its fiscal outlook, the tariff drag on profits sent the stock down over 18% today. And shares of Bob's discount furniture ticker Bob's shot up 8% on the new York Stock Exchange today after the company priced its initial public offering at $17 per share, eventually reclining back to flat. The chain was founded in 1991, has grown to 206 showrooms across 26 states and plans to open over 500 locations by 2035. Bob CEO Bill Barton telling CNBC that even in a slow housing market, Bob's has seen demand for new furniture across all incomes. Well, tomorrow you don't want to miss this one. Kathy Lean will be in studio with Ann for a substantive breakdown of everything that's happening with the valuation of the US Dollar, its worldwide effects and what it actually means for investors. It is not a dry topic. Kathy has a stellar background in forex trading and great energy. She's going to get us there. And I personally am looking forward to that one. And for now, that's all for today's Brew Markets Daily. It's hosted by Anne Barry and produced by John Couteau, Tarkab Delatif and Emily Millard. Our technical director is Uchena Waogu. Jim Orso is our audio Engineer. Booking by A.B. silver. The President of Morning Brew Inc. Is Devin Emery. And if you have a feedback or a company you'd like us to COVID leave a comment or send an email to brewmarketshoworningbrew.com and wake up tomorrow with the Morning Brew newsletter. And tune in to Neil and Toby on Morning Brew Daily. See you back here tomorrow, same time, same place.