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Can't remember what day it is? Resolve not to have that problem in 2026 by preordering yourself the Morning Brew Daily Games Desk Calendar today. This tear-away timekeeper features six games from the Brew per week—including trivia, crosswords, and puzzles—so you can play them without even having to scroll (but please keep scrolling!). —Dave Lozo, Sam Klebanov, Molly Liebergall, Abby Rubenstein |
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|  | Nasdaq | 23,195.17 | |
| | S&P | 6,827.41 | |
| | Dow | 48,458.05 | |
|  | 10-Year | 4.194% | |
| | Bitcoin | $90,373.46 | |
| | Broadcom | $359.93 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Stocks slipped like your clumsiest friend wearing heels on an icy day yesterday, pulled down by investors' fears of an AI bubble. Broadcom in particular plunged, losing $200 billion in market cap, after its earnings report sparked concerns about the profitability of its AI business.
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RETAIL  Justin Sullivan/Getty Images During a mostly upbeat earnings call on Thursday, Lululemon announced that CEO Calvin McDonald would be stepping down in January, leaving a position he's held since 2018. Yesterday, investors cheered the news, sending the $100 yoga-pants company's stock soaring by more than 9%. McDonald's decision to move on came after more than a year of struggles and pressure from Chip Wilson, Lululemon's founder and the company's largest shareholder. Wilson took out a full-page ad in the Wall Street Journal in October expressing disapproval of the athleisure maker's "loss of cool." It's a rare instance when a guy's opinion that more people should be wearing workout clothes is taken seriously. Caught with their pants down Before yesterday's jump, Lululemon's stock had dropped ~50% this year. Thursday's earnings report beat expectations, but the company cut its guidance for a third straight quarter. How did this cultural giant get down so bad so quickly? - American staleness: While sales were up last quarter, the growth came from outside the US. Revenue has dropped in the US in the past two quarters due to what some believe is a lack of fresh products and Gen Z's diminishing interest in form-fitting leggings.
- Competition: Other brands offering similar products—or even more innovative ones—at lower prices took a bite out of Lululemon. A perceived lack of coolness and its core customer base entering the workforce and needing to make prudent financial choices didn't help.
- Tariffs: The company expects to have its full-year profits cut by $210 million due to duties and has been especially hurt by the end of the de minimis exemption.
Next up: CFO Meghan Frank and CCO André Maestrini will serve as interim co-CEOs while the company searches for a permanent leader. What's the fix? Business of Fashion sees regaining cultural relevance as the main challenge for the next CEO, suggesting brand collabs and edgier marketing that speaks to younger consumers' preferences in clothing could be the way forward.—DL | | |
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Presented By DiviGas  Hydrogen plants leak up to $30b worth of hydrogen every year. But one company has patented a first-of-its-kind technology to recover 99% of it. That's about $29b. No wonder so many companies are turning to DiviGas. They made a simple filter that can be easily retrofitted onto existing systems. It means companies can solve their hydrogen leak without building new facilities. DiviGas has shipped 21 units to customers, with $9.9m in projects signed. There are 700+ hydrogen plants in need of a solution like this. But that's just the beginning of what amounts to a $94b hydrogen market opportunity. You have less than one week left. Invest in DiviGas by Dec. 19 and get 10% bonus stock. |
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WORLD  Ian McKinnon  Pot stocks got high after reports Trump plans to reclassify marijuana. Cannabis stocks rallied yesterday after news outlets reported that President Trump plans to ease federal restrictions on marijuana. The Washington Post reported that the president was preparing an executive order that would facilitate moving marijuana from its current Schedule I status, which puts it in the same category as heroin and LSD, to a Schedule III substance, a group that includes Tylenol with codeine and some hormone treatments. Sources told CNBC the order could come Monday. While the change would not legalize weed, it would make it more available for research and allow cannabis companies to get more investment.
 Executive order targets state AI laws. President Trump signed an executive order on Thursday that seeks to block AI regulation by individual states, saying it would create a single federal regulatory framework and keep the US at the forefront of the tech. The order authorizes the attorney general to sue over state AI restrictions and tells federal regulators to withhold funds for projects like broadband from states with such laws. The move was controversial, as Republicans had opted against including clauses barring state-level AI rules in recent legislation. And it may not even deter states from moving ahead with their rules, especially because the order is likely to face a court challenge.
 Former Michigan football coach charged with crimes after firing. Ex-University of Michigan football coach Sherrone Moore was arraigned on three charges yesterday for crimes allegedly committed hours after the school fired him. Prosecutors charged Moore with felony third-degree home invasion, as well as stalking in a domestic relationship and breaking and entering, both misdemeanors. The university said Moore was fired because of his relationship with a woman who also worked for the school, and at the time he was fired, Moore had nearly $12.3 million remaining on his contract, according to ESPN. Prosecutors claim that after being terminated, he "barged his way" into the apartment of the woman—with whom he had been involved for "a number of years" before she broke up with him and informed the school, prompting his dismissal—and threatened to kill himself.—AR
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FOOD & BEV  Nelea Reazanteva/Getty Images A new semi-scientific recession indicator just dropped: surging appetizer sales. Restaurant-goers are loading up on apps like there's no tomorrow, CNBC reported this week, based on data from Buyers Edge Platform, a company that helps eateries source ingredients. Mozz stick index Buyers Edge attributes what it dubbed the "appetizer economy" to budget-conscious eaters forgoing pricey entrees and dessert and opting instead for finger foods that often come with promotions and drink specials: - Sales of mozzarella sticks, pickle chips, and cheese curds—dishes notorious for denting the appetite for the main course—are up by about a third in 2025 compared to last year.
- Meanwhile, dessert orders dropped 2% over the same period.
The Great Appetizer Awakening comes as Americans increasingly feel the bite of inflation when eating out. The price of a meal at a full-service restaurant was up 4.2% in September compared to a year before, according to government data. Big picture: The trend fits into the so-called K-shaped economy, in which wealthier people continue to spend, while lower-income consumers tighten their belts. For instance, the New York Times recently reported that online pizza orders have declined, while Papa John's customers are opting for smaller pies and fewer toppings. Sagging sales are potentially caused by the proliferation of competing options on delivery apps and weight loss drugs—but are also a sign that many diners might be struggling to afford even relatively inexpensive indulgences.—SK | | |
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Together With Lilly  Don't sleep on it. Waking up tired could mean you're dealing with moderate-to-severe obstructive sleep apnea (OSA). Adults with OSA, many of whom may also live with obesity, experience fatigue, loud snoring, or irritability. Learn more about symptoms to watch for and check out Shaquille O'Neal's story with moderate OSA. |
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ICYMI Here's everything that didn't make it into this week's newsletters but we immediately sent to the group chat.  More than 2,000 golden retrievers met in a park in Argentina earlier this month, setting a new world record for the breed's biggest-ever gathering. It marked the first mass congregation of golden retrievers since the Eras Tour came to town.
Your childhood fear finally materialized—a hiker in Utah got stuck in quicksand. Emergency services rescued the man, who we assume was trapped alongside a bipedal coyote waving a white flag. Tens of thousands of newly discovered dinosaur prints show how the ancient beasts walked, ran, and swam along an ancient coastline in Bolivia. On this prehistoric highway, paleontologists found 1,275 footpaths belonging to several species of theropods and some birds, not including the ones they probably flipped at each other during traffic. FIFA will have players take 3-minute water breaks during each half of every 2026 World Cup game, amid concerns about extreme heat in North America next summer. No word yet on whose parents are bringing the orange slices. A 3-year-old boy from India became the world's youngest officially rated chess player, receiving a 1572 from the International Chess Federation after beating several players in their 20s. So, by all means, scoot your baby's high chair over to a poker table.—ML |
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NEWS - New photographs from the estate of the late disgraced financier Jeffrey Epstein were released by House Democrats yesterday, including some that feature President Trump, former President Bill Clinton, and Andrew Mountbatten-Windsor (formerly Prince Andrew).
- A historic preservation group sued President Trump, claiming that the demolition of the East Wing of the White House required Congressional review and any construction should be halted.
- Iran arrested Nobel Peace Laureate Narges Mohammadi, her supporters said. The activist had been on medical furlough from prison.
- The UK's King Charles III said his cancer treatments would be reduced next year thanks to effective treatment and early diagnosis.
- Republican state lawmakers in Indiana rejected a redistricting plan backed by President Trump on Thursday, making it the first red state to buck the president's push for new electoral maps that favor the GOP.
- Bank of America has finally bounced back from the 2008 financial crisis—the bank's stock rose above its 2006 high yesterday, according to the Wall Street Journal.
- Zootopia 2 has made more than $1 billion, becoming the fastest PG movie to hit the box-office milestone (easy to do when you're powered by a rabbit).
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Together With Veeam  Securing AI. Veeam has acquired Securiti AI, ushering in a new era of safe AI. From preventing AI and data disasters to recovering from disruptions, Veeam and Securiti AI will bring data resilience, security, governance, privacy, and AI trust together. Learn more. |
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COMMUNITY Last week, we asked: "What's the most unusual gift you've ever received?" Here are some of our favorite responses: - "A printing calculator. I was a nerdy, business-minded 10-year-old, and I deliberately asked Santa for it."—Erin from Washington
- "Half of a bottle of perfume. I'm a fourth-grade teacher and a boy gifted this to me. I looked quizzically at him because it was half gone and he said, 'I want you to smell like my mom.'"—Valerie from Manhattan, IL
- "For my birthday in 1982, the year I turned 23, I was visiting my parents in Sudan. A friend of theirs gave me a very large African Tortoise for my birthday. He lived for years in my parents' walled garden and I'm sure he's still living somewhere in Khartoum."—Jane Van Maldeghem from Dandridge, TN
- "An ex-boyfriend gifted me jumper cables for Christmas. Although they were great to have around, they didn't exactly work to jump-start our relationship. I kept the cables, but we broke up that January."—Diane from Dana Point, CA
- "Once at a white elephant party, one of us received a horse liver preserved in formaldehyde in a jar. We then proceeded to prank each other by leaving it in unexpected places throughout the year."—Heather from Utah
This week's question What's a place within an hour's travel from your home where you absolutely love going? Sam's answer to get the juices flowing: "There's a print shop in Manhattan, where I can spend hours looking at antique maps and old magazine covers, while eavesdropping on customers talking about their quirky hobbies with the owner." Submit your response here. |
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PLAY Brew Crossword: This week's puzzle is called "Initial Thoughts." Pro tip: Your first guess about many of these answers likely won't be your last. Play the crossword here. Open House Welcome to Open House, the only newsletter section adamant that castles deserve a comeback. We'll give you a few facts about a listing and you try to guess the price.  Groupe Immobilier MercureToday's property makes the Palace of Versailles look like new construction, and is a D&D nerd's dream come to life. The renovated 13th-century chateau sits on 35 acres of farmable land in southern France, about an hour's drive from Toulouse. Amenities include: - 12 bedrooms, 8 bathrooms
- A guest cottage to make the holidays less stressful
- A wine cellar, an ancient pond outfitted as a swimming pool, and a chapel situated in a tower
How much to cosplay as a medieval lord or lady of the manor? |
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SHARE THE BREW  Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others:
morningbrew.com/r/?kid=8e18d921 |
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ANSWER $2.3 million Word of the Day Today's Word of the Day is: prudent, meaning "acting with care and thought for the future." Thanks to Ann from Winston-Salem, NC, for the responsible suggestion. Submit another Word of the Day here. |
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✢ A Note From DiviGas This is a paid advertisement for DiviGas' Regulation CF offering. Please read the offering circular at https://invest.divigas.com/. |
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