🥁 Axios PM: TikTok's media champs

🐎 Oscar nominee leader | Tuesday, February 08, 2022

Open in app View in browser   Presented By Morgan Stanley   Axios PM By Mike Allen ·Feb 08, 2022 Good afternoon: Today's PM — edited by Justin Green — is 521 words, a 2-minute read.     1 big thing: Peloton's defiance Today's close. Data: Yahoo Finance; Chart: Baidi Wang/Axios Peloton struck a defiant tone after announcing a CEO change and thousands of job cuts, writes Axios business editor Pete Gannon. "[W]e believe we have significant growth potential ahead," CFO Jill Woodworth told investors. The big picture: Even with today's 25% bounce, the stock is still down 49% since it cautioned that demand for its hardware was slowing faster than expected. Co-founder John Foley will be replaced as CEO by former Spotify and Netflix CFO Barry McCarthy. It also plans to cut about 2,800 jobs, about 20% of its corporate workforce. The bottom line: The company faces pressure from an activist investor that wants to sell, but Foley and the current management team control around 80% of the voting power on the company's board. Go deeper: Sign up for Axios Closer     2. 📊 Correction from Axios AM This article has been corrected from the Big Thing in today's Axios AM. What happened: BLS data from January can't be compared to the prior month, due to an annual reweighting of employment numbers based on population data. The men's labor force participation rate was up to 70% in January, according to numbers from the Labor Department released Friday. The women's rate was a distant 58%. Why it matters: Issues with schools and day care centers kept women, who are typically primary caregivers to children, out of the workforce throughout the pandemic — and it's still happening, Axios Markets co-author Emily Peck writes. That held back the economic recovery, keeping women on the sidelines at a time when companies are desperate to hire. Women with young children at home, who might have considered going back to work, likely couldn't because of unstable school and child care schedules. Read the corrected article.     A message from Morgan Stanley The snowball effect of student debt: Access & Opportunity     On this episode, we hear from Farrukh Siddiqui, an entrepreneur who uses income share agreements (ISAs) to help student borrowers get out of debt. Then host Carla Harris sits down with educator Betsy Mayotte to discuss how to navigate the student financing industry more effectively. Listen now.     3. Catch up quick Photo: Manuel Balce Ceneta/AP Above: The Secret Service whisked Second Gentleman Doug Emhoff out of a Black History Month event at D.C.'s Dunbar High School today after a reported bomb threat. Get the latest. Protesters shut down a major U.S.-Canada border crossing as part of demonstrations against Canada's vaccine mandates. Go deeper. The U.S. trade deficit reached record levels in 2021, rising 27% to a total of $859.1 billion. Go deeper. Senate Minority Leader Mitch McConnell (R-Ky.) said it's "not the job" of the RNC to single out Republicans who disagree with the party. Go deeper.     4. The media brands going big on TikTok Data: Axios research. Chart: Kavya Beheraj/Axios Multiple news media companies now have more than 1 million followers on TikTok, Axios' Sara Fischer reports.     5. 📷 Parting shot: Oscar nominees Best Picture nominees. Photo: AP   Streaming services dominated the main acting and best picture categories for the Academy Awards on March 27, Axios' Oriana Gonzalez and Sara Fischer report. Amazon's "Being the Ricardos" snagged nominations for actors Javier Bardem (leading actor), Nicole Kidman (leading actress) and J.K. Simmons (supporting actor). Apple TV+ made strong inroads with "CODA" securing best picture, best supporting actor and best adapted screenplay nominations. The streamer's "The Tragedy of Macbeth" received a best leading actor nomination for Denzel Washington. Disney+ landed three films in the best animated feature category — "Encanto," "Luca" and "Raya and the Last Dragon." Benedict Cumberbatch in "The Power of the Dog." Photo: Netflix Netflix's Western hit "Power of the Dog" (above) led the way with 12 Oscar nominations. Full list.     A message from Morgan Stanley The snowball effect of student debt: Access & Opportunity     On this episode, we hear from Farrukh Siddiqui, an entrepreneur who uses income share agreements (ISAs) to help student borrowers get out of debt. Then host Carla Harris sits down with educator Betsy Mayotte to discuss how to navigate the student financing industry more effectively. Listen now.   Like this email style and format? 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