Good morning. Apparently the hot new thing among transportation agencies is to have people vote on punny names for their snow plow fleets. Scotland's been doing it since 2006 with tremendous results (Buzz Iceclear, Lord Coldemort, Creedence Clear-Road Revival), and last week Minnesota's DOT announced the winners of its own Name-A-Snowplow contest: - Betty Whiteout was the runaway winner, followed by Ctrl Salt Delete and The Big Leplowski.
Our entry for next year: Snow More Mr. Ice Guy —Neal Freyman | | | |  | Nasdaq | 14,098.01 | | | | | S&P | 4,500.53 | | | | | Dow | 35,089.74 | | |  | 10-Year | 1.913% | | | | | Bitcoin | $42,412.43 | | | | | Oil | $92.09 | | | | *Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. | - Markets: With all the focus on wild stock swings last week, we neglected to mention the big news that US oil prices topped $90 for the first time since 2014, despite attempts by the Biden administration to keep them down. Gas prices, in turn, are back up to their highest levels in more than seven years.
- Covid: The US death toll from Covid-19 has now surpassed 900,000. Another crazy thing to think about: Omicron has gotten more people around the world sick at the same time than at any point since the 1918–1919 flu pandemic, the WSJ points out.
| | Dan Kitwood/Getty Images To kick off the week, let's head to the Russia–Ukraine border, where Russia has amassed at least 70% of the military capacity it needs to invade its neighbor, the US government said this weekend. That means, in the words of National Security Adviser Jake Sullivan yesterday, a move into Ukraine "could happen as soon as tomorrow or it could take some weeks yet." - The US has estimated that a war could leave 50,000 civilians killed or wounded, 25,000 Ukrainian soldiers dead, and millions of refugees looking for shelter across Europe.
It could also could sap Europe of energy Among the scenarios keeping world leaders up at night is the possibility that Russia could cut off energy supplies to Europe. How that would play out: If Russia invades, the US has vowed to unleash "the mother of all sanctions" against the country. Russia, in retaliation, could counter with its own mother lode—withholding gas shipments to Europe. Which…would not be good, given Europe has a coffee-level dependence on Russian energy. - Russia supplies about 33% of Europe's natural gas, and more than 25% of its crude oil imports.
- Germany, in one extreme example, relies on Russia for more than half of its natural gas.
Putting Europe in an even more vulnerable position is the fact that consumers are already being squeezed by record energy prices. 22 million households in Britain will see their gas and electricity bill spike 54% come April, an energy regulator warned. What can be done? Not a whole lot. One hope is that Russia won't cut off all gas shipments, because that move could be just as damaging to its own economy as it would be to the rest of Europe. Still, Europe is exploring importing more gas from other countries in case Russia shuts off the spigot. Looking ahead…leaders will be holding two separate high-stakes meetings today centered on the Ukraine conflict. German Chancellor Olaf Scholz is in Washington, DC, to meet with President Biden, and French President Emmanuel Macron will meet with Russian President Vladimir Putin in Moscow. Macron said he thinks it's possible to avoid a war. | | Alex Trautwig/Getty Images Spotify has scrubbed as many as 70 episodes of The Joe Rogan Experience podcast after a video compilation showed Rogan using the N-word in past episodes spanning 12 years. In a note to employees, Spotify CEO Daniel Ek said that Rogan "chose to remove a number of episodes from Spotify" due to his racially insensitive language. Rogan issued his own apology on Instagram over the weekend: - The podcaster said those clips looked "horrible, even to me" and said this was "the most regretful and shameful thing that I've ever had to talk about publicly."
- "It's not my word to use," Rogan added.
Big picture: As more artists pull their music from Spotify over its relationship with Rogan, Ek continues to stand by him. "While I strongly condemn what Joe has said…I do not believe that silencing Joe is the answer," he said. "Looking at the issue more broadly, it's critical thinking and open debate that powers real and necessary progress." Ek also said he'd commit $100 million (perhaps uncoincidentally the value of Rogan's deal with Spotify) for the licensing, development, and marketing of music and audio content from marginalized groups. | | Dianna "Mick" McDougall Like most fitness equipment, Peloton has ended up as garage sale browsing fodder. Multiple reports out Friday revealed that several companies—namely Amazon and Nike—were considering a purchase of the at-home fitness maker. In general, Peloton makes an attractive takeover target because it's on decent financial footing, boasts a highly loyal user base, and has become much cheaper due to its recent stock plunge (down nearly 85% from its 2020 peak). So why would it make sense for Amazon or Nike? - Amazon: Peloton would give Amazon a bigger foothold in the wellness area, which it's already exploring with its Halo fitness band. Amazon could also lend its supply chain expertise to shore up Peloton's logistics woes, and perhaps bundle a Peloton subscription into its Prime membership.
- Nike: Buying Peloton would represent a bold pivot by the company from fitness tech software to hardware. But the brand fit is there, Axios notes.
Other potential buyers have also been floated, including the usual suspects Apple, Google, Netflix, Microsoft, or a private equity firm. Still, any deal is contingent on the support of Peloton CEO John Foley, who has a tight grip on the board's voting power. He'd have to be in a truly despairing mood to sell the company he co-founded in 2012. | | TOGETHER WITH AMERICAN EXPRESS | | Like the snowflakes falling outside your window (dang, it's only February), no two businesses are alike. That's why the American Express Business Platinum Card® is designed to help you pursue the business goals that are unique to you. Meaning? This isn't some cookie-cutter card. The American Express Business Platinum Card® was created specifically for small to midsize business owners, with features and benefits built with you in mind, including: - Over $1,000 in value per year with statement credits on select purchases
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The American Express Platinum Business Card® is here to help your business blossom like springtime (dang February, we're almost there), and expand your opportunities for growth—every step of the way. Learn how the American Express Platinum Business Card® is Built for Business by American Express, right over here. Terms and points cap apply. | | Inflation: The monthly inflation report we've all come to dread will drop on Thursday, and it's once again expected to be quite dreadful. Consumer prices are projected to have jumped 0.5% from the previous month and 7.3% over the past year—which would be the biggest increase since 1982. Earnings: Last week's earnings reports resulted in violent swings in stock prices, from Snap's 59% gain to Meta's 26% wipeout. The companies reporting this week—Pfizer, Disney, Coca-Cola, Pepsi, Twitter, and Zillow among them—know that in this market, any small stain on their financials could lead to a stock plunge. Olympics: The 2022 Beijing Games enter their first full week. Here's the current medal count, and here's the TV schedule for today, which includes Nathan Chen in the men's figure skating short program and a US–Canada women's hockey battle. Everything else: - The Academy Award nominees will be announced Tuesday.
- New York Fashion Week begins on Friday.
- The Super Bowl between the Bengals and Rams is on Sunday. Expect a lot of crypto ads.
| | Christian Vierig/Getty Images Stat: Chanel has raised the price of its Classic Flap bag by $3,000 since 2019, from $5,200 to $8,200. The entire luxury sector has been jacking up prices during the pandemic but, despite a few grumblings, it appears wealthy buyers aren't fazed. "We've seen absolutely no consumer resistance to any of the price increases that we have taken, and there will be more," John Idol, the CEO of Versace owner Capri, said recently. Quote: "You come with a smile on your face, and you leave with a bigger smile on your face." Andy Johnson is the founder of Love Cloud, a company that will take you and your partner on a private, 45-minute Mile High Club Flight for $995. Yes, it's exactly what it sounds like, complete with a twin mattress, pillows, and a pilot who wears noise-canceling headphones. Read: The real names of Bored Ape Yacht Club's pseudonymous founders. (BuzzFeed News) | | David Ramos/Getty Images | Spain's Thibault Magnin dances with the smokestacks during a training session of the Men's Freeski Big Air event. | | - Delta Air Lines's CEO Ed Bastian asked the DOJ to put unruly travelers on the "no-fly" list.
- Ottawa's mayor has declared a state of emergency over ongoing protests against vaccine mandates.
- The International Olympic Committee said it would improve conditions for quarantined athletes in Beijing after receiving complaints.
- About 100,000 dead fish were released into the Atlantic Ocean by a trawler, and European officials are looking into…why.
- Lata Mangeshkar, the iconic Indian singer who lent her voice to hundreds of Bollywood films, died at 92. The Indian government announced two days of national mourning.
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