Good morning. After Twitter rebranded to X, we started researching famous corporate renamings in history. It turns out that many brands we know well today were at one point called [dude's name] + [the good or service the company provides]. - Subway was Pete's Super Submarines
- Pepsi-Cola was Brad's Drink
- Yahoo was Jerry's Guide to the World Wide Web
But for others, like Dick's Sporting Goods…there's just no way you can improve that. —Sam Klebanov, Molly Liebergall, Cassandra Cassidy, Abby Rubenstein, Neal Freyman | | | |  | Nasdaq | 14,058.87 | | | | | S&P | 4,554.64 | | | | | Dow | 35,411.24 | | | | | 10-Year | 3.870% | | |  | Bitcoin | $29,172.17 | | | | | AMC | $5.85 | | | | *Stock data as of market close, cryptocurrency data as of 3:00am ET. Here's what these numbers mean. | - Markets: The good times kept on rolling for the Dow, which notched its 11th straight day of gains yesterday—its best streak since February 2017. But a lot is coming that could impact the markets this week, from Big Tech earnings (Microsoft and Alphabet report today) to a likely rate hike from the Fed tomorrow.
- Stocks spotlight: Barbenheimer's success this weekend sent pink sparkly vibes to the trading floor: Mattel, IMAX, and AMC (which also got a big boost from a recent ruling blocking a planned stock conversion) were all up.
| | | | Amir Levy/Getty Images Israel's Parliament passed a controversial law diminishing the power of the country's Supreme Court yesterday, further energizing massive protests against the reforms that have been rocking Israel since January and threatening the stability of its economy. The new law limits the high court's ability to overrule decisions made by the government. And it's just the first part of a polarizing effort by Prime Minister Benjamin Netanyahu's government, the most right-wing in Israel's history, to overhaul the court system. Further steps (which Netanyahu has postponed until November) would give the executive and legislative branches more control over appointing Supreme Court justices and reduce independent legal oversight of ministries. It's hard to overstate the stakes: Critics say the judicial overhaul removes checks and balances from the government, threatening Israel's very democracy, while the governing coalition maintains it will strengthen democracy by limiting overreach from unelected justices. Much of Israeli society is not on board: 150 large companies went on strike in protest, army reservists vowed not to show up to duty if the law passed, and demonstrators in Jerusalem risked getting drenched in "skunk water" by police. Political uncertainty shakes the shekel The nation's business community is not pleased with the political order getting shaken up, and the discontent is threatening Israel's status as a hub for tech startups. - A recent poll shows that 68% of Israel's startups are reacting to the anticipated judicial reform with various measures that include moving money, employees, and/or headquarters out of the country.
- The Israeli shekel was the world's worst-performing currency yesterday after a volatile day of trading that showed investors' concern about domestic politics weighing on it.
Looking ahead…The effects on the economy could be grim. Moody's downgraded the country's economic prospects in April, citing the "deterioration of Israel's governance" in light of the planned judicial overhaul.—SK | | Could one move potentially double your retirement savings? With a volatile stock market, potential recession alerts, and high inflation, investors are (understandably) looking to safeguard their assets. The move to consider? Professional financial advice. Investment firm Charles Schwab analyzed their customers' account data, and research shows investors who work with a financial advisor saved nearly twice as much for retirement as those who don't.¹ Learn how working with a financial advisor could potentially expand your portfolio, mitigate risk, and help alleviate financial stress. Are you prepared for the retirement you want? Try this simple quiz to get matched with up to 3 vetted financial advisors, each legally bound to work in your best interest. Get started today. | | Brandon Bell/Getty Images  The DOJ sued Texas over its Rio Grande buoy barrier. The Department of Justice filed the lawsuit after warning the state it would do so if the buoys Texas set up to stop migrants from crossing into the US from Mexico were not removed (to which Texas Gov. Greg Abbott responded, "Texas will see you in court, Mr. President"). The lawsuit claims Texas violated the Rivers and Harbors Act, and the Biden administration asserts that the unauthorized border boundary has caused humanitarian and diplomatic troubles. The state's actions are part of Operation Lone Star, a program that uses police resources to address migration, which Gov. Abbott says is necessary because the federal government is not enforcing immigration law.
 The IRS won't come to the door anymore. The tax agency will no longer make unannounced visits to taxpayers' homes or businesses to collect payments due (at least in most cases). The IRS said it was halting the controversial practice, which has been around since at least the 1950s, to protect its agents' safety. Instead, the agency will send letters requesting that the taxpayer schedule an appointment. In specific cases, such as to deliver a summons or subpoena or seize assets, an unannounced visit may still occur, but there are only a few hundred of those each year compared to tens of thousands of the more routine visits, according to Reuters.
 Adidas's Yeezy sales are breezy. It turns out that even when sneakers get canceled, you can still move a lot of them: Adiadas has started selling off the stockpile of Yeezys it was stuck with after cutting ties with Ye over the rapper's antisemitic remarks, and sales are strong. In its first new online sale since pulling the shoes in the fall, Adidas got orders for 4 million pairs worth €508 million (~$562 million), according to the Financial Times. And yesterday, Adidas said the strong sales mean it's now on track to lose €450 million ($498.56 million) this year rather than the previously predicted €700 million ($775 million).
| | Legally Blonde/MGM via Giphy There's finally research to support what stressed high-school seniors have long believed: The ultrawealthy have a big leg up at top universities. A Harvard-based group of economists found children from the richest 1% of families are more than twice as likely to attend an Ivy League university, Stanford, Duke, or the University of Chicago as students with the same SAT or ACT scores but lower family incomes, based on admissions data from 1999 to 2015. At these institutions… - The richest applicants had the highest nonacademic scores—which combine extracurriculars, personality traits, and recommendation letters—especially the students from secular private schools, who were twice as likely to be accepted as public school competitors.
- Children of alums were more than twice as likely to get in as non-legacy applicants, regardless of family income. But legacy applicants in the top 0.1% were eight times as likely to be admitted compared to average acceptance rates for similarly performing students.
- One in eight elite college attendees from the top 1% were recruited athletes, compared to just one in 20 admits from the bottom 60% of family incomes.
Zoom out: Though the Supreme Court recently barred colleges from using race-based affirmative action, the researchers say elite institutions could comparably boost racial diversity just by dropping this preferential treatment for the 1%, which is mostly white.—ML | | Illustration: Francis Scialabba, Images: Neopets Last week Neopets, the very game that likely started your internet addiction, embarked on a new era. Neopets, under new ownership and management, is embarking on a relaunch and betting on nostalgia to bring users back to the land the Giant Omelette and Poogle racing. What happened to Neopets? The virtual world of magical pets peaked in 2005 with 25 million users, but due to a lack of resources and aging site features (especially after the discontinuation of Adobe Flash), the platform devolved. By 2020, there were only 100,000 average daily users. It tried to save itself with trendy new features—such as NFTs and cryptocurrency—but ultimately ditched those efforts. After raising $4 million in funding this year, the company is embarking on a faerie quest of its own. Here's what you and your Kougra can look forward to: - A new home screen and, as of today, 50 updated versions of old Neopets games.
- World of Neopets, a mobile game and 3D simulation (presumably, something like Animal Crossing).
- A re-release of the often infuriatingly glitchy Island Builders video game that will arrive in early 2024.
There's more: If the new features aren't enough to entice you back, maybe the new Neopets brand ambassador will—it's Emmy/Grammy/Oscar/Tony-winning artist John Legend.—CC | | Christian Liewig-Corbis/Getty Images Stat: After getting rejected by Lionel Messi, Saudi Arabia made an offer to another soccer superstar that it's betting he can't refuse. The Saudi club Al Hilal proposed a world-record $332 million transfer fee to bring over Kylian Mbappe from Paris Saint-Germain, plus they'd pay him a one-year salary worth $776 million, per CBS Sports. To put that $776m in context, it's more than LeBron James's NBA career earnings and Tiger Woods's PGA Tour earnings combined, according to Front Office Sports. It amounts to $24 per second. Quote: "Through their investigation officers were able to determine that no crime was committed, and this incident was not a police matter." Never let it be said that Elon Musk does anything without bringing the drama. After Musk followed through on his plans to rename Twitter and banish the bird logo (replacing it with a fan-designed X), workers went to take the word "Twitter" off the company's San Francisco HQ only to be stopped halfway through by police. Rumors circulated that Musk had neglected to get a permit for the work, but police later clarified that there had been a misunderstanding. Either way, no one is ready to call the app where you're allowed 280 characters "X." Read: It's getting harder for the government to secretly flag your social posts. (Wired) | | - Spotify has joined the parade of subscription services raising their prices. Spotify Premium will now cost $10.99/month in the US, up from the $9.99 the company has charged since 2011.
- OpenAI's Sam Altman took another big swing yesterday, launching Worldcoin, the eye-scanning crypto project he hopes will one day create income for…workers displaced by AI.
- Jason Aldean's "Try That in a Small Town" hit No. 2 on the Billboard Hot 100 after the video for the song was pulled from CMT and critics said it referenced racist violence. Guess there's no such thing as bad publicity.
- A woman was found dead in Yellowstone National Park after an apparent grizzly bear attack.
| |  That's a lot of cabbage: Witness the inner workings of a kimchi factory.
Keep it cool: Vacation destinations to escape the heat. A wealth class for free: It's not about how to get rich, but former Labor Secretary Robert Reich has posted the lectures from his UC Berkeley Wealth & Poverty course to YouTube. In honor of Twitter X: Here's a look at the psychology of why everyone hates logo redesigns (from a previous change at the used-to-be bird app). Learn to excel at Excel: We've partnered with Miss Excel for an Excel master class built to teach you the skills, hacks, and tools that will make you the expert in the office. Join us on Thursday, July 27. Register now. Get seen: Morning Brew engages a community of 22m+ (who are 1.7x more likely to have a household income of $150k+, btw  ). Wanna tap in? Explore our B2B paid advertising opportunities. | | Brew Mini: Just a smooth-as-butter Mini crossword to kick off your Tuesday. You may even catch a cameo by a recently renamed social media company. Play it here. Wine and cheese trivia Today is National Wine and Cheese Day, and sometimes these two foods are so interlinked (and European-sounding) that it's tough to tell them apart. See if you can tell whether each of the following items is a wine or a cheese. - Port Salut
- Lambrusco
- Grenache
- Cava
- Raclette
- Appenzeller
- Tempranillo
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| | - Cheese
- Wine
- Wine
- Wine
- Cheese
- Cheese
- Wine
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