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=E2=80=A6and =E2=80=9CCall of Duty= =E2=80=9D loses steam as gaming slows
<= table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation= " width=3D"100%">
Disclosures
<= /tr>

Is it, though? (Justin Sullivan/Ge= tty Images)

 
=
<= table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation= " width=3D"100%">
Last Week=E2=80=99s Market Moves
 
Dow Jones
32,8= 03 (-0.13%)		S&P 500
4,145 (+0.36%= )		Nasdaq
12,658 (+2.15%)		Bitcoin
$23,15= 9 (-2.63%)
Bitcoin
$23,159 (-2.63%)
Dow Jones
32,803 (-0.13%)<= /span>		S&P 500<= br>4,145 (+0.36%)
Nasdaq
12,658 = (+2.15%)
<= /table>
<= /table>

Hey Snackers,<= /p>

How much is one Zuck worth? A camp counselor=E2=80=99s about to find = out, after unearthing a rare baseball card<= /a> featuring a young Mark Zuckerberg holding a bat. Baby Zuck had given th= e signed card to the counselor as a gift. We=E2=80=99ll see whether Zuck pu= ts MLB players to shame at auction.

Stocks ticked down Friday on news= that the US had added 528K jobs last month =E2=80=94 more than double what= was expected =E2=80=94 and finally recovered all j= obs lost during the pandemic. In this inflationary economy, good news is ba= d news: investors worry the hot labor market will compel the Fed to hike ra= tes more aggressively. Yesterday, Senate Dems passed their $739B climate and healthcare bill= (aka: The Inflation Reduction Act), sending it to the House.

Btw... Do you want to start getting Snacks= daily? Or prefer to unsubscribe? Manage your subscription preferences here.
=

Swiped
<= /table>

Visa and = Mastercard are profiting from higher swipe fees and growing debt, but their= swipe-opoly is under fire

Swipe l= eft=E2=80=A6 Your local grocery and Disney have a common enemy: card fees. This spring, Visa and Mastercard hik= ed the =E2=80=9Cswipe fees=E2=80=9D they charge merchants for card purc= hases. FYI: merchants can pass swipe costs on to shoppers. Visa and Masterc= ard process 83% of US credit cards and earned $55B+ from swipe fees last ye= ar. But the duopoly is under scrutiny:

  • New rules: The Senate= =E2=80=99s finalizing a bill that would boost payment competition by= forcing banks to use several partners, versus exclusively using Visa or Ma= stercard. More competition=E2=80=99s expected to reduce fees by $11B+ annua= lly.
  • New suits: Thi= s month Disney = sued Visa and Mastercard, alleging they were essentially fixing fees = =E2=80=94 they settled privately. Walmart, Kroger, Amazon, and others have wo= n billions doing the same.
  • S= candals: Last week a judge greenlighted a suit against Visa for proce= ssing payments for Pornhub parent MindGeek (which is accus= ed of enabling child sex abuse). The case could make payment juggernauts re= sponsible for all transactions they process.

Land of th= e fee=E2=80=A6 home of the paid. US retailers pay 7X more in swipe= fees than European retailers, which cap card fees. Most of that fee $$ goe= s to the bank that actually issued your card, because the bank is the one p= aying the merchant. But networks like Visa and Mastercard, which move your = $5 latte payment from your bank to your coffee shop, are cashing in too:

  • Booming profits: Visa=E2=80=99s and Mastercard=E2=80=99s profit= s surged last quarter, and Visa=E2=80=99s 66% profit margin is the S&P = 500=E2=80=99s highest.
  • Soari= ng IOUs: Credit-card balances spiked 13% last quarter, the biggest= jump in 20+ years, as savings dwindled and inflation sizzled.
THE TA= KEAWAY

The sw= ipe economy is changing=E2=80=A6 Swipe fees increase costs for US = families by $700 annually, on average, and hit low-income shoppers hardest.= Now lawsuits and legislation could rewrite payment rules and curb the swip= e-opoly. Meanwhile, Visa and Mastercard are building in-house buy now, pay = later systems and crypto products to unlock revenue beyond swipes. But they= =E2=80=99ll face scrutiny: last year the DOJ blocked Visa=E2=80=99s $5.3B a= cquisition of pay-tech giant Plaid.

=
Zoom Out
=
<= /table>

Stories we=E2=80=99re watching...

Ready, player none=E2=80=A6 The pandemic gaming boom is over= . Global video-game sales are expected to fall this year for the first time in = seven years. Last week, gaming titan Activision Blizzard (=E2=80=9CCall of Duty,=E2=80=9D =E2=80= =9COverwatch=E2=80=9D) said its quarterly revenue was $600M lower than a ye= ar ago. Nintendo=E2=80=99s Switch s= ales plunged 60%, Microsoft reported lower gaming revenue as Xbox sales slipped, and FIFA legend EA l= owered its sales forecast. Up next to report: Roblox. Supply woes, recession jitters, and IRL fun ar= e expected to shrink gaming sales by 9% this year.

BTS i= s back... we're not talking K-pop. This year=E2=80=99s back-to= -school season will be pricey: families with kids in elementary through hig= h school plan to spend, on average, $864 on supplies, up $168 from 2019. Re= tailers including Walmart and Target have cut their sales outlooks as households prioritize essentials l= ike groceries and Ticonderoga pencils over new laptops. St= ill, overall BTS spend is on pace to match last year's $37B record. Som= e parents are dipping into savings to afford supplies. Now, some states are= offering sales-tax holidays fo= r BTS shopping.

 
=
Events
<= /table>

Coming up this week...

Love a= t first swipe=E2=80=A6 for Bumble investors. The dating (and networking) biz, where wom= en make the first move, saw a 24% revenue bump last quarter as its 3M+ payi= ng users spent more $$ on app perks. Now Bumble=E2=80=99s targeting Gen Z w= ith cheaper subscriptions and more digi-gift offerings (think: $5 virtual b= ouquet). Still, global dating-app downloads have dipped as people pick IRL meetups over spe= ed-swiping. Tinder owner Match saw its shares plunge last week after reporting slowing growth. We=E2= =80=99ll see whether Bumble felt the same heat when it reports Wednesday.

Taking home the mini shampoo=E2=80=A6 Don=E2=80=99t f= orget free cotton swabs. Hotel staple Hyat= t reports tomorrow amid the travel rebound. The leisure + hosp= itality sector led July job gains as restaurants and hotels scrambled to hi= re (they=E2=80=99re still 1.2M positions short of prepandemic levels). Hosp= itality stocks have gained over the past month after strong earnings from H= ilton and Marriott, whose rev= enue per available room surged 70% year over year. Airbnb had its best quarter ever with record boo= kings. We=E2=80=99ll see if Hyatt swung back to a profit.

=
ICYMI
<= /table>

Last week's highlights...

  • Batted: After spending = $90M on =E2=80=9CBatgirl,=E2=80=9D War= ner Discovery is scrapping the DC flick (which it had planned = to release directly to HBO Max). Warner=E2=80=99s new execs are shifting fo= cus back to box-office hits as losses mount.
  • Ta= ipei: House Speaker Nancy Pelosi became the highest-ranking US= official to visit Taiwan in 25 years. Last week=E2=80=99s historic visit d= rew China=E2=80=99s wrath and rattled global markets.
  • Bubbly: Pepsi invested $550M in =E2=80=9Chealthy=E2=80=9D energy-drink maker Celsius. As soda declines, big be= v companies have shifted to functional beverages (think: vitamin-packed ene= rgy drinks and enhanced waters).

What = else we're Snackin'
  • Friend: A study analyzi= ng 21B Facebook friends= hips found that low-income kids with wealthier friends earn more as adults.= Researchers say cross-class friendships help economic mobility more than s= chool quality.
  • Jackpot: Th= e US got lotto fever last month when the Mega Millions jackpot hit $1.3B, b= ut the frothy payout might not have been the only driver: high ticket sales= can be a sign of economic desperation.
  • OOTD: TikTok is becoming outfit Tok. Insta attracts 3X more influencer-marketing s= pend from brands, but the Tok=E2=80=99s surpassed FB as a fashion-marketing= go-to =E2=80=94 and is on track to steal YouTube=E2=80=99s second-place sp= ot.
=
=
Want your Snacks daily?
The Daily Newsletter
Get fresh takes on financial news every week day. = Try a sample:

=F0=9F=A6=87 Warner scraps =E2=80=9CBatgirl=E2=80=9D= =E2=80=A2 Aug 5, 2022
=F0=9F=92=94 Match=E2=80=99s dating doldr= ums =E2=80=A2 Aug 4, 2022
=E2=9C=88=EF=B8=8F Pelosi-China shivers =E2=80=A2 Aug 3, 2022

Subscribe to the Daily<= /a>
= =
<= table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation= " width=3D"100%">
Snack Fact Of the Day
As of June, 61% of American adults lived paycheck to pa= ycheck =E2=80=94 up from 55% a year earlier

= <= /table>
This Week
    Monday: Earnings expected = from Tyson, GoodRx Holdings, and = 23andMe
  • Tuesday: Earnings expected from Marriott, Planet Fit= ness, Lemonade, Coinbase, Hyatt, and IAC
  • Wednesday: July inflation numbers released. Earning= s expected from Roblox, Disney, N= io, Bumble, and Wendy's
    • =
  • Thursday: Jobless claim= s. Earnings expected from Baidu, Canada Goose, Rivian, Toast, Celsius Hold= ings, and Warby Parker
  • Friday: Earnings expected from Spectr= um Brands

Authors of this Snacks own: shares of Bumble= , Amazon, Walmart, Disney, Microsoft, IAC, Baidu, Warner Bros. Discovery, a= nd Match

ID: 2341237

=
<= /table>
Robinhood Snacks newsletters reflect the opinions = of only the authors who are associated persons of Robinhood Financial LLC (= Member SIPC) and do not reflect the views of Robinhood Mar= kets, Inc. or any of its subsidiaries or affiliates. They are for informati= onal purposes only, and are not a recommendation of an investment strategy = or to buy or sell any security, digital asset (cryptocurrency, etc) in any = account. They are also not research reports and are not intended to serve a= s the basis for any investment decision. Any third-party information provid= ed therein does not reflect the views of Robinhood Markets, Inc., Robinhood= Financial LLC, or any of their subsidiaries or affiliates. All investments= involve risk including the loss of principal and past performance does not= guarantee future results.
To unsubscribe from all commercial= emails, click here
--2202e8ba2cc2dd988f15ab9c9e0080e56770cb1337a74d1a4edec561b856 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Mime-Version: 1.0
=E2=80=A6and =E2=80=9CCall of Duty= =E2=80=9D loses steam as gaming slows
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Disclosures
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Is it, though? (Justin S= ullivan/Getty Images)

 
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Last Week=E2=80=99s Market Moves
 
Dow Jones
32,803 (-0.13%)		S&P 500
4,145 Nasdaq
12,658 (+2.15%)		Bitcoin
$23,159 (-2.63%)<= /span>
Dow Jones
32,803 (-0.1= 3%)		S&P 500
4,145 (+0.36%)
Nasdaq
12,658 (+2.15%)		Bitcoin
$23,159 (-2.63%)
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3D""
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<= tr>

Visa and Mastercard are profitin= g from higher swipe fees and growing debt, but their swipe-opoly is under f= ire

Swipe left=E2=80=A6 Yo= ur local grocery and Disney = have a common enemy: card fees. This spring, Visa and Mastercar= d hiked the =E2=80=9Cswipe = fees=E2=80=9D they charge merchants for card purchases. FYI: merchants can = pass swipe costs on to shoppers. Visa and Mastercard process 83% of US cred= it cards and earned $55B+ from swipe fees last year. But the duopoly is und= er scrutiny:

  • New rules: The Senate=E2=80=99s finalizing= a bill that would boost payment competition by forcing banks to use severa= l partners, versus exclusively using Visa or Mastercard. More competition= =E2=80=99s expected to reduce fees by $11B+ annually.
  • New suits: This month Disney sued Visa and Mastercard,= alleging they were essentially fixing fees =E2=80=94 they settled privatel= y. Walmart, Kroger, Amazon, and others have won bil= lions doing the same.
  • Scanda= ls: Last week a judge greenlighted a suit against Visa for processing payments= for Pornhub parent MindGeek (which is accused of enabling= child sex abuse). The case could make payment juggernauts responsible for = all transactions they process.

Land of the fee=E2=80=A6= home of the paid. US retailers pay 7X more in swipe fees than Eur= opean retailers, which cap card fees. Most of that fee $$ goes to the bank = that actually issued your card, because the bank is the one paying the merc= hant. But networks like Visa and Mastercard, which move your $5 latte payme= nt from your bank to your coffee shop, are cashing in too:

  • Booming pro= fits: Visa=E2=80=99s and Mastercard=E2=80=99s profits surged last = quarter, and Visa=E2=80=99s 66% profit margin is the S&P 500=E2=80=99s = highest.
  • Soaring IOUs: Credit-card balances spiked 13% last quarter, the biggest jump in 20+ y= ears, as savings dwindled and inflation sizzled.
THE TAKEAWAY
<= p>The swipe economy is changing=E2=80=A6 Swipe fees increa= se costs for US families by $700 annually, on average, and hit low-income s= hoppers hardest. Now lawsuits and legislation could rewrite payment rules a= nd curb the swipe-opoly. Meanwhile, Visa and Mastercard are building in-hou= se buy now, pay later systems and crypto products to unlock revenue beyond = swipes. But they=E2=80=99ll face scrutiny: last year the DOJ blocked Visa= =E2=80=99s $5.3B acquisition of pay-tech giant Plaid.

<= /div>

=
Zoom Out
=
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Stories we=E2=80=99re watching...

Ready, player none=E2=80=A6 The pandemic gaming boom is over= . Global video-game sales are expected to fall this year for the first t= ime in seven years. Last week, gaming titan Activision Blizzard (=E2=80=9CCall of Duty,=E2=80=9D = =E2=80=9COverwatch=E2=80=9D) said its quarterly revenue was $600M lower tha= n a year ago. Nintendo=E2=80= =99s Switch sales plunged 60%, Microsoft reported lower gaming revenue as Xbox sales sli= pped, and FIFA legend EA lowered its sales forecast. Up next to report: Roblox. Supply woes, recession ji= tters, and IRL fun are expected to shrink gaming sales by 9% this yea= r.

BTS is back... we're not talking K-pop. This = year=E2=80=99s back-to-school season will be pricey: families with kids in = elementary through high school plan to spend, on average, $864 on supplies,= up $168 from 2019. Retailers including Walmart and Target have cut their sales outlooks as househo= lds prioritize essentials like groceries and Ticonderoga p= encils over new laptops. Still, overall BTS spend is on pace to match last = year's $37B record. Some parents are dipping into savings to afford sup= plies. Now, some states are of= fering sales-tax holidays for BTS shopping.

=
Events
<= /table>

Coming up this week...

Love a= t first swipe=E2=80=A6 for Bumble investors. The dating (and netwo= rking) biz, where women make the first move, saw a 24% revenue bump last qu= arter as its 3M+ paying users spent more $$ on app perks. Now Bumble=E2=80= =99s targeting Gen Z with cheaper subscriptions and more digi-gift offering= s (think: $5 virtual bouquet). Still, global dating-app downloads have dipped as people pick IRL me= etups over speed-swiping. Tinder owner = Match saw its shares plunge last week after reporting slowing = growth. We=E2=80=99ll see whether Bumble felt the same heat when it reports= Wednesday.

Taking home the mini shampoo=E2=80=A6 Do= n=E2=80=99t forget free cotton swabs. Hotel staple Hyatt reports tomorrow amid the travel rebound. = The leisure + hospitality sector led July job gains as restaurants and hote= ls scrambled to hire (they=E2=80=99re still 1.2M positions short of prepand= emic levels). Hospitality stocks have gained over the past month after stro= ng earnings from Hilton and Marriott<= /strong>, whose revenue per available room surged 70% year over year. Airbnb had its best quarter e= ver with record bookings. We=E2=80=99ll see if Hyatt swung back to a profit= .

=
ICYMI
<= /table>

Last week's highlights...

  • Batted: After = spending $90M on =E2=80=9CBatgirl,=E2=80=9D War= ner Discovery is scrapping the DC flick (which it had planned = to release directly to HBO Max). Warner=E2=80=99s new execs are shifting fo= cus back to box-office hits as losses mount.
  • Taipei: House Speaker Nancy Pelosi became the highest-ranki= ng US official to visit Taiwan in 25 years. Last week=E2=80=99s historic vi= sit drew China=E2=80=99s wrath and rattled global markets.
  • Bubbly: Pepsi invested $550M in =E2=80=9Chealthy=E2=80=9D energy-drink maker Celsius. As soda declines, big bev compa= nies have shifted to functional beverages (think: vitamin-packed energy dri= nks and enhanced waters).
=

What = else we're Snackin'
  • Friend: A study analyzing 21= B Facebook friendships found= that low-income kids with wealthier friends earn more as adults. Researche= rs say cross-class friendships help economic mobility more than school qual= ity.
  • Jackpot: The US got = lotto fever last month when the Mega Millions jackpot hit $1.3B, but the fr= othy payout might not have been the only driver: high ticket sales can be a= sign of economic desperation.
  • OOTD: TikTok = is becoming outfit Tok. Insta attracts 3X more influencer-marketing spend f= rom brands, but the Tok=E2=80=99s surpassed FB as a fashion-marketing go-to= =E2=80=94 and is on track to steal YouTube=E2=80=99s second-place spot.
<= tbody>
<= /tr>=
Want your Snacks daily?
The Daily Newsletter
Get fresh takes on financial news every w= eek day. Try a sample:

=F0=9F=A6=87 Warner scraps= =E2=80=9CBatgirl=E2=80=9D =E2=80=A2 Aug 5, 2022
=F0=9F=92=94 Match=E2=80=99s dating doldrums =E2=80=A2 Aug 4, 2022
=E2=9C=88= =EF=B8=8F Pelosi-China shivers =E2=80=A2 Aug 3, 2022

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Subscribe to the Daily
<= /table>
Snack Fact Of t= he Day
As of June, 61%= of American adults lived paycheck to paycheck =E2=80=94 up from 55% a year= earlier

= <= /table>
This Week
    Monday: Earnings expected = from Tyson, GoodRx Holdings, and = 23andMe
  • Tuesday: Earnings expected from Marriott, Planet Fit= ness, Lemonade, Coinbase, Hyatt, and IAC
  • Wednesday: July inflation numbers released. Earning= s expected from Roblox, Disney, N= io, Bumble, and Wendy's
    • =
  • Thursday: Jobless claim= s. Earnings expected from Baidu, Canada Goose, Rivian, Toast, Celsius Hold= ings, and Warby Parker
  • Friday: Earnings expected from Spectr= um Brands

Authors of this Snacks own: shares of Bumble= , Amazon, Walmart, Disney, Microsoft, IAC, Baidu, Warner Bros. Discovery, a= nd Match

ID: 2341237

--2202e8ba2cc2dd988f15ab9c9e0080e56770cb1337a74d1a4edec561b856--
=
Robinhood Snacks newsletters reflect the opinions = of only the authors who are associated persons of Robinhood Financial LLC (= Member SIPC) and do not reflect the v= iews of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. T= hey are for informational purposes only, and are not a recommendation of an= investment strategy or to buy or sell any security, digital asset (cryptoc= urrency, etc) in any account. They are also not research reports and are no= t intended to serve as the basis for any investment decision. Any third-par= ty information provided therein does not reflect the views of Robinhood Mar= kets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affili= ates. All investments involve risk including the loss of principal and past= performance does not guarantee future results.
To unsubscribe from all commercial emails, click here
<= /div>