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=E2=80=A6and Meta=E2=80=99s paid su= bscription gets EU side-eye
 
=
Not everyone can be Especial (Mario Tama/Getty Images= )
 
Sponsored by
<= !--[if mso | IE]>
<= tbody>
Wednesday= =E2=80=99s Market Moves
 
<= td>Nasdaq=
18,188 (+0.88%)
Dow Jones
39,308 (-0.= 06%)		S&P 500
5,537= (+0.51%)		Bitcoin
$60,325 (-2.76%)
=
Dow Jones
39,30= 8 (-0.06%)		S&P = 500
5,537 (+0.51%)
Nasdaq
18,188 (+0.88%)		Bitcoin
$60,325 (-2.76%)
<= /table>
<= table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation= " width=3D"100%">

Hey Snackers,

Move over, M= ichelangelo. This cruel summer, Taylor Swift=E2=80=99s going on display. He= r clothes, instruments, and awards will fill up the blank space at London=E2=80=99s Victoria and Alber= t Museum.

The S&P and Nasdaq closed at a record high on Wednesday= =E2=80=99s shortened trading day ahead of the July Fourth holiday. Today, t= raders hoping for rate cuts have their eyes on the June jobs report (bad ne= ws =3D good news?).

Foamy
=
<= /table>
<= /tr>

Modelo maker Constellation Brands pops= off as Americans pick foreign brews over domestic staples

Raise a glass=E2=80=A6 and your annual guidance if yo= u=E2=80=99re Constellation Brands. The big beer co was cheers-ing th= is week after growing its quarterly profit by more than 6x from last year. = The booze giant, which sells Mexican brews like Modelo and Corona in the US= , said profits foamed up after beer sales surged 8% and costs fell. But ove= rall sales grew at a slower pace as wine and spirits continued to leave a s= tain.

  • <= p>Wine-no: Constellation=E2=80=99s non-beer sales (it owns brands li= ke Meiomi wine and Mi Campo tequila) fell 7%, continuing declines.

    • =

  • Especially good: Modelo Especial= sales rose 11% last quarter, and Pacifico, which Constellation says has be= come a fave in US =E2=80=9Cbeach towns,=E2=80=9D spiked 21%.

<= p>Modelo behavior=E2=80=A6 Mexican beers have taken over Americans= =E2=80=99 BBQ coolers. Modelo Especial overtook AB InBev-owned Bud Light as= the US=E2=80=99s top-selling beer last year after conservative consumers b= oycotted Bud over an influencer partnership. More than a year after the Bud= cott, AB InBev=E2=80=99s US sales dropped 9% annually in the first quarter = of this year (it blamed Bud Light).

  • Worldwide: While the US was a weak s= pot for AB InBev, international consumers paying higher prices boosted its = total revenue to a record last year (and sales bubbled up again last quarte= r).

  • FYI: AB InBev= is the world=E2=80=99s largest beer co and owns the rights to sell Mode= lo Group beers like Corona and Modelo Especial outside the US.

    • =

THE TAKEAWAY

Brand recognition is double-edged=E2=80=A6 Constellation= =E2=80=99s struggling to stand out in the wine-and-spirits aisle while its = Mexican brews are becoming household names. Meanwhile, Bud Light=E2=80=99s = brand now leaves a bad taste for some consumers. One analyst said Bud=E2=80= =99s lost a generation of drinkers that could take a decade (and a lot of C= lydesdales) to win back.

Read this online

Sponsored by Elf Labs

Want to= Add Iconic Intellectual Property to Your Portfolio?

Imagine the revenue potential in owning the intellectual property = (IP) behind some of history=E2=80=99s highest grossing characters. Elf Labs= is now offering the opportunity to enter the $400B entertainment and licen= sed merchandise space.

Character IP: After 100+ landmark trade= mark victories and over 200 copyright acquisitions, Elf Labs owns= rights to some of the most iconic characters in history, like Cinderel= la, Snow White, Sleeping Beauty, Rapunzel, Peter Pan, and more. They=E2=80= =99re bringing these characters to life with their patented technologies, i= ncluding AI and compression algorithms, for immersive content, online world= s, and interactive toys.

Merch: Elf Labs is capitalizi= ng on the $350B licensed merchandise market by partnering with global c= onsumer product companies to manufacture licensed merchandise.=C2=A0

= Discover how you can get 5% bonus shares when you invest = in Elf Labs by 7/9.*

<= /table>

PAY-T= O-SCROLL
=
<= /table>
= =

EU regulators = charge Meta over its =E2=80=9Cpay or consent=E2=80=9D Instagram subscriptio= n model

Paying for an ad-free Instagram= =E2=80=A6 It=E2=80=99s an option in Europe, but regulators there aren= =E2=80=99t double-tapping it. They=E2=80=99ve charg= ed Meta with failing to comply with competition rules under = the bloc=E2=80=99s Digital Markets Act. At issue: Meta=E2=80=99s ad-free In= sta and FB subscription in Europe, which makes users pay to use the apps ad= -free or consent to ads. Meta introduced the =E2=80=9Cpay or consent=E2=80= =9D model in November to try to comply with the act (awkward).

  • Bloc=E2=80=99= d: EU regulators said the binary choice breaches the DMA because it fai= ls to give users a free third option that doesn=E2=80=99t rely as heavily o= n their data for ad targeting.

  • = Meta said the ad-free sub =E2=80=9Cfollows the direction of the high= est court in Europe and complies with the DMA.=E2=80=9D

  • Gulp: If Meta=E2=80=99s found to be in vi= olation when the investigation wraps up next year, it could be fined up to = 10% of its global annual revenue.

Billions on the line= =E2=80=A6 The landmark DMA law, which was passed in 2022 and went into = effect this May, aims to boost tech competition. It gives the EU significan= t power to rein in Big Tech, and brings major consequences for those who fa= il to comply. Tech titans found to be in violation could be fined up to 10%= of their yearly revenue. Several companies have already made big changes t= o meet the EU=E2=80=99s new standards (think: Apple allowing differe= nt app stores on iPhones in Europe for the first time). But it hasn=E2=80= =99t been enough:

=
THE TAKEAWAY

Workarounds may not work=E2=80=A6 this time around. Meta= launched the ad-free subscription to align with the EU=E2=80=99s new priva= cy regulations. Turns out, EU regulators don=E2=80=99t think it aligns. In = just a few months, the bloc=E2=80=99s regulators have already charged both = Meta and Apple with violating the DMA, and other techies could be next. The= EU is showing it means business, and that=E2=80=99s threatening tech=E2=80= =99s business.

Read this online

TAXMA= N
<= /table>

The Crypto Catch-U= p=E2=80=A6

=F0=9F=92=B0 Spendy=E2=80=A6 P= olymarket, a crypto-based prediction market, reportedly saw a record 30= K monthly active users last month =E2=80=94 and $110M in trading volume.= Driving the #s: speculation surrounding the US presidential election, with= $200M bet on who=E2=80=99ll be the Dem nominee.

=F0=9F=93=9C Poli= cy=E2=80=A6 The Treasury Department finalized a rule that would require crypto exchanges to report= user transaction info like gross proceeds to the IRS. (The idea: deter tax= dodgers.) The rule applies to centralized exchanges like Coinbase a= nd Binance.

=E2=9A=96=EF=B8=8F Judgy=E2=80=A6 The SEC <= a href=3D"https://sg.robinhood.com/ls/click?upn=3Du001.XlCJqwwOL58T-2B5u1T1= OmQNSR5iG30fs1hu40oSn5bVqpfbilpwuZW2SfH9mHQcBlmf-2BVvN1rnW08GIDUa5LYTJaB-2F= jEUi-2Fcdhv75w4Pxr2rhGN5maw5hPholn88rdGUCUBhw_IHWeHh5OxE-2FFI4JuNZQ4XTt6Ks7= Su2x6u3F6QZGQ-2BodgnEHT8k5DyHF5uhkmwojRZpSUGVOYXTIbbNubHU1KAmvc069K8tK3gh43= WHXon3CO3FYEp2Kee95vq-2Bkj-2FwwgdhchP-2BXgsnr4BZhR3gcPbihw4GwyrFXuZqAt53K8q= TOIXvSBYq9BYyv8we8lCYds3X1eUU1N3L-2ByyQvXoQ9cjvut51zPfHIJ9JWM0oYOLy0grTj3ns= Ftlyt35jcx0-2BN8H71JuRoAMpQvA9ODwc92NfD1OBaqNbf-2FGHL6VQ2zzx4t0E4IqJWuoYE4g= g7da0HPvrJVQGC4Aee8KLd9nC0WSIsCKUzbV-2BaqdBZg8LlQfohaUeSdUK3FjHwDW-2FhIm4Vh= SLGUTuv60DvWCCmr552aYZ3IYUZXyrpCkSp2xM3tnWIjF0HpGN6HnJDhYRSGgsDOoqUAFmird4U= a96bbh9spEkF0WRyA78OVBhZ9wS9HKZ-2BNaRs-2BIdEVM41uakixQ1wPUX4FM9skjWQNUEoKmX= mflG6kKhi0IxtjTc7idjT8u4Q3h34IslBEYoBuJZyobaD6S4-2FXE0x5w15Xr3XzkC4FoLMximb= DirEc1qhJsPhRJRtRMvOzHDqTpjxxqLymFxcr4JZEXUgBdKecOUwcgdyqMa6j7n-2Fez4OAU-2B= cJXuhujOyp13-2BYytStZZN8-2BFcSW5ng rel=3D"noopener" style=3D"color:#5869FF;= font-weight:bold;text-decoration:underline;text-decoration-thickness:2px;te= xt-underline-offset:1px" target=3D"_blank" class=3D"css-0">sued = Consensys, an ethereum-software biz known for its MetaMask cr= ypto wallet. The suit says Consensys acted as an unregistered broker, gener= ating $250M+ in fees. The biz called the suit =E2=80=9Cregulatory overreach= .=E2=80=9D

<= /table>
What else we're Snackin'

=
<= /table>
Snack = Fact Of the Day

A record 71M= Americans were expected to travel during the July Fourth holiday week

<= /div>

<= /table>
Friday

  • US jobs report for June

  • 30= th anniversary of Jeff Bezos founding Amazon

  • F1 British Grand Prix weekend revs up

Authors= of this Snacks own ethereum and shares of: Amazon, Apple, Disney, GM, Mode= rna, and Tesla

Advertiser's disclosures:

* This is = a paid advertisement for Elf Labs=E2=80=99 Regulation CF Offering. Please r= ead the offering circular and related risks at elflabs.com.

Start-up investments are= speculative and involve a high degree of risk. Those investors who cannot = afford to lose their entire investment should not invest in start-ups. Comp= anies seeking startup investment tend to be in earlier stages of developmen= t and their business model, products and services may not yet be fully deve= loped, operational or tested in the public marketplace. There is no guarant= ee that the stated valuation and other terms are accurate or in agreement w= ith the market or industry valuations. Further, investors may receive illiq= uid and/or restricted stock that may be subject to holding period requireme= nts and/or liquidity concerns.

Sherwood Media, LLC produces fresh = and unique perspectives on topical financial news and is a fully owned subs= idiary of Robinhood Markets, Inc., and any views expressed here do not nece= ssarily reflect the views of any other Robinhood affiliate... See more
Sherwood Terms and Conditions =E2=80=A2=  Our Editorial Standards =E2=80=A2&= nbsp;C= ontact Us =E2=80=A2 Privacy Policy =E2=80=A2 Advertis= e with us
<= /body> --dd0278de5a2ba921f8a8cca7bf9e5e459dd89a57f2d8c917c0deab9666b3 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Mime-Version: 1.0
=E2=80=A6and Meta=E2=80=99s paid su= bscription gets EU side-eye
=
 
<= tr>
Not everyone= can be Especial (Mario Tama/Getty Images)
 
Sponsored by
Wednesday=E2=80=99s Market Moves
 
39,308 (-0.06%)S&P 500
5,537 (+0.51%)		Nasdaq
18,188 (+0.88%)		Bitcoin
<= span style=3D"font-weight: 700;">$60,325 (-2.76%)
Dow Jones
39,308 (-0.06%)		S&P 500
5,537 (+0.51%)
Nas= daq
18,188 (+0.88%)		Bitcoin
$60,325 (-2.76%)<= /span>
<= /table>

Hey Snack= ers,

Move over, Michelangelo. This cruel summer, Taylor Swift=E2= =80=99s going on display. Her clothes, instruments, and awards will fill up the blank space at London=E2= =80=99s Victoria and Albert Museum.

The S&P and Nasdaq closed at = a record high on Wednesday=E2=80=99s shortened trading day ahead of the Jul= y Fourth holiday. Today, traders hoping for rate cuts have their eyes on th= e June jobs report (bad news =3D good news?).

3D""
<= /table>

Modelo maker C= onstellation Brands pops off as Americans pick foreign brews over domestic = staples

Raise a glass=E2=80=A6 and yo= ur annual guidance if you=E2=80=99re Constellation Brands. The big b= eer co was cheers-ing this week after growing its quarterly profit by more = than 6x from last year. The booze giant, which sells Mexican brews like Mod= elo and Corona in the US, said profits foamed up after beer sales surged 8%= and costs fell. But overall sales grew at a slower pace as wine and spirit= s continued to leave a stain.

  • Wine-no: Constellation=E2=80=99s non-beer= sales (it owns brands like Meiomi wine and Mi Campo tequila) fell 7%, cont= inuing declines.

  • Especially = good: Modelo Especial sales rose 11% last quarter, and Pacifico, which = Constellation says has become a fave in US =E2=80=9Cbeach towns,=E2=80=9D s= piked 21%.

Modelo behavior=E2=80=A6 Mexican beers ha= ve taken over Americans=E2=80=99 BBQ coolers. Modelo Especial overtook AB I= nBev-owned Bud Light as the US=E2=80=99s top-selling beer last year after c= onservative consumers boycotted Bud over an influencer partnership. More th= an a year after the Budcott, AB InBev=E2=80=99s US sales dropped 9% annuall= y in the first quarter of this year (it blamed Bud Light).

  • Worldwide: Wh= ile the US was a weak spot for AB InBev, international consumers paying hig= her prices boosted its total revenue to a record last year (and sales bubbl= ed up again last quarter).

  • F= YI: AB InBev is the world=E2=80=99s largest beer co and owns the= rights to sell Modelo Group beers like Corona and Modelo Especial o= utside the US.

<= table>

Brand recognition is double-edged=E2=80=A6 C= onstellation=E2=80=99s struggling to stand out in the wine-and-spirits aisl= e while its Mexican brews are becoming household names. Meanwhile, Bud Ligh= t=E2=80=99s brand now leaves a bad taste for some consumers. One analyst sa= id Bud=E2=80=99s lost a generation of drinkers that could take a decade (an= d a lot of Clydesdales) to win back.

Read this online

Sponsored by Elf Labs
=

Want to Add Iconic Intellectual Property to Your Portfolio?

Imagine the revenue potential in owning the in= tellectual property (IP) behind some of history=E2=80=99s highest grossing = characters. Elf Labs is now offering the opportunity to enter the $400B ent= ertainment and licensed merchandise space.

Character IP: After= 100+ landmark trademark victories and over 200 copyright acquisitions, Elf Labs owns rights to = some of the most iconic characters in history, like Cinderella, Snow Wh= ite, Sleeping Beauty, Rapunzel, Peter Pan, and more. They=E2=80=99re bringi= ng these characters to life with their patented technologies, including AI = and compression algorithms, for immersive content, online worlds, and inter= active toys.

Merch: Elf Labs is capitalizing on the $350B licensed merchandise = market by partnering with global consumer product companies to manufact= ure licensed merchandise.=C2=A0

Discover how you can get 5% bonus shares when you inve= st in Elf Labs by 7/9.*

<= /table>

PAY-T= O-SCROLL
=
<= /table>

EU regulators = charge Meta over its =E2=80=9Cpay or consent=E2=80=9D Instagram subscriptio= n model

Paying for an ad-free Instagram= =E2=80=A6 It=E2=80=99s an option in Europe, but regulators there aren= =E2=80=99t double-tapping it. They=E2=80=99ve charged<= /u> Meta with failing to comply with competition rules under the= bloc=E2=80=99s Digital Markets Act. At issue: Meta=E2=80=99s ad-free Insta= and FB subscription in Europe, which makes users pay to use the apps ad-fr= ee or consent to ads. Meta introduced the =E2=80=9Cpay or consent=E2=80=9D = model in November to try to comply with the act (awkward).

  • Bloc=E2=80=99d: <= /b>EU regulators said the binary choice breaches the DMA because it fails t= o give users a free third option that doesn=E2=80=99t rely as heavily on th= eir data for ad targeting.

  • M= eta said the ad-free sub =E2=80=9Cfollows the direction of the highest = court in Europe and complies with the DMA.=E2=80=9D

  • Gulp: If Meta=E2=80=99s found to be in violatio= n when the investigation wraps up next year, it could be fined up to 10% of= its global annual revenue.

Billions on the line=E2=80= =A6 The landmark DMA law, which was passed in 2022 and went into effect= this May, aims to boost tech competition. It gives the EU significant powe= r to rein in Big Tech, and brings major consequences for those who fail to = comply. Tech titans found to be in violation could be fined up to 10% of th= eir yearly revenue. Several companies have already made big changes to meet= the EU=E2=80=99s new standards (think: Apple allowing different app= stores on iPhones in Europe for the first time). But it hasn=E2=80=99t bee= n enough:

  • Apple last month became the first to be charged with breaking the DMA= . In March, the EU hit it with a $2B fine, saying it suppressed music-strea= ming competition.

THE TAKEAWAY

Workarounds may not work=E2=80=A6 this time= around. Meta launched the ad-free subscription to align with the EU=E2=80= =99s new privacy regulations. Turns out, EU regulators don=E2=80=99t think = it aligns. In just a few months, the bloc=E2=80=99s regulators have already= charged both Meta and Apple with violating the DMA, and other techies coul= d be next. The EU is showing it means business, and that=E2=80=99s threaten= ing tech=E2=80=99s business.

Read this online

TAXMA= N
<= /table>

The Crypto Catch-U= p=E2=80=A6

=F0=9F=92=B0 Spendy=E2=80=A6 P= olymarket, a crypto-based prediction market, reportedly saw a record 30= K monthly active users last month =E2=80=94 and $110M in trading volume. Driv= ing the #s: speculation surrounding the US presidential election, with $200= M bet on who=E2=80=99ll be the Dem nominee.

=F0=9F=93=9C Policy=E2= =80=A6 The Treasury Department f= inalized a rule that would require crypto exchanges to report user = transaction info like gross proceeds to the IRS. (The idea: deter tax dodge= rs.) The rule applies to centralized exchanges like Coinbase and = Binance.

=E2=9A=96=EF=B8=8F Judgy=E2=80=A6 The SEC sued <= b>Consensys, an ethereum-software biz known for its MetaMask cry= pto wallet. The suit says Consensys acted as an unregistered broker, genera= ting $250M+ in fees. The biz called the suit =E2=80=9Cregulatory overreach.= =E2=80=9D

<= /table>
What else we're Snackin'

    Snoozed: The FTC voted to block a $4B merger bet= ween Tempur Sealy and Mattress Firm. While the sleep stars sa= y the space is =E2=80=9Chighly competitive,=E2=80=9D regulators say = the deal could drive rivals like Serta and Purple out of busi= ness.

  • Teslip:<= /b> Tesla stock rose 9% after it said Q2 deliveries fell nearly 5% o= n the year, a smaller drop than expected. GM, which had its best qua= rterly sales in 3+ years, said EV deliveries were up 40%.

  • Plus: Paramount, which reportedly agree= d to merge with Skydance, is also said to be in talks to join its unprofita= ble Paramount+ with another streamer. Streamers like Disney have bee= n bundling up to fight #subscripturation.

  • <= b>Jetset: Airbus landed a $24B jet order from Philipp= ines airline Cebu Air. The world=E2=80=99s biggest plane maker has s= een record orders as beleaguered Boeing faces investigations and del= ivery delays.

  • Shot: The US gov=E2=80=99t said it=E2=80=99d pay Moderna $176M to speed up development of a bird-flu vax. Moderna=E2=80=99s Q1 reve= nue was down 91% on the year as sales of its Covid shot, its only product o= n the market, plunged.

=
<= /table>
Snack = Fact Of the Day

A record 71M= Americans were expected to travel during the July Fourth holiday week

<= /div>

<= /table>
Friday

  • US jobs report for June

  • 30= th anniversary of Jeff Bezos founding Amazon

  • F1 British Grand Prix weekend revs up

Authors= of this Snacks own ethereum and shares of: Amazon, Apple, Disney, GM, Mode= rna, and Tesla

Advertiser's disclosures:

* This is = a paid advertisement for Elf Labs=E2=80=99 Regulation CF Offering. Please r= ead the offering circular and related risks at elflabs.com.

Start-up investments are speculative = and involve a high degree of risk. Those investors who cannot afford to los= e their entire investment should not invest in start-ups. Companies seeking= startup investment tend to be in earlier stages of development and their b= usiness model, products and services may not yet be fully developed, operat= ional or tested in the public marketplace. There is no guarantee that the s= tated valuation and other terms are accurate or in agreement with the marke= t or industry valuations. Further, investors may receive illiquid and/or re= stricted stock that may be subject to holding period requirements and/or li= quidity concerns.

<= /td>
<= /tbody>
<= /td>
--dd0278de5a2ba921f8a8cca7bf9e5e459dd89a57f2d8c917c0deab9666b3--