Domain Daily: A Bipartisan Moment

The Dose

  • Off Target

  • Uber Eats Goes National

  • Crypto Legislation

Excess Inventory

Target is purging unwanted inventory. As a result, the retailer warned investors that its Q2 financials would take a hit.

The Point: Target has come up a bunch over the last few weeks. In May, the company disappointed Wall Street with lower than expected earnings. Then, on an earnings call, CEO Brian Cornell talked about how the retailer has struggled to adapt to changing consumer habits. Now, Cornell and crew are looking to course correct. Rather than sitting on unwanted products in hopes that they'll come back into vogue, Target will slash prices and move on from the mistake in time for the back-to-school rush. Expect more retailers to follow Target's lead. Of course, that will result in short-term pain across the space. Still, price cuts are the medicine retailers will have to close their eyes and take.

Check Prices in the App

Bagels to Bakersfield

Uber Eats is getting into long-distance food delivery.

The Point: New York City expats won't have to hunt for a good bagel for much longer. Uber's newest service will ship food from select merchants across the lower 48. The program will initially support just a few restaurants located in Los Angeles, Miami, and New York. But over time, Uber could make long-distance food delivery ubiquitous. On the one hand, it's tempting to think of this as just a novelty. But it's safe to say FedEx and UPS are taking notice. Shipping food across the country is no easy task. So if Uber can pull this off, there's almost no aspect of delivery that will be off-limits for them.

Why We Invested in Uber

Crypto on Capitol Hill

Bipartisan legislation on cryptocurrencies has been introduced in the U.S. Senate.

The Point: It's encouraging to see Democrats and Republicans working together on any issue. And in a sense, crypto is a perfect venue for the two parties to come together. Since neither party has any entrenched framework for the asset class, it should be an area where they can have honest debates. There's a lot in this bill, but two areas stand out. First, it would remove capital gains taxes when crypto is used to purchase less than $200 of goods or services. That'd go a long way to making cryptocurrencies more like, well, currency. Secondly, the bill would give the Commodity Futures Trading Commission more say in regulating the asset class. That'd provide much-needed clarity for the industry, agencies, and lawmakers alike.

Retail and Crypto

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*The content team responsible for the above content uses primary and secondary sources they believe to be accurate, which includes but is not limited to Bloomberg, The Wall Street Journal, Financial Times, and CNBC, among others. 

*Domain Money Advisors, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission and an affiliate of Domain Money, has (as of this writing) the following assets mentioned in this communication as part of its managed portfolios: UBER