đ The U.S. port strike is on
Good morning, Quartz readers!
HEREâS WHAT YOU NEED TO KNOW
The massive port strike is here. Members of the International Longshoremenâs Association are shutting down loading docks from Maine to Texas, and these are the companies that will likely feel the biggest impacts.
The ILA is flexing its muscles. Union president Harold Daggett says dockworkers plan to âcrippleâ the U.S. economy and make their presence known.
The White House is watching the fallout. President Joe Biden has said heâs on the lookout for price gouging related to the port shutdown.
If cargo canât come by sea, then maybe by air. Companies like UPS and FedEx that deal in air freight could benefit from the port strike.
Supply chains are getting tangled. Costco and Walmart have been giving insight into how theyâre trying to cope with the port shutdown.
Just how âdevastatingâ could the port strike be?
The 45,000 striking members of the ILA are the ones who handle offloading 51% of Americaâs ship cargo. A group of trade associations who do business through the ports told President Biden that their unavailability will be âdevastatingâ to the U.S. economy.
Across a wide number of categories, from cherries to chocolate, the vast majority of imports will be stuck outside the country. Estimates of the impact range from a daily loss of $540 million a day to as much as $5 billion.
Just how badly will Americaâs grocery and retail shelves be affected by the strike? Will Gavin breaks down how crucial ILA workers are to the flow of all your favorite products.
Nike stock wonât be jumping for a while
As reverberations from a CEO shakeup at the worldâs biggest sneaker company continue to be felt, analysts are telling investors not to expect much for the time being. The team at Jefferies suggests that shares will be ârange-boundâ while Nike figures out what to do with itself.
A new CEO, a crisis of cool, and weakening growth at home and abroad all present new challenges to a long-dominant brand that suddenly finds itself on the defensive. Itâs a situation thatâs rarely good for a stock price.
Whatâs going on at Nike, and how does Wall Street view the likelihood of a return to form? Quartzâs Francisco Velasquez breaks down the state of play at the sneaker giant.
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Our best wishes on a safe start to the day. Send any news, comments, port problems, and pack mules to [email protected]. Todayâs Daily Brief was brought to you by Melvin Backman and Morgan Haefner.