This is a juicy one

MARKETS

• U.S. markets: Just a friendly reminder that on Mondays we are showing year-to-date (YTD) market changes. Also a reminder that those YTD gains for the major stock indexes are lower than they were last Monday.

FOOD

Are You Ready For a Juicy IPO?

Beyond Meat, a startup that makes plant-based meat products, has filed for an IPO. The size of the offering? $100 million, but that number's just a placeholder.

A quick appetizer of some financials: The company said that net revenue in the first nine months of 2018 came to $56.4 million, a 167% bump from the same period last year.

Now, it's true that not every IPO filing gets top billing in the Brew—no hard feelings, Glucose Biosensor Systems (Greater China) Holdings. But this isn't just any IPO filing.

It's got a buzzy product

While Beyond Meat sells a variety of plant-based products from beef to pork to poultry, its bread-and-butter is the Beyond Burger, which is designed in a lab "to look, cook and taste like traditional ground beef." Why couldn't that have been our Chem 332 final project?

Let's talk distribution.

• Retail: It's sold in large supermarket chains including Albertsons, Kroger, Wegmans, and Whole Foods.
• Restaurants: You can see the Beyond Burger on menus at Bareburger, TGI Fridays, and a few others.

It's in a buzzy industry

Consumers are increasingly shunning meat over concerns of environmental impact, health, and animal welfare. And the meat substitutes industry is poised to take advantage—it's estimated to grow to nearly $6.5 billion by 2023 (up from $4.6 billion this year).

So it shouldn't surprise you that Beyond Meat is locked in a bruising battle with competitors. Not only is it duking it out with the like-minded Morningstar Farms and Impossible Foods, but there's also the traditional giants of Big Meat (the animal variety) to worry about.

Finally, it's got high-profile backers
Leonardo DiCaprio is a brand ambassador, and Beyond Meat counts Bill Gates as one of its investors. These celeb endorsements show how plant-based protein has worked its way to center stage.

And there's no brighter spotlight than the one on the public markets.

TRADE

U.S. and China Can’t Seem to Get Along

Sometimes, we Brew writers disagree about specific wording (is WeWork really a "startup"?). But at the end of the day, we know we'll put out a newsletter and get the job done.

That wasn't the case at a major economic meeting this weekend. For the first time in 29 years, the Asia-Pacific Economic Cooperation summit ended without officials issuing a joint closing statement.

So what was the hold-up? The U.S. and China couldn't agree on language over trade.

• It mostly came down to one sentence, per the WSJ: "We agreed to fight protectionism including all unfair trade practices."
• China reportedly wasn't a fan, since it appeared to be the main target.

Zoom out: That disagreement is just a microcosm of the growing rivalry between the world's two biggest economies. U.S. VP Mike Pence and Chinese President Xi Jinping each took shots at each other in speeches on Saturday.

Bottom line, courtesy of Papua New Guinea Prime Minister Peter O'Neill: "The entire world is worried."

WEATHER

Air Quality Hurts California Business

The devastating Camp Fire in northern California has killed at least 71 people. More than 1,000 are missing, and 9,700 homes and buildings have been destroyed. All that, and the fire remains only 50% contained.

Now, the state is dealing with a residual problem that could hurt local business: air quality.

• The air quality index in Sacramento exceeded the 300-point level (considered "hazardous") late last week. Readings neared 300 in San Francisco, too.
• Those readings meant the Golden State cities were more polluted than New Delhi, India.

And business is suffering. Tourists are expected to spend about $9.5 billion in San Francisco this year, but given air quality concerns, no one's taking the ferry to Sausalito, let alone venturing out for an Alcatraz tour. And most outdoor games and events have been axed from SF's calendar.

You could see this coming: Some Uber drivers have gone full disaster capitalist, selling air masks well above market price (one driver reportedly hawked them for $5 each, but you can get a 10-pack on Amazon for $13).

STARTUP

Are Unicorns the New Squirrels?

Well, yes...at least in the sense that we're surrounded by them.

We're not talking horned ponies, though. These are U.S. software startups launched since 2003 worth more than $1 billion. The term was coined by Cowboy Ventures founder Aileen Lee in 2013.

• Back then, there were only 39 companies that had earned the title, per TechCrunch.
• But now? There are 145 active unicorns in the U.S. worth a collective $555.9 billion.

Plus, the average U.S. unicorn now takes six years to earn its badge. In 2015, it took 7.5 years, according to PitchBook.

Zoom out: The explosion in the number of unicorns is largely a result of fewer companies opting to go public. Why go through the trouble of filing with the SEC when you can tap into the $80.1 billion of available capital in the private market? SoftBank's one call away.

CALENDAR

What’s on Tap

All hail short weeks.

Monday: Earnings (Intuit, JD.com, L Brands)

Tuesday: Housing starts; earnings (Best Buy, Target, Gap Inc., Lowe's, Kohl's, TJX, Campbell Soup)

Wednesday: Jobless claims, consumer sentiment; traffic

Thursday: Thanksgiving; markets are closed

Friday: Black Friday; markets close early

WHAT ELSE IS BREWING

• J.Crew's CEO James Brett is stepping down following disagreements with the board over strategy.
• Apple CEO Tim Cook told Axios that he thinks new tech regulation is "inevitable."
• Nespresso locked into a deal with miner Rio Tinto to use sustainable aluminum in all coffee capsules by 2020.
• ABC Entertainment President Channing Dungey has resigned. She was the first African American to lead a U.S. broadcast network.
• Elon Musk has reportedly started a company called The Brick Store, which will produce and sell...bricks.
• The Cleveland Browns are reportedly interested in interviewing former Secretary of State Condoleezza Rice for the head coaching job, per ESPN. The Browns' GM denied the report.

BREAKROOM

Business Trivia
Anyone feeling the "animal spirits"? Each of the following describes a company with an animal in its name.

1. An entertainment company known for its film division (and one of its subsidiaries is
2. A manufacturer that's often considered a "bellwether" for the global economy
3. It makes a popular smartphone case
4. A firm whose investments include Allbirds, Coinbase, and Juul

Breakroom Answers