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Welcome to Buy/Sell/Hold, Marker’s weekly newsletter that’s 100% business intelligence and 0% investment advice. Each week, our writers Steve LeVine and Rob Walker make sense of the most important developments in business right now — and give them a Buy for positive trends or clever moves, a Sell for mistakes or missed opportunities, or a Hold if they’re noteworthy but too early to call.

欢迎阅读Marker的每周新闻“ 买/卖/持有” ，其中包含100％的商业情报和0％的投资建议。 每个星期，我们的作家史蒂夫·莱文和罗布·沃克现在的企业最重要的发展是有意义的-并给他们购买了积极的趋势或聪明的举动，失误卖出或错失机会，或保留 ，如果他们是值得关注但还为时过早。

航空公司损失的意外上升 (The Unexpected Upside of Airline Losses)

The Buy/Sell/Hold Analysis

买/卖/持有分析

The airline business has hit a fresh patch of turbulence lately, as carrier after carrier reports dismal financial results: In the last quarter, Delta lost a record $2.8 billion, American lost $2.1 billion, United lost $1.6 billion, and Southwest lost $915 million. The hemorrhaging will likely continue, with Covid-19 cases spiking nationally, and the number of passengers going through its checkpoints continuing to dip.

航空业最近动荡不安，航空运营商报告了糟糕的财务业绩：在最后一个季度，达美航空亏损了创纪录的28亿美元，美国航空亏损了21亿美元，美联航亏损了16亿美元，西南航空亏损了9.15亿美元。 随着全国范围内Covid-19病例的激增，出血可能还会继续，通过其检查站的乘客人数将继续下降。

But lurking beneath these surface trends, an intriguing shift may be underway: Airlines may actually have to work to woo customers again. Instead of shaking us down for every last nickel, they’ll have to compete on a new type of brand experience.

但是潜伏在这些表面趋势之下，可能正在发生一个有趣的转变： 航空公司实际上可能不得不再次努力吸引顾客。 他们必须在新型的品牌体验上竞争，而不是让我们为最后的一击而震惊。

It turns out that business travel accounts for an estimated 60–70% of the sector’s revenue — a revenue stream that will only become less reliable now that Zoom calls are the new normal. That leaves carriers forced to court the leisure traveler. The leisure travel market has been returning — with some consumers willing to embrace vacation travel (even cruises) despite the pandemic — but it’s skittish, still at around 50% of where it stood a year ago, according to The Wall Street Journal.

事实证明，商务旅游占的估计该部门的收入的60-70％ -一个收入来源，只有将现在放大电话是新常态变得不那么可靠。 这样一来，承运人就不得不向休闲旅行者求婚。 根据《华尔街日报》的报道，休闲旅游市场一直在回升 -尽管大流行，一些消费者仍愿意接受度假旅行( 甚至是邮轮旅行)，但它还是一个小问题，仍然是一年前水平的50％左右。

An interesting branding challenge is emerging: How will airline seating, safety policies, and perhaps other Covid-age “perks” affect traveler demand? According to the New York Times, Delta, Southwest, and Alaska are blocking middle or adjacent seats through the end of September, and JetBlue is sticking to no middle seats through Labor Day. Southwest says it is lately adding “tens of thousands” of flights to keep up this distancing measure while meeting demand. Meanwhile, American and United are doubling down with their apathetic stance — filling as many seats as possible, while offering flyers the inconvenient alternative to switch to a less-crowded flight.

一个有趣的品牌挑战正在出现：航空公司的座位，安全政策以及也许其他Covid时代的“特权”将如何影响旅行者的需求？ 据《纽约时报》报道 ，达美航空，西南航空和阿拉斯加航空将在9月底之前封锁中间或相邻的座位，而捷蓝航空在劳动节之前一直没有中间座位。 西南航空公司表示，最近正在增加“成千上万”的航班，以在满足需求的同时保持这种距离。 同时，美国航空和美联航以他们的冷漠态度加倍-填补尽可能多的座位，同时为飞行者提供了一种不便的选择，即他们可以换成不那么拥挤的航班。

It’s a pretty straightforward (and classic) face-off: customer experience versus economic efficiency.

这是一个非常直接(也是经典)的对峙：客户体验与经济效率。

A Times reader commenting on a negative experience on a “packed” American flight vowed “NEVER again.” But there is famously a mismatch between what people say about their air travel intentions, and what they actually do. As Saturday Night Live’s Colin Jost once said on “Weekend Update” after a passenger was violently dragged from an overbooked flight: “I will never fly United ever again — unless they have a cheap flight to wherever I’m going.” We’ll see if a pandemic actually changes that equation.

一位《泰晤士报》的读者评论说，在一次“挤满”的美国航班上的负面经历发誓“再也不会”。 但是，众所周知的是，人们对航空旅行意图的看法与实际行动之间存在歧义。 由于周六夜现场的科林·乔斯特曾经说的‘周末更新’后，一名乘客被粗暴从超额预订航班拖：‘我永远不会再飞过美国-除非他们有廉价航班到哪里我要去。’ 我们将看看大流行是否真的改变了这个方程式。

Verdict: Hold

判决：保留

— Rob Walker

— 罗伯·沃克

⚡闪电回合 (⚡Lightning Round ⚡)

⚡ Tesla Turns a Profit in Q2. Despite the economic recession and the closure of its Fremont plant this spring, Tesla defied the consensus of skeptical analysts by making a $104 million profit from April to June. Along with the announcement that Musk plans to build its largest factory in Texas, news of its fourth profitable quarter in a row spiked its already-surging shares up an additional 5% after-hours on Wednesday, propelling it closer than ever toward entry into the S&P 500. Buy.

⚡特斯拉在第二季度扭亏为盈。 尽管经济不景气并于今年Spring关闭了其Fremont工厂，但特斯拉在4月至6月期间实现了1.04亿美元的利润，这与持怀疑态度的分析师的共识背道而驰。 随着宣布马斯克计划在得克萨斯州建立最大的工厂的消息，马斯克连续第四个季度获利的消息在周三的盘后交易中飙升了其已上涨股票的5％，这促使马斯克比以往任何时候都更紧密地进入该市场。标普500指数 。 购买。

⚡Slack Slams Microsoft for Anticompetitive Behavior. If you’re nostalgic for the Microsoft antitrust drama of decades past, Slack’s got your back. The business comms platform announced this Wednesday that it had filed a complaint with the European Commission over Microsoft’s bundling of its Microsoft Teams chat and video software with other Microsoft products. In a statement to the Financial Times, Slack’s general counsel said, “[Microsoft] created a weak, copycat product and tied it to their dominant Office product, force installing it and blocking its removal, a carbon copy of their illegal behaviour during the ‘browser wars’.” And much like during the browser wars, the tech behemoth will continue to test its legal boundaries. Hold.

⚡Slack抨击微软的反竞争行为。 如果您怀念过去几十年来的微软反托拉斯大戏，Slack一定会支持您的。 商业通讯平台本周三宣布，它已向欧盟委员会投诉 ，称微软将其Microsoft Teams聊天和视频软件与其他微软产品捆绑在一起。 Slack的总法律顾问在向英国《 金融时报》发表的一份声明中说：“ [Microsoft]创建了一个功能弱的模仿产品，并将其与主要的Office产品绑定在一起，强行安装并阻止其移除，这是他们在“浏览器大战”。 就像在浏览器大战期间一样，科技巨头将继续测试其法律界限。 保持。

⚡ Trader Joe’s Will Drop Its Stereotyped Branding: In the mood for Trader Ming’s dim sum or Trader José’s salsa? Not anymore. Two weeks ago, a 17-year old high school student started a petition to get Trader Joe’s to drop its racist branding (now with over 4,000 signatures), and the chain responded this Sunday with a statement that all its products would be repackaged under the Trader Joe’s label “very soon” — a move they claimed to have already been working on. Buy.

⚡交易员乔的遗嘱将其刻板印象：在交易员明的点心或交易员何塞的辣调味汁的心情？ 不再。 两周前， 一名17岁的高中学生发起了一项请愿书 ，要求Trader Joe’s放弃其种族主义品牌(现在已有4,000多个签名)，并且连锁店在本周日做出回应 ，声明其所有产品都将根据该产品重新包装。交易员乔的标签“很快”-他们声称此举已经在进行。 购买。

⚡ Twitter Explores a Subscription Option. In a year where companies like Walmart and Disney keep succumbing to subscription fever, Twitter is ready to bite the bullet: On Thursday, Jack Dorsey said the company was considering subscription offerings as a means of diversifying its ad-heavy revenue streams. With Q2 ad revenue dropping 23% compared to 2019, it’s a wise move to turn elsewhere for steadier sources of income — but it may also prove difficult to convince users to pay for a platform they’ve long enjoyed for free. Hold.

⚡Twitter探索订阅选项。 在沃尔玛(Walmart)和迪斯尼(Disney)这样的公司继续屈服于订阅热潮的一年里，Twitter准备忍受这一苦头：周四，杰克·多尔西(Jack Dorsey)表示，该公司正在考虑通过订阅产品来多样化其大量广告收入来源 。 与2019年相比，第二季度广告收入下降了23％ ，这是明智的举动，转向其他地方以获得稳定的收入来源，但要说服用户为长期免费使用的平台付费也可能很难。 保持。

?人数：700,000 (? The Number: 700,000)

The number of job applications Chipotle has received for 10,000 openings since May.

自5月以来，Chipotle已收到10,000个职位空缺。

Independent restaurateurs say that, short of a government bailout, they will lose 85% of their 500,000 eateries by the end of the year. But not Chipotle: It’s among the fast-casual chains, like Domino’s, that have actually prospered amid Covid-19, as Americans stock up on giant family-size orders sufficient for dinner and leftovers. With U.S. joblessness at 11.1%, a staggering 700,000 people applied to the company’s call for 10,000 workers, according to CNBC. Economic indicators like these sky-high unemployment figures suggest our depression-like recession will probably be with us well into 2021 — and possibly 2022.

独立的餐馆老板说，如果没有政府的救助，他们将在今年年底失去其500,000家餐馆中的85％。 但不是Chipotle：它是像Domino一样的快速休闲连锁店， 实际上在Covid-19期间蓬勃发展 ，因为美国人储备了足够的大家庭规模的订单来吃晚餐和剩饭。 根据CNBC的数据 ，由于美国的失业率为11.1％，惊人的700,000人申请了公司的10,000名工作人员。 像这些高失业率数字这样的经济指标表明，到2021年，甚至2022年， 类似衰退的衰退将可能伴随着我们。

— Steve LeVine

—史蒂夫·莱文(Steve LeVine)

? Marker’s Weekly Longread: The inside story of how Canadian e-commerce company Shopify managed to save small businesses everywhere from bleeding out in the middle of the shutdowns. Now it’s coming for Silicon Valley.

er Marker的每周长读：有关加拿大电子商务公司Shopify如何设法拯救各地小企业免于因关闭而流血的内幕故事。 现在它正在硅谷。

?Marker的新注视? (? Marker’s New Fixation ?)

Amid international travel restrictions and new waves of lockdowns threatening to keep us indoors, one website offers a tiny virtual vacation: WindowSwap, where strangers upload videos of their views. The site is rather magical — with one click, you’ll suddenly find yourself overlooking a quiet street in Scotland, an oceanside veranda in France, or rain-drenched flowering trees in India. As you stare through someone else’s windowpane, you can hear the soothing ambient noises of the location: chirping birds, muffled traffic sounds, the gentle hum of an air conditioner. After becoming very, very familiar with the view from my own apartment window over several months, there’s something refreshing and serendipitous about being whisked to a different, random location — even if it’s just inside a browser tab.

在国际旅行限制和新一波的封锁威胁将我们留在室内的情况下，一个网站提供了一个很小的虚拟假期： WindowSwap ，陌生人在那里上传自己的观点视频。 该网站非常神奇-只需单击一下，您就会突然发现自己可以俯瞰苏格兰的一条安静的街道，法国的海滨游廊或印度的雨天开花的树木。 当您凝视别人的窗玻璃时，您会听到该地点舒缓的环境噪音：鸣叫的鸟儿，嘶哑的交通声音，空调的温和嗡嗡声。 在几个月后非常熟悉我自己的公寓窗口中的视图后，将其拂到另一个随机的位置会让人耳目一新，即使它只是在浏览器选项卡中。

— Bobbie Gossage, Deputy Editor, Marker

— Markbie副编辑Bobbie Gossage

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