Wall Street Breakfast GLP-1s, Gen Z dent Jack Daniel’s sales
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Jun 6, 2025 This discussion dives into Brown-Forman's struggles with Jack Daniel's sales, influenced by changing consumer trends and a dip in demand from Gen Z. Meanwhile, Tesla sees a rebound as the atmosphere between Musk and the White House appears to improve. Circle's stock skyrockets with a successful public debut, showcasing market resilience. The conversation also touches on the broader economic landscape, including Lululemon's disappointing results and the growing impact of AI on future forecasts.
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GLP-1s, Cannabis, Gen Z Impact Sales
- Brown-Forman's CEO Lawson Whiting highlighted GLP-1 drugs, cannabis, and Gen Z as key factors hurting demand for Jack Daniel's.
- Consumer wallets are tighter leading to spirits often being dropped from grocery baskets, impacting sales negatively.
Spirits Gain vs Beer and Wine
- Spirits continue to take market share from beer and wine despite overall consumer uncertainty.
- Brown-Forman expects ongoing volatility and below-historical growth for the next year due to subdued spending.
Elon Musk and Trump Feud
- Elon Musk and President Trump's public feud escalated to threats of terminating Tesla government contracts.
- The dispute prompted intervention by allies and plans for reconciliation, affecting Tesla's stock significantly.