Here are the headlines you Need2Know for Wednesday, November 18, 2020:

COVID-19: LATEST DEVELOPMENTS

The FDA has approved the first entirely at-home testing kit, similar to a pregnancy test, that gives results in 30 minutes. Ohio is the latest state to impose a 10 p.m. curfew that will go into effect for three weeks. North Dakota now has the world’s highest mortality rate per capita -- 1 in 1,000 residents of the state have died of COVID-19. Local news outlets across the country are reporting that there are once again runs on toilet paper, disinfectant wipes and other essentials, though supply chain experts don’t expect shortages to be as bad as they were in the spring. Sen. Chuck Grassley, one of the oldest members of Congress, missed his first vote in 27 years -- breaking the longest voting record in Senate history -- after he tested positive. REUTERS

TROOP DRAWDOWN

The Pentagon has confirmed the reports that the U.S. will cut the number of troops in Afghanistan and Iraq by 2,500 before President Trump leaves office. The troop level in Afghanistan will fall from 4,500 to 2,500, while Iraq will go from 3,000 to 2,500 active troops. Senate Republicans, as well as the head of NATO, are opposing the abrupt drawdown. The president has said before that he wanted all troops home by Christmas. CNN

PRESIDENTIAL TRANSITION

President Trump has fired Chris Krebs, the administration’s senior-most official in charge of election cybersecurity. Krebs, a highly respected security expert, was among the officials who came out and called the election the “most secure in American history,” directly contradicting the president’s false claims that it was “stolen.” Meanwhile, Republican appointees in Michigan’s most populous county initially refused to certify the vote tally in Detroit for Joe Biden -- drawing praise from Trump officials -- before backing off amid a public outcry. POLITICO

SOCIAL MEDIA GRILLING

Lawmakers grilled Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey about fact-check labels and other concerns related to misinformation in a virtual hearing on Capitol Hill, three weeks after Zuck and Dorsey were summoned for a similar hearing in front of a different Senate committee. Republicans took issue with the platforms’ labeling of President Trump’s false tweets that he won the election, while Democrats took issue with Republicans taking issue with the labels. Not much was accomplished other than making it clear that both sides of the aisle want to regulate Big Tech, for different reasons. NPR

NIGHTMARE BEFORE CHRISTMAS

Retail sales for the month of October grew by just 0.3 percent, a worrisome signal for the economy going into the critical holiday shopping season. The worse-than-expected data was compiled before the current virus surge took hold, so any momentum left over from the summer and early fall is going to stall out even more at the worst possible time for retailers, especially given that no more federal aid is coming anytime soon. That is a very bad sign for many stores that are hanging on by a thread and counting on the usual end-of-year lift in sales to stay afloat. WSJ

AMAZON PHARMACY

Amazon will now fill and deliver your meds -- for free and with discounts, if you’re a Prime Member. The e-commerce giant has launched its much-anticipated digital pharmacy, which immediately sent shares of Walgreens and CVS plummeting. Amazon’s entry into the space has been a question of if, not when, ever since it acquired the startup PillPack in 2018. CHEDDAR

THEO OUT

Theo Epstein, one of the greatest operators in baseball history, is stepping down from the Chicago Cubs. Epstein was brought in to rebuild the Cubs nine seasons ago -- a task that looked insurmountable but that culminated in the team’s incredible 2016 World Series win. Before that, he was GM of the Boston Red Sox when they finally ended their title drought in 2004. There have been rumors he might join the front office of the Mets or Phillies. CHICAGO TRIB

CONAN GOES STREAMING

Conan O’Brien has hosted a nightly talk show for 28 years, longer than anyone else in the late-night game. That ends next summer. O’Brien will trade his nightly show on TBS for a weekly variety show that will stream exclusively on HBO Max (like TBS, part of WarnerMedia). Conan was one of the few late shows that didn't go all in on political humor, and the ratings have suffered. THR

SPOTTED...

...George Clooney, on the cover of GQ’s Men of the Year issue. Clooney confirms in the interview the long-running rumor that he once gave each of his 14 best friends a suitcase filled with $1 million in cash, just because: READ IT

...the Rockefeller Center Christmas Tree, being hoisted onto its perch and looking about as good as could be expected for 2020: SEE PICS

LEFTOVERS: REPORTS OF MY DEATH...

A radio station in France is apologizing after it accidentally published dozens of obituaries for high-profile newsmakers who have not died. Radio France Internationale blamed a technical glitch for publishing obits of Queen Elizabeth, Pele, Clint Eastwood, the Ayatollah and Brigitte Bardot, among others. It’s not uncommon for news outlets to prep obituaries in advance, and any editor will tell you it’s their worst nightmare to mistakenly hit publish when the person is still alive and kicking. EURONEWS

Listen to the N2K Podcast! Looking for more context and analysis on the big stories of the day? Check out our podcast! Hosts Jill and Carlo break down the headlines, every weekday morning Listen on Apple or Spotify, or watch on YouTube, and send us your feedback!

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AT&T Investors Digest WarnerMedia Spinoff Merger With Discovery for $43 Billion
AT&T announced earlier today it is spinning off its media properties in WarnerMedia in a merger with Discovery in a $43 billion deal.Scott Rostan, founder and CEO at Training The Street, joined Cheddar to talk about what the unwinding of the telecom giant's Time Warner media properties means for investors. "I think the investor sentiment is they're digesting the new information, and they're looking into the dividend, especially the reduction of the dividend," said Rostan, noting the transaction allows AT&T to focus on its core telecommunications business.
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Amazon Funds Amogy to Commercialize Ammonia-Powered Cargo-Shipping Vessels, Decarbonize Transportation
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FedEx Announces Student Ambassador Program With Historically Black Colleges & Universities
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'Sing 2' Takes Top Spot From 'Spider-Man' at UK Box Office
"Sing 2" has overthrown "Spider-Man: No Way Home" as the number one film at the UK box office. The animated sequel brought in $8.1 million, in just its two first weekends. However, "No Way Home" is still on track to beat "Avatar" as the number one grossing movie of all time.
First Black CEO of Big Brothers Big Sisters of America on Empowering Youth With NFL
Big Brothers Big Sisters of America has been a driving force for youth mentorship since 1904. The nonprofit organization is launching its annual Big Draft campaign this month in partnership with the NFL, and Artis Stevens, the first Black CEO of Big Brothers Big Sisters of America, joined Cheddar to discuss the push for adding more "Bigs" as mentors on his one-year anniversary leading the non-profit organization. "While the NFL is recruiting and drafting more players, they're also helping us to draft more mentors and, particularly, men all the way from across February to all the way to April of this year," Stevens explained.
Supreme Court To Hear Challenge To Affirmative Action
The Supreme Court will reconsider race-based affirmative action in college admissions. The court will examine admissions policies at Harvard University and The University of North Carolina Chapel Hill, which count the race of applicants as a factor in admissions. The court has upheld affirmative action policies in the past, saying it helps to create more diverse student bodies. However, the conservative Supreme Court could be skeptical and even possibly hostile to such policies. Nick Anderson, Higher Education Writer, Washington Post joined Cheddar's Opening Bell to discuss.
Crypto Prices Plummet, Wiping Out $1 Trillion In Global Value
The value of most cryptocurrencies have plummeted in recent months since reaching all-time highs in November, wiping out more than $1 trillion in value globally. The steep crash has some talking about the possibility of a crypto winter, a term referring to a prolonged bearish period where asset prices persistently fall over many months. This all comes as the Fed is expected to raise interest rates, and the Biden administration is working on an executive order to regulate Bitcoin and other assets. Josh Goodbody, COO of Qredo, joined Cheddar's Opening Bell to discuss the crypto crash, and how the industry might recover from it.
Streaming Giants Struggle to Retain Subscribers Following Big Releases
Recent data reveals that streaming giants are struggling to retain subscribers in the months following a major release. According to data from Antenna, subscriber trends show that users will subscribe to a given streaming service just to watch a particular show, and then cancel those subscriptions shortly after. This comes as the streaming space continues to heat up as new entrants crowd the space. Jon Christian, Founding Partner + Digital Supply Chain Leader at OnPrem joined Cheddar's Opening Bell to discuss.
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