Your Evening Briefing
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The day started with a horse named Sassy. Alabama U.S. Senate candidate Roy Moore arrived on horseback to cast his vote in an election that has the nation watching. The result in the heavily Republican state is likely to indicate broader voter sentiment, and perhaps gives a glimpse at what’s ahead in next year’s congressional elections.—Katie Robertson
Alabama's safe GOP Senate seat becomes a toss-up. It should have been an easy victory for a Republican candidate in a state that hasn’t sent a Democrat to the chamber in a generation. Instead, Tuesday’s special election to fill the U.S. Senate seat once held by Attorney General Jeff Sessions is a dead heat. An upset win by Democratic candidate Doug Jones would add to a string of victories for the party in other statewide elections this year.
Bitcoin rally boosts smaller cryptocurrencies to record highs. Ether and litecoin, the second and fourth biggest digital currencies, are surging on optimism that bitcoin futures will attract institutions to the fledgling market. Meanwhile, Bitfinex, one of the world’s largest bitcoin exchanges, reported Tuesday that it was under attack by hackers again.
Elizabeth Warren asks Trump if he’s “slut-shaming” a U.S. senator from New York. The president set off a Twitter war of words on Tuesday with an attack on Kirsten Gillibrand, who has called on him to resign over allegations by 16 women that he engaged in sexual misconduct. Trump’s response to Gillibrand drew sharp criticism from Warren and Senator Dianne Feinstein.
Why you can’t find your favorite Christmas movie on streaming services. Most classics remain cordoned off as one-time rentals or purchases on digital platforms. Of the 25 greatest holiday movies as ranked by American Movie Classics, only five can be streamed this season. Hollywood’s most festive films are simultaneously too old and too good for streaming business models.
What hedge funds will do after the hedge fund model dies. Long and short isn’t working so well anymore. That simple strategy—the once-durable buying long when you figure an equity will go up and selling short when you reckon the opposite—built the $3.2 trillion hedge fund industry, but is now unreliable at best. Firms are starting to turn to niches like private debt to secure their future.
Kellogg is doubling down on cereal cafes. The food giant, struggling to break out of a four-year sales slump, is opening a cavernous new café in Manhattan’s Union Square that will be five times larger than the concept it started in Times Square last year. The cafe will be fitted out with an Instagram station equipped with props and professional lighting to lure social media-obsessed millennials.
Star Wars toys for fans with $10,000 to burn. Star Wars returns to the big screen this weekend with its latest installment: “The Last Jedi”. The merchandise machine is cranking, with plenty of fancy items available for fans who are now older and wealthier, including a Millennium Falcon coffee table and designer boots.