Good morning, Quartz readers!
What to watch for today
A final Super Tuesday. Hillary Clinton has already clinched the Democratic nomination, but still needs victories in New Jersey and California to compel rival Bernie Sanders to drop out. Donald Trump is the only remaining Republican candidate, much to party leaders’ chagrin (see below).
Alphabet meets with investors. The Google parent company may have to face questions about the fate of its Nest smart-device unit, after founder Tony Fadell abruptly resigned last week. The meeting, which will be livestreamed here, will also feature a vote on a shareholder proposal to address the gender pay gap.
Warcraft comes to China. The movie, based on the popular videogame and backed by Chinese tech giant Tencent, is expected to bring in 2 billion yuan ($305 million) in ticket sales—making it a bigger hit in the mainland than the last “Star Wars.”
While you were sleeping
Brazil targeted more politicians in its corruption crackdown. The country’s chief prosecutor wants four top politicians arrested—including the senate speaker and former president—for obstructing a probe of state-run oil giant Petrobras. Meanwhile, Brazilian police investigating fraud raided the offices of a company building a massive Olympic complex.
Valeant’s prospects got even grimmer. The controversial pharmaceutical maker’s first quarter results, released after a month-long delay, included a $374 million loss and lowered guidance for the rest of the year. The company’s shares, which have lost 90% of their value this year, plunged another 15% on the news.
Ralph Lauren tightened its belt. The luxury clothing brand is cutting 1,000 jobs—equal to 8% of its workforce—and closing 50 stores as it tries to cope with lagging consumer demand. The company will also try to shorten production times for its lower-end lines in order to compete with fast fashion brands Zara and H&M.
The US is investigating Goldman Sachs in Malaysia. Authorities are scrutinizing $3 billion in proceeds from a Goldman-backed bond issue, some of which ended up in the prime minister’s bank account, the Wall Street Journal reported. The state-run 1MDB fund is at the center of a long-running corruption scandal.
Donald Trump painted Republican leaders into a corner. Paul Ryan and Mitch McConnell strongly criticized their party’s presumptive presidential nominee for racist remarks about a Mexican-American judge, but declined to rescind their endorsements. Trump issued a statement saying his comments had been “misconstrued.”
Quartz markets haiku
A warm afternoon,
Market’s soft hum over the
Cooing of the dove
Quartz obsession interlude
Oliver Staley on the dominance of Walmart: “Walmart isn’t a unicorn, and it’s no longer sexy. But it is massive. With $482 billion in revenue, it sells more than Apple, Amazon and Microsoft put together.” Read more here.
Matters of debate
US voters are delusional about Mexico. Their neighbor is not a threat.
Investment banks are offering swanky perks like “weekends.” But it won’t be enough to help them retain antsy millennials.
Muhammad Ali was a radical Muslim. He was committed to the power of peaceful dissent.
A Japanese company wants to sell on-demand shooting stars. The artificial meteors could be ready for the 2020 Tokyo Olympics.
Sharks possess distinct personalities. They range from shy and cautious to bold and adventurous.
Chinese parents are hiring nannies for all-night study sessions. They help kids cram for notoriously difficult high-school entrance exams.
The Arctic tern migrates twice the circumference of the Earth every year. The birds clock up to 3 million km of lifetime travel.
German trains don’t run on time anymore. The country’s reputation for punctuality has been marred by massive construction projects.
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