Good morning. It's Tuesday, August 4, and we're covering Tropical Storm Isaias, big news for a Midwestern manufacturer, and primaries in five states. Have feedback? Let us know at [email protected].

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NEED TO KNOW

Isaias Moves Up the Coast

Tropical Storm Isaias brought hurricane conditions to parts of the Carolinas overnight, briefly regaining its Category 1 status before weakening as it moved up the Mid-Atlantic. The system dropped up to 8 inches of rain in some areas with a reported storm surge of up to four feet as it made landfall near the border of South and North Carolina (see photos).

Isaias (pronounced like this) is the ninth named storm and second hurricane of the young Atlantic season. Forecasts predict a busy year, estimating 19 named storms (seven more than average) and three to six Category 3 or higher systems, with frequency peaking sharply between mid-August and mid-October. The storm is expected to bring heavy rains and high wind gusts across the entire Northeast beginning late today and lasting through tomorrow. 

On the other side of the country, California's first big wildfire of the year has forced thousands from their homes outside Los Angeles. 

Lordstown's Next Chapter

Electric vehicle startup Lordstown Motors will become a publicly traded company, officials announced yesterday. The deal is the next step for a plant site that had become emblematic of the decline of manufacturing in the US Midwest. Originally built in 1966 by General Motors near Youngstown, Ohio, the complex employed more than 13,000 workers at its peak. As US-based production became less competitive, vehicle models were relocated and worker shifts reduced until GM shuttered the plant in March 2019. By November, the newly formed Lordstown Motors used a loan from GM to purchase the facilities, with plans to produce an all-electric truck known as the Endurance.

The deal will be executed via a merger with the special purpose acquisition company DiamondPeak Holdings; the SPAC structure, which is rising in popularity, allows companies to become listed without the cumbersome process of a traditional initial public offering (SPACs 101). Closing in the fourth quarter, Lordstown Motors is expected to raise around $675M in funding, implying a valuation of $1.6B. 

Down-Ballot Primaries

Five states—Arizona, Kansas, Michigan, Missouri, and Washington—hold statewide primary elections today, with a number of key races coming down to the wire. 

In Kansas, hardline conservative and former Kansas Secretary of State Kris Kobach (R) has made a strong run to replace the retiring Sen. Pat Roberts (R). Some in the GOP fear a Kobach victory could put the Senate seat in play in November, though Republicans haven't lost a Kansas Senate seat since 1932. The race was upended when a Democratic-linked group allegedly spent at least $3M to boost Kobach last month. In Michigan, progressive lawmaker and "Squad" member Rep. Rashida Tlaib (D, MI-13) faces moderate challenger Brenda Jones, who leads Detroit's City Council. In Arizona, incumbent Sen. Martha McSally's (R) race against businessman Daniel McCarthy will gauge voter enthusiasm as she prepares for a likely showdown against astronaut Mark Kelly (D).

In related news, former President Obama released a first round of endorsements in races across the country.

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THE EXPERT'S CHOICE

Nathan Hamilton is a co-founder and personal finance industry analyst for The Ascent, with 11 years of finance experience and over 800 educational and research articles published. Insofar as a person can be an expert on credit cards, Nathan fits the bill. Not too long ago, he published an article about a credit card that was so impressive, he ended up signing up for it himself.

For starters, it offers up to 5% cash back on purchases, 0% interest on purchases and balance transfers until late 2021, and—somehow—a $0 annual fee! What's more, all of your cash back is doubled in your first year which is unmatched in the industry.

Nathan estimates this card to be worth about $1,148 in value for the first year—but a colleague managed to secure over $1,200! With cash back earnings like that, it might just be what you need in your wallet. Check it out today and see what all the fuss is about.

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IN THE KNOW

Sports, Entertainment, & Culture

Brought to you by In The Wild

> Politician John Hume, who won a Nobel Peace Prize for role in bringing an end to the Troubles in Northern Ireland, dies at 83 (More) | What were the Troubles? (More)

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> Thirteen members of the St. Louis Cardinals test positive for COVID-19; four-game series with Detroit is postponed (More)

Stories of true and gripping tales on survival, tragedy, and triumph from the depths of the wild. Listen to the In The Wild podcast today, with Apple Podcasts or Spotify. #Ad

Science & Technology

> Report says Garmin, maker of personal GPS devices, paid a multimillion-dollar ransom to a hacker group after a cyberattack last week caused a global outage of services (More)

> Specific Zika virus mutation identified that is likely responsible for the explosion of new cases and increase of microcephaly cases in newborns in 2015-16 (More) | Researchers develop "electric skin" capable of transmitting the sense of touch (More)

> Federal Aviation Administration proposes four key safety changes be made to Boeing's 737 MAX design before the aircraft may return to service; two deadly crashes in 2018-19 killed a combined 346 people (More)

Business & Markets

> Microsoft shares surge 5%, or approximately $80B in market value, on potential TikTok US operations acquisition; President Trump states the app may be banned in US if sale is not final by Sept. 15 (More)

> US stock markets up (S&P 500 +0.7%, Dow +0.9%, Nasdaq +1.5%) on strong manufacturing data and pandemic relief bill hopes, Nasdaq hits record high (More) | US manufacturing activity grows to highest level since March 2019; second consecutive month of expansion (More)

> Lord & Taylor and Tailored Brands, owner of Men’s Wearhouse and Jos. A. Bank, join growing list of retailers to file Chapter 11 bankruptcy (More)

Politics & World Affairs

> British tabloid leaks extended version of police bodycam footage from the arrest and killing of George Floyd, despite a prohibition on public release; officials believe someone used a phone to record footage as it played on a courthouse laptop (More)

> Manhattan prosecutors say their quest for financial documents from President Trump is part of a potential criminal probe into the Trump Organization (More) | Four top State Department aides subpoenaed by the House over firing of the department's inspector general (More)

> Retired Pope Benedict said to be significantly ill following a June trip to Germany for his brother's funeral; Vatican officials dispute report, say he is recovering (More)

IN-DEPTH

From Brain Fog to Heart Damage

Science | Jennifer Couzin-Frankel. Scientists are only now beginning to understand the long-term symptoms the SARS-CoV-2 virus can trigger in patients. Intricately linked to the body's immune system response, the challenge will be figuring out how to treat or prevent them. (Read)

Jammed Up

The LAnd | Lexis-Olivier Ray, Samanta Helou Hernandez. It began with photos of moldy jam posted to Instagram and spiraled into one of the food industry's biggest controversies in recent memory. Get an inside look at the fiasco at Sqirl, once one of Los Angeles's trendiest eateries. (Read)

SOUND LIKE A GOOD FIT?

Nathan Hamilton, the co-founder and credit card expert from The Ascent, encourages you to take a look at this incredible card, offering 0% APR for 14 months, up to 5% cash back on purchases, and double cash back in your first year—all for no annual fee.

But, there's a catch. Nathan isn't sure how long these perks will last. It only took him about two minutes to fill out the application, so he encourages you take action if the perks sound enticing to you. Two minutes for an estimated $1,148 in first-year value sounds pretty great to us, check it out now.

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ETCETERA

The average pandemic work meeting is 20% shorter.

America's 50 most beautiful college campuses.

Science says your stubborn kid may become wildly successful.

What going back to school may look like—in illustrations. ($$, NYT)

Mystery Chinese seeds mailed across the US identified as common plants.

A fascinating interactive guide to hundreds of minerals.

Zombie cicadas are returning to West Virginia.

Principal parodies MC Hammer in the name of good hygiene. 

Clickbait: That's not how you launder money.

Historybook: Jazz legend Louis Armstrong born (1901); Anne Frank and family are captured after two years hiding from Nazis (1944); HBD former President Barack Obama (1961); HBD Meghan Markle, Duchess of Sussex (1981); Rwanda peace treaty signed (1993).

"No one has ever become poor by giving."

- Anne Frank

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