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The Cost of Pride Backlash
The financial toll of backlash: At least $28B in market value
Javier E. David
Social issues are creating a market downdraft for America's mainstay brands — just ask Target, Anheuser Busch, Kohl's and their collective $28.7 billion loss in market value since the beginning of April.
Why it matters: Fiercely contested cultural issues have always aroused political passions, and held sway over electoral politics.
Yet Corporate America is finding itself trapped between society's progressive impulses, and the conservative backlash.
Reactions and counter-offensives against all things "woke" mean companies can find themselves in the crosshairs anytime, and they can't predict the fallout.
Driving the news: Anheuser-Busch InBev is still feeling the reverberations of its April decision to engage transgender social-media influencer Dylan Mulvaney. Boycotts have come at a cost to both its stock and beer sales.
The controversy has shaved billions off its market capitalization amid a 20% swoon in its stock (it's since recovered, but sits well below the 52-week high it hit in March).
This week, NielsenIQ data from consulting firm Bump Williams showed Bud Light losing its perch as America's most imbibed brew to Constellation Brands' Modelo.
Separately, both Kohl's and Target have been caught in the cultural maelstrom for selling LGBTQ-themed clothing, with right-leaning protests pressuring their stock prices.
In spite of what analytics firm Placer.ai called a "significant boost" in first-quarter store visits that increased earnings, Kohl's shares are underperforming a market that's rallying broadly. The stock slumped by over 20% in the wake of the furor, but has since rebounded.
Pushback against Pride Month merchandise, and a Bank of America downgrade, shaved $15 billion from Target's market cap. It’s since recovered, currently sitting around $63 billion, down from around $74 billion in May.
Zoom out: The suddenly soured market fortunes of the three brands are part of a phenomenon that's grown more acute as the electorate becomes increasingly polarized.
Politics is having real economic and financial spillover effects, making it increasingly difficult for investors to price in those risks.
Reality check: Markets and consumers are fickle. The stocks and market value of all three companies have fluctuated — and somewhat rebounded — since facing an initial backlash.
What they're saying: "Many companies celebrate Pride by changing their logos, sponsoring celebrations, and offering themed products. While these corporate statements have been broadly accepted for years, the intensifying culture war may make companies more vulnerable to backlash," Eurasia Group analysts Kylie Milliken and Noah Daponte-Smith wrote in a client note last month.
"While conservatives will attempt to inflict economic consequences on companies that are more vocally supportive of transgender rights, progressives will expect brands to be inclusive and will boycott companies that minimize their LGBTQ+ support in response to conservative pressure," they added.
The bottom line: The largely symbolic gestures companies show during Pride Month are morphing into business and financial risk, with reaction from the left and right leading to unpredictable companies. And no company is safe from the ricochet.
The financial toll of backlash: At least $28B in market value
Javier E. David
Social issues are creating a market downdraft for America's mainstay brands — just ask Target, Anheuser Busch, Kohl's and their collective $28.7 billion loss in market value since the beginning of April.
Why it matters: Fiercely contested cultural issues have always aroused political passions, and held sway over electoral politics.
Yet Corporate America is finding itself trapped between society's progressive impulses, and the conservative backlash.
Reactions and counter-offensives against all things "woke" mean companies can find themselves in the crosshairs anytime, and they can't predict the fallout.
Driving the news: Anheuser-Busch InBev is still feeling the reverberations of its April decision to engage transgender social-media influencer Dylan Mulvaney. Boycotts have come at a cost to both its stock and beer sales.
The controversy has shaved billions off its market capitalization amid a 20% swoon in its stock (it's since recovered, but sits well below the 52-week high it hit in March).
This week, NielsenIQ data from consulting firm Bump Williams showed Bud Light losing its perch as America's most imbibed brew to Constellation Brands' Modelo.
Separately, both Kohl's and Target have been caught in the cultural maelstrom for selling LGBTQ-themed clothing, with right-leaning protests pressuring their stock prices.
In spite of what analytics firm Placer.ai called a "significant boost" in first-quarter store visits that increased earnings, Kohl's shares are underperforming a market that's rallying broadly. The stock slumped by over 20% in the wake of the furor, but has since rebounded.
Pushback against Pride Month merchandise, and a Bank of America downgrade, shaved $15 billion from Target's market cap. It’s since recovered, currently sitting around $63 billion, down from around $74 billion in May.
Zoom out: The suddenly soured market fortunes of the three brands are part of a phenomenon that's grown more acute as the electorate becomes increasingly polarized.
Politics is having real economic and financial spillover effects, making it increasingly difficult for investors to price in those risks.
Reality check: Markets and consumers are fickle. The stocks and market value of all three companies have fluctuated — and somewhat rebounded — since facing an initial backlash.
What they're saying: "Many companies celebrate Pride by changing their logos, sponsoring celebrations, and offering themed products. While these corporate statements have been broadly accepted for years, the intensifying culture war may make companies more vulnerable to backlash," Eurasia Group analysts Kylie Milliken and Noah Daponte-Smith wrote in a client note last month.
"While conservatives will attempt to inflict economic consequences on companies that are more vocally supportive of transgender rights, progressives will expect brands to be inclusive and will boycott companies that minimize their LGBTQ+ support in response to conservative pressure," they added.
The bottom line: The largely symbolic gestures companies show during Pride Month are morphing into business and financial risk, with reaction from the left and right leading to unpredictable companies. And no company is safe from the ricochet.
I'm skeptical but that's me. Also, while there are some idiots out there or "bigots" the Trans aren't exactly perfect; in fact they're getting quite violent & that's no way to "win" people over!
More of this "Parents need to know!" BS.
Kudo's for the educator/school board member for explaining WHY it's not her/their job if a kid tells them they're GLBTQIA+ to out them to their parents.
Dont be a fucking idiot. Its a mental health issue. Thats why parents need to know.
when all of society is completely insane, who's to say what's sane or not?
I'll bet more than half the psych's 'n shrinks out there are certifiable by someone's standards.
maybe our collective psychoses will just balance themselves, like a budget!
:?D
I'll bet more than half the psych's 'n shrinks out there are certifiable by someone's standards.
maybe our collective psychoses will just balance themselves, like a budget!
:?D
There is more than you think. When my wife worked the ward there was a shrink that would check in constantly.
Yup but no matter they have to notify of ANY health issue they see arise. Mental health included.
Here’s a weird one…talking about a 5yr old and her Mother:
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Appearing in a televised interview to speak out against the meeting Sunday, 39-year-old Nicole Solas revealed that she has also been sued by the union, The National Educator's Association (NEA), as part of a years-long 'harassment' campaign carried out by the union and staffers at her five-year-old daughter's school district.
Laying the sordid saga bare to Fox News' Rachel Campos Duffy, Solas said the disagreement started after she made a records request regarding the district’s curriculum, after learning students at her daughter's school were were receiving lessons on gender reassignment and Critical Race Theory.
Initially met with pushback, the mother continued to submit the public information requests - a perfectly legal practice when it comes to taxpayer-funded institutions - but staffers still continually refused to answer her questions.
Eventually, the assistant principal of Solas' five-year-old daughter's elementary school, Amanda Pawelski, and Poudre School District Chief Equity Officer, Marlena Gross-Taylor, were caught in leaked emails discussing using a students' preferred pronouns behind their parents' back.
After being hit with dozens of requests from Solas, the school board then threatened to sue, bringing up the concerned mother's name during a 'secret' meeting held to figure out how to handle the mom's questions regarding the authority of the state-sanctioned school staffers.
The NEA has since made good on their lawsuit threat - with Solas now forced to foot legal bills for her own defense.
'They painted me like a wanted enemy of the state simply because I submitted public records requests,' Solas told Fox News' Rachel Campos Duffy Sunday, of how she was made the topic of the 'secret,' emergency meeting in which staffers brainstormed of ways to legally circumvent the mom's repeated requests.
'There were 250 teachers that attended where they were alerted to me being an "attack on public education,"' Solas sniped, quoting one of the slides directly.
The mom would then reference slides from the presentation she said were leaked to her by a teacher, in which staffers complained that Solas' 200-plus Access to Public Records Act (APRA) requests had 'crippled' the district, asking for detailed information like months of educators' emails targeted on select terms.
The leaked slides were allegedly provided to Solas by a middle school math teacher, and dismissed the mothers' requests as being 'part of a well-coordinated effort from outside groups with outdated thinking who want to push for inaccurate lessons to fuel division.'
The slides further suggest that over the span of a few months, as requests from Solas built up 'like a tsunami,' as Superintendent Linda Savastano put it, the district had found itself in 'crisis'.
Moreover, instead of addressing the mother's qualms individually, union officials sought to address the outpour of requests at the meeting, which was held in the summer of 2021 just before the lawsuit was filed.
'We know - and Superintendent Savastano agrees - that honesty in education is best for all students,' one slide titled 'Attack on Public Education' read, featuring a photo of Solas as well as her name.
The slides were apparently shared in a Zoom call held by members of the union, with the last slide notifying staffers that they would come up with a solution to the 'pressure' being imparted by Solas at Curtis Corner Middle School.
Speaking to Campos and Duffy Sunday, Solas slammed the slide shared during the Zoom call, likening them to a woke witch hunt with her being the intended target.
'These people present themselves as if they are pillars of the community when, really, they look more like psychopaths zeroing in on a target,' said Solas, who is also part of the right-wing Independent Women's Network.
The mom would go on to add that since she has gone public with the allegations, she has been sent letters from other parents who have received lawsuit threats from the teachers’ union, which represent more than 3 million people in tens of thousands of public schools across the US.
'This is happening across the country,' Solas said. 'They have secret meetings about me, they have threats of lawsuits against other parents, and, in my case, they actually did sue me… all because I asked questions about public education.
'Who does this to a person?' she asked.
Solas would then add that she legally wasn't allowed to ask questions without submitting a formal request, and is fighting the lawsuit.
The mother spoke out about the suit days after it was filed back in August 2021, giving the testimony as part of an announcement of the GOP's Parental Bill of Rights then being proposed by Senate Leader Kevin McCarthy.
Nearly two years later, House Republicans are now set to finally introduce the five-pronged guidance, which seeks underscore families' rights in their children's education.
Drawing a core promise from the midterm campaign to fight against 'woke' education trends like critical race theory and gender theory, the bill would amend the Elementary and Secondary Education Act of 1965 to require schools to provide a list of books available in their children's library and to publicly post their curriculum.
Unveiled for the first time in full last week, the legislation further emphasizes parents' rights to make their voices heard at school board meetings and to be in the know about violent activity at schools. It would require more transparency on school budgets and spending.
During her TV appearance, Solas hailed the amendment as a much-needed change, especially for families who cannot afford to enlist their children in private schools
'I’m a parent who enrolled my daughter in public school for kindergarten,' she said, adding that she is 'relieved' that the bill is being pushed through the Senate.
Of the pushback she's faced since reaching out to the school, Solas said: 'I had no idea that I would be treated like an adversary.
'I thought I had all of these rights going into public school. I thought I could ask to see the curriculum, but just asking to see the curriculum caused my school district and teachers’ union to retaliate against me, and they really tried to ruin my life.'
Referencing the Parents Bill of Rights, the mom said the legislation is something everyone should support, because parents should 'have a right to see [their children's] curriculum.
'You have a right to be heard, you have a right to know if there’s violence at school, you have a right to protect your child’s privacy,' Solas added.
'These are all common sense principles that everybody can agree on across political spectrums,' she added.
Both the district and the NEA have yet to respond to the statements made by Solas in the Sunday interview, which came days after the mom took to social media to share leaked emails from her daughter's school that confirmed administrators had been going behind a parent's back to secretly transition one of their students.
Assistant Principal Pawelski, who was recently promoted to the position last year, and Poudre Chief Equity Officer Marlena Gross-Taylor were both caught in the leaked emails, obtained from a Solas APRA request sent in November, conspiring to transition elementary school student even after their parents told them not to.
In one email sent by Pawelski to Gross-Taylor on March 31, 2022, the staffer - then just a few months into her new role spoke about an unidentified student who 'expressed their pronouns and chosen name, but their parents directly [told] school staff not to call the students by those pronouns.'
She wrote in the nearly year-old email: 'I feel very strongly about supporting the student, but have heard that we legally have to follow the parent's decision due to the age of the child (elementary school).'
In the same message, Pawelski - who in 2022 was named Assistant Principal of the Year by the Colorado Association of School Executives revealed she learned during 'ABCs training' that that 'we should follow the student, not the parents' desires in regard to pronouns, until Gross-Taylor provided a more 'definite answer.'
'We want to support the student. We also want to be covered legally,' she wrote.
Keep in mind, this is all about a 5 year old…
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Six days later, Gross-Taylor responded, confirming that 'schools should use the student's affirming name and pronouns and use their legal name and corresponding pronouns when talking with the family until they are supportive of the student's new name and pronouns.'
Gross-Taylor would then refer Pawelski to the district's ten new LGBTQIA+ Coordinator, Shayna Seitchik, who reiterated that she and Darcie Votipka, the Director of Student Services for the district, agreed with using the student's chosen pronouns and names against parents' will.
Despite the consensus, Pawelski, at the time, appeared worried that the parent's definite disapproval of using the chosen names and pronouns with the elementary student might prove to be an issue due to age….being a 5 year old…??????
Then there are links to the back-and-forth emails mentioned above:
www.dailymail.co.uk
'I am wondering about the direct "do not" nature of what they said and in light of them being in elementary school. I want to make sure we are still covered if we use the student's chosen name, even in this case?' she wrote.
She also revealed the student had 'asked a few of us to be present when they came out to their mom.'
The mother was reportedly okay with the revelation while in the meeting, but afterward, had directed the school 'not to continue' to use the new name and pronouns.
It is unclear if Marlena ever responded, as the emails post April 5 were not leaked.
DailyMail.com has reached out to Poudre School District and Marlena for comment. When Amanda was reached for comment, she referred to the PSD Communications Department for comment.
The union's suit against Solas, meanwhile, which contends the mom is abusing her First Amendment rights with the repeated information requests, is ongoing.
Gross-Taylor would then refer Pawelski to the district's ten new LGBTQIA+ Coordinator, Shayna Seitchik, who reiterated that she and Darcie Votipka, the Director of Student Services for the district, agreed with using the student's chosen pronouns and names against parents' will.
Despite the consensus, Pawelski, at the time, appeared worried that the parent's definite disapproval of using the chosen names and pronouns with the elementary student might prove to be an issue due to age….being a 5 year old…??????
Then there are links to the back-and-forth emails mentioned above:
Rhode Island mom slams teachers for having 'secret meetings' about her
Speak out against the meeting Sunday, Nicole Solas revealed that she has also been sued by the union as part of a campaign carried out by her staffers at her five-year-old's school district.
'I am wondering about the direct "do not" nature of what they said and in light of them being in elementary school. I want to make sure we are still covered if we use the student's chosen name, even in this case?' she wrote.
She also revealed the student had 'asked a few of us to be present when they came out to their mom.'
The mother was reportedly okay with the revelation while in the meeting, but afterward, had directed the school 'not to continue' to use the new name and pronouns.
It is unclear if Marlena ever responded, as the emails post April 5 were not leaked.
DailyMail.com has reached out to Poudre School District and Marlena for comment. When Amanda was reached for comment, she referred to the PSD Communications Department for comment.
The union's suit against Solas, meanwhile, which contends the mom is abusing her First Amendment rights with the repeated information requests, is ongoing.
Is not boy and girl , man and woman so much easier ?Six days later, Gross-Taylor responded, confirming that 'schools should use the student's affirming name and pronouns and use their legal name and corresponding pronouns when talking with the family until they are supportive of the student's new name and pronouns.'
Gross-Taylor would then refer Pawelski to the district's ten new LGBTQIA+ Coordinator, Shayna Seitchik, who reiterated that she and Darcie Votipka, the Director of Student Services for the district, agreed with using the student's chosen pronouns and names against parents' will.
Despite the consensus, Pawelski, at the time, appeared worried that the parent's definite disapproval of using the chosen names and pronouns with the elementary student might prove to be an issue due to age….being a 5 year old…??????
Then there are links to the back-and-forth emails mentioned above:
Rhode Island mom slams teachers for having 'secret meetings' about her
Speak out against the meeting Sunday, Nicole Solas revealed that she has also been sued by the union as part of a campaign carried out by her staffers at her five-year-old's school district.
'I am wondering about the direct "do not" nature of what they said and in light of them being in elementary school. I want to make sure we are still covered if we use the student's chosen name, even in this case?' she wrote.
She also revealed the student had 'asked a few of us to be present when they came out to their mom.'
The mother was reportedly okay with the revelation while in the meeting, but afterward, had directed the school 'not to continue' to use the new name and pronouns.
It is unclear if Marlena ever responded, as the emails post April 5 were not leaked.
DailyMail.com has reached out to Poudre School District and Marlena for comment. When Amanda was reached for comment, she referred to the PSD Communications Department for comment.
The union's suit against Solas, meanwhile, which contends the mom is abusing her First Amendment rights with the repeated information requests, is ongoing.
There's a LOT in this scribble that I seriously question.Here’s a weird one…talking about a 5yr old and her Mother:
- YouTube
Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
It's a typical right wing hit peace/freak out.
"Laying the sordid saga bare to Fox News' Rachel Campos Duffy, Solas said the disagreement started after she made a records request regarding the district’s curriculum, after learning students at her daughter's school were were receiving lessons on gender reassignment and Critical Race Theory."
Was her daughter in the classes? Were they really teaching CRT or just what she probably thinks is CRT? As you said, it's about a "Five year old" so was "Gender reassignment" actually taught? Likely not.
Now, the district not addressing her concerns, that I don't blame her for being put off by. But inundating people with requests after requests is overkill and makes her look more like a wackadoo looking to cause shitstirring, rather than a concerned parent.
"'These people present themselves as if they are pillars of the community when, really, they look more like psychopaths zeroing in on a target,' said Solas, who is also part of the right-wing Independent Women's Network."
... yeah, the IWN, branch of the IWF who were supporters for Clarence Thomas. 'Nuff said, really.
But the group was formed to fight against "Feminist tenets". Considering they are, admittedly, Right Wing, again, taking all this was a less than grain of salt that it's true concern.
"Of the pushback she's faced since reaching out to the school, Solas said: 'I had no idea that I would be treated like an adversary."
Well she made herself into an adversary, so that's all on her.
"You have a right to be heard, you have a right to know if there’s violence at school, you have a right to protect your child’s privacy,' Solas added.
'These are all common sense principles that everybody can agree on across political spectrums,' she added."
Sure, parents have a right to be heard, and know if there's violence. That's NOT what she was looking into. Sure, she has a right to protect her child's privacy, but so does the school. As for her "common sense", that's funny. Common sense would say that a five year old ISN'T being taught CRT, they're not being taught about gender reassignment; likely they're being taught TOLERANCE at five years old, and that people come from all kinds of backgrounds. But fuck no, can't have kids learn about people being different...
"Both the district and the NEA have yet to respond to the statements made by Solas in the Sunday interview, which came days after the mom took to social media to share leaked emails from her daughter's school that confirmed administrators had been going behind a parent's back to secretly transition one of their students..."
First off, these emails have nothing to do with her kid, so she should shut the fuck up about it (what about the kid's privacy? Oh wait...)
Second, the school/teacher/principles AREN'T conspiring to "transition" a student. What they're doing is respecting the student. Now, it says elementary school - that's grade what, K-4? That means the kid could be between 5 and 9. Since there's no age mentioned, well, it doesn't matter. Trans kids could know as early AS five that they're the wrong gender. And at 9, most of them really start to think on it.
Likely as elsewhere, on official documents, the kid's current name is the one they have to use, but in social settings, the request for pronouns is likely respected. It's not a formal thing, it's something called respect.
Something this wackadoo doesn't have at all.
I don't trust this "reporting" what so ever so I'll look more into it, but from all of this thus far?
No sympathy, and that's keeping it polite.