🌏 The port strike has struck

Good morning, Quartz readers!

HERE’S WHAT YOU NEED TO KNOW

The massive port strike is here. Members of the International Longshoremen’s Association are shutting down loading docks from Maine to Texas, and these are the companies that will likely feel the biggest impacts.

The ILA is flexing its muscles. Union president Harold Daggett says dockworkers plan to “cripple” the U.S. economy and make their presence known.

The White House is watching the fallout. President Joe Biden has said he’s on the lookout for price gouging related to the port shutdown.

If cargo can’t come by sea, then maybe by air. Companies like UPS and FedEx that deal in air freight could benefit from the port strike.

Supply chains are getting tangled. Costco and Walmart have been giving insight into how they’re trying to cope with the port shutdown.

Just how ‘devastating’ could the port strike be?

The 45,000 striking members of the ILA are the ones who handle offloading 51% of America’s ship cargo. A group of trade associations who do business through the ports told President Biden that their unavailability will be “devastating” to the U.S. economy.

Across a wide number of categories, from cherries to chocolate, the vast majority of imports will be stuck outside the country. Estimates of the impact range from a daily loss of $540 million a day to as much as $5 billion.

Just how badly will America’s grocery and retail shelves be affected by the strike? Will Gavin breaks down how crucial ILA workers are to the flow of all your favorite products.

Nike stock won’t be jumping for a while

As reverberations from a CEO shakeup at the world’s biggest sneaker company continue to be felt, analysts are telling investors not to expect much for the time being. The team at Jefferies suggests that shares will be “range-bound” while Nike figures out what to do with itself.

A new CEO, a crisis of cool, and weakening growth at home and abroad all present new challenges to a long-dominant brand that suddenly finds itself on the defensive. It’s a situation that’s rarely good for a stock price.

What’s going on at Nike, and how does Wall Street view the likelihood of a return to form? Quartz’s Francisco Velasquez breaks down the state of play at the sneaker giant.

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Our best wishes on a safe start to the day. Send any news, comments, port problems, and pack mules to [email protected]. Today’s Daily Brief was brought to you by Melvin Backman and Morgan Haefner.