__Primed for disappointment...__ With the holidays approaching and shortages wreaking global havoc, all eyes were on __[Amazon](https://robinhood.com/stocks/AMZN)__ earnings yesterday. Refresher: Amazon’s sales hit a record $125B for the quarter ending last December, but year-over-year growth has been slowing. The Zon's shares *still* haven't recovered from lackluster earnings in July. Its latest earnings were even worse than expected.

- __Plunging profit:__ Profit plunged by nearly half, to $3.2B, down from $6.3B in the same quarter last year — way worse than expected.
- __Slo-mo sales:__ Sales grew just 15% from last year, to $110B — slowing from 27% growth in the previous quarter, and 44% in the one before that.
- __Forlorn forecast:__ Amazon expects sales to slow even *more* this quarter, as buyers return to IRL stores. Rival __[eBay](https://robinhood.com/stocks/EBAY)__ also lowered forecasts for online holiday shopping.

__Save the Ted Lasso ’fit for *next* Halloween...__ That's when it's arriving. Holiday spending is expected to smash records this year, but retailers are sweating to meet demand. Nearly everything is in short supply, and materials and labor costs are surging. Amazon expects to face *billions* in extra costs this quarter to manage higher shipping prices and rising wages — "all while doing whatever it takes to minimize the impact on customers." It plans to hire 150K seasonal staff in the US, 50% more than last year — plus 160K workers overseas.

Haunted by shortages, rising costs, and gift orders [inhauscreative/E+ via Getty Images]

Spooky

__A capital advantage is a *competitive* advantage...__ And Amazon has plenty of capital. Think: $30B in cash and nearly 1M US employees. One of every 153 American workers [is](https://www.businessinsider.com/amazon-employees-number-1-of-153-us-workers-head-count-2021-7) on Amazon's payroll. That's how it doubled the size of its fulfillment network during the pandemic, and went on a mass hiring spree to meet demand. Everyone is dealing with supply and labor headaches. But Amazon is one of the few that can afford to adapt at that scale to keep customers happy.

Amazon drops bummer earnings, haunted by rising costs and holiday demand

__I’ll take fries with that…__ Food giants __[McDonald’s](https://robinhood.com/stocks/MCD)__, __[Coca-Cola](https://robinhood.com/stocks/KO)__, __[Kraft Heinz](https://robinhood.com/stocks/KHC)__ — aka McCocaKraft — [reported](https://www.nytimes.com/2021/10/27/business/mcdonalds-kraft-heinz-coca-cola-earnings.html) better-than-expected sales this week, despite raising prices of fan favorites like Big Macs, Heinz ketchup, and Coke Zero. The deets:

- __Less happy meals:__ McD’s jacked up prices by 6%, but big appetite for the new Saweetie Meal helped push sales 10% higher than pre-pandemic levels.
- __More cheese for mac:__ Heinz raised prices for two-thirds of its products, from Kraft mac and cheese to Heinz ketchup — but still boosted profits and its annual forecast.
- __Costlier Coke:__ Coca-Cola lifted the price of its bevvies, yet still sold more drinks than it did pre-pandemic thanks to global thirst for fizzy drinks like Fanta.

__McDouble or nothing…__ Global food prices hit a 10-year high this month, straining low-income families and causing buyers to shell out up to 40% more for staples like PB. Rising costs of ingredients like beef and sugar also led food giants such as McCocaKraft to raise prices. __[General Mills](https://robinhood.com/stocks/GIS)__ and __Chock Full O’Nuts__ tried to shrink or swap products to mask price hikes (#shrinkflation and #swapflation). But McCocaKraft chose the other option: good old-fashioned #flation.

Arches

__The “staple advantage” is real…__ And Coke, McDonald’s, and Kraft are staples of US snack culture. Together, the tasty trio has a nearly $500B market cap — but their well-known brand names also have *huge* value. With inflation up across the board, many customers are willing to accept slightly higher prices for some go-to goodies like McNuggets, Diet Coke, and Bagel Bites. For smaller companies that haven’t reached “staple” status, it might prove harder to raise prices without hurting sales.

Food giants served up tasty earnings despite rising costs — because buyers won’t bail on Big Macs

Amazon’s spooky earnings, McCocaKraft’s “staple advantage,” and more of today’s top Snacks stories

Dow Jones

S&P 500

Nasdaq

Bitcoin

🎃 Amazon’s spooky earnings

__Badgley Mischka dress for the rehearsal dinner...__ Minus the $700 price tag. Designer clothing rental pioneer __[Rent the Runway](https://robinhood.com/stocks/RENT)__ made its Wall Street runway debut yesterday. Shares opened for trading 9% above their $21 IPO price, but closed the day down 8%. The 13-year-old company lets you rent chic clothes, bags, and accessories for a fraction of the sticker price. RTR handles the dry cleaning, so you don't quick-wash a $400 blouse.

- __Subscription-first:__ Subs account for more than 80% of RTR's revenue. The "most loved" subscription plan lets you rent up to eight items a month for $135.
- __"Closet in the cloud":__ RTR carries 700+ designers, and the average member *rents $37K worth of clothes yearly*. Members get special prices if they choose to buy.

__"Need a gown for the gala"...__ But not mid-pandemic. Last year, RTR lost more than half its subscribers, and its loss widened to $171M (it's still not profitable). Even though 90% of its customers still WFH, proms and posh parties are coming back: In September, RTR subscribers rebounded to 112K — down from 134K pre-pandemic, but up 2X from September last year.

- __Premium on experiences:__ RTR CEO Jennifer Hyman says the pandemic pushed consumers into “valuing experiences over ownership.”
- __Sharing is trendy:__ The secondhand market is the fastest-growing portion of apparel, and RTR isn't the only one feeling the love.
- __Publicly traded rivals__ like __[Poshmark](https://robinhood.com/stocks/POSH)__, __[The RealReal](https://robinhood.com/stocks/REAL)__, and __[ThredUp](https://robinhood.com/stocks/TDUP)__ are riding the wave of sustainability trends with already-worn fashion.

Strutting to the Nasdaq gala in (rented) couture [stock_colors/E+ via Getty Images]

Strut

__Sharing > owning...__ This 2021 theme isn't only about sustainability. The pandemic taught us that life — and plans — can change *fast*. You don't want to splurge on a gown when the event could be canceled at any moment, or invest in a car when you don't know where you'll be in a month. That's why __[Airbnb](https://robinhood.com/stocks/ABNB)__ is thriving with rentals like yurts and car companies like __[Volkswagen](https://robinhood.com/stocks/VWAGY)__ are launching subscriptions.

Rent the Runway struts onto the public market as sharing catches up to ownership

__Alert Elon…__ Elon Musk’s personal wealth rocketed past $250B this week, cementing his position as Earth’s richest person (insert Bezos side-eye). But this week a Democratic senator drew up the [deets](https://www.wsj.com/articles/how-the-billionaires-income-tax-would-work-11635325201) for a first-of-its-kind “billionaires tax,” proposed as part of Biden’s $2T spending package. This would be a tax on *unrealized* gains — aka investments that have risen in price but haven’t been sold. Quick refresher:

- People are taxed on income (think: wages, salary) — *not* on total net worth (think: cash + all unsold investments). Many stock holdings aren’t taxed unless they’re sold for profit, when they can become *realized* gains.
- That’s why many billionaires pay shockingly low taxes: Mark Zuckerberg’s base pay as __[Facebook](https://robinhood.com/stocks/FB)__ CEO is $1 — his net worth is $120B+, thanks to all his FB shares. 
- The proposed 24% tax rate on unrealized gains would apply to anyone with $1B+ in assets, or $100M in income for three straight years. The tax [reportedly](https://www.axios.com/billionaire-tax-democrats-explain-b6817590-3cb5-4806-b846-b51d9e4e099f.html) wouldn’t apply to real estate, but *would* apply to crypto.

__Billionaires weren’t happy…__ Cue Elon’s disappointed [tweet](https://twitter.com/elonmusk/status/1452792781726961668). Elon’s wealth surged $36B on Monday alone after __[Tesla’s](https://robinhood.com/stocks/TSLA)__ stock spiked. Under the tax, he’d owe $7.8B if he ended the year with just those gains, even if he never sold his Tesla shares. America’s 732 billionaires — a quarter of the world’s total — would be the *only* people affected by the tax. It would reportedly generate $250B to fund the Democrats’ $2T agenda. But because of political opposition and a lack of legal precedent, the proposal has already been shot down.

B-tax

__This B-tax was just a first draft…__ While the number of Americans who own stocks is growing, gains remain unequal: The top 1% gained 5X more from stocks and funds during the pandemic than the bottom 90%. With US wealth inequality worsening — the top 1% own 32% of US wealth while the bottom half own 2% — support for some type of billionaire tax remains high.

A proposed first-of-its-kind “billionaires tax” would’ve been a major blow to the 1%’s wealth

Rent the Runway’s IPO, the “billionaires tax,” and more of today’s top Snacks stories

💃 Rent the Runway’s market debut 

__Just preordered Adele on vinyl…__ From new album launches to pod subscriptions, __[Spotify](https://robinhood.com/stocks/SPOT)__ wants to be *the* hub for creators. It [unveiled](https://techcrunch.com/2021/10/20/spotify-partners-with-shopify-to-add-merch-to-artists-profiles/) two creator tools last week, partnering with __[Shopify](https://robinhood.com/stocks/SHOP)__ to let musicians add merch to their profiles and announcing plans to expand video podcasting. The deets:

- __Virtual merch table:__ Spotify integrated with Shopify to let artists promote and sell merch in the app, like [this](https://shop.spotify.com/artist/0NB5HROxc8dDBXpkIi1v3d/product/logo-tie-dye-bucket-hat?utm_medium=app&utm_source=spotify&utm_term=00a4661c355bbef2e0ba332599ad9bc5eee78c64f0ff5ae3877f44) $30 tie-dye Remi Wolf hat.
- __Watchable pods:__ Spotify plans to expand the in-app video podcasts it tested last summer to give creators more ways to reach fans and earn subscription $$. Fans can already watch Joe Rogan’s pod.

__There’s an app for that...__ Spotify gives artists ways to profit from their music. But there’s no central hub for creators to monetize their entire brand: Many artists use Shopify to sell merch, __Substack__ to launch newsletters, and __Patreon__ to fundraise. So Spotify is investing in new features to be a one-stop-shop where artists drop new music, sell merch, and engage with fans.

- __Plugged in:__ Last year Spotify gave creators tools to raise money through __Cash App__, __GoFundMe__, and __[PayPal](https://robinhood.com/stocks/PYPL)__, and host virtual events on __Twitch__, __Instagram__, and __YouTube__.
- __Paywalled:__ In April, Spotify launched a paid subscription where participating creators received 100% of revenue for the next two years. 
- __Fans First:__ In June, Spotify relaunched a Substack-style email tool that lets artists promote offers like concert presales.

Payday

__Spotify wants to be the public square for creators…__ With the creator economy valued at $100B+, __[Twitter](https://robinhood.com/stocks/TWTR)__, YouTube, __TikTok__, and __[Snap](https://robinhood.com/stocks/SNAP)__ are building tools to attract exclusive content. The company that ultimately wins over creators may be the one with the best tools *and* biggest user base. Spotify has 165M paying listeners — more than __[Apple](https://robinhood.com/stocks/AAPL)__ and __[Amazon](https://robinhood.com/stocks/AMZN)__ *combined*. Now it’s focused on giving creators *more* ways to get paid.

Spotify makes a move with merch and video to be the one-stop hub for artists

__Ask app not to track?__ __[Facebook](https://robinhood.com/stocks/FB)__ missed quarterly sales expectations as ad-revenue growth slowed big-time from the previous quarter (33% growth vs. 56%). FB blamed Apple’s iOS update, which lets users opt out of ad tracking — and warned it could continue hurting sales. BTW: Snap blamed its earnings miss on the iOS change too. (Twitter didn’t feel a hit.) But the real highlight of FB’s results was the metaverse. 

__BRB, I’m inside the internet…__ FB is doubling down on its vision of an immersive digital future. FB wants to be a metaverse company — *not* a social company (it’s even planning a meta-focused name change). Instead of engaging with just a screen, the metaverse is an internet you can be *inside of*. Think: going to a VR concert with friends' avatars, shopping at VR stores, working in a virtual office, and even owning VR real estate. Facebook’s meta moves:

- __In 2014,__ FB bought VR headset company Oculus, which will be a key entry point into its metaverse. Think: Facebook Horizon, a recently launched VR gaming world.
- __In August,__ Facebook [launched](https://snacks.robinhood.com/newsletters/PhMLZ9g0Tr6lipu2kAVK9/articles/5s5gUS6A80hsWzlO2rQq6Q/) a Sims-like VR office, which can be accessed free...  *with a $300 pair of Oculus Quest 2 headsets*.
- __In September,__ Facebook [unveiled](https://snacks.robinhood.com/newsletters/IoFpxzaCMWYIRwnWz8IHa/articles/6aRpVMxqEwEvfe2Crkv3qp/) its first AR smart glasses, designed by Ray-Ban.
- __Now,__ FB will start reporting financial results from Facebook Reality Labs, which houses its VR and AR products.

Speeding into the metaverse [THEPALMER/E+ via Getty Images]

Zucker-verse

__FB’s rebrand is about self-reliance…__ FB expects its investment in the metaverse to reduce its total operating profit by a whopping $10B this year. But that could be worth it if it means Facebook won’t have to be as dependent on *other* companies to make $$$. Ad sales currently make up 97% of FB’s total — and rely on your scrolling on Apple and __[Google](https://robinhood.com/stocks/GOOGL)__ phones. But the metaverse could be a hub for virtual interaction *and* commerce, from games and ticket sales to hangouts, all powered by Facebook.

Facebook looks to make its metaverse future a reality as ad growth winds down

FB’s metaverse results, Spotify’s creator hub, and more of today’s top Snacks stories

👾 FB’s metaverse results

__Going Ludicrous on the weekend…__ Car-rental giant __Hertz__ [is buying](https://www.bloomberg.com/news/articles/2021-10-25/hertz-said-to-order-100-000-teslas-in-car-rental-market-shake-up?sref=q3KSFp38) 100K __[Teslas](https://robinhood.com/stocks/TSLA)__ for an estimated $4.2B, the biggest EV purchase *ever*. Hertz is paying *full sticker price*. Hertz said Tesla Model 3s would be available for rent early next month. Shares of both companies spiked 10% yesterday, and Tesla’s market cap hit $1T, putting the EV leader in the trillion-dollar club with __[Apple](https://robinhood.com/stocks/AAPL)__, Microsoft, __Saudi Aramco__, Google, and Amazon. 

__Hertz so good…__ Renting a Tesla for your weekend getaway requires less commitment than dropping $42K on a Model 3. The Hertz deal will give Tesla more exposure (rentals = test drives). And it could be a *game changer* for Hertz, which emerged from bankruptcy just four months ago. 

- __Rental-flation:__ Hertz liquidated 30% of its fleet when car prices were high, generating *more* cash on top of the nearly $6B in bankruptcy investments and $10B in loans.
- __EV-olution:__ As gas prices rise and sustainability booms, Hertz could set itself apart from competitors with Teslas-for-rent. Hertz plans to attract EV-curious renters with its revamped fleet, which will be __20%__ electric when its Teslas arrive over the next year. 
- __If you’re not first...__ you may be last. Hertz’s mega-deal will suck up 10% of Tesla’s production capacity, making it hard for rivals __Enterprise__ or __[Avis](https://robinhood.com/stocks/CAR)__ to copy its strategy.

Looking for Teslas in Terminal 2 [freemixer/E+ via Getty Images]

Tessie

__Low commitment + low impact = high appeal…__ Hertz is tapping into two key trends: commitment-phobia and sustainability. [70%](https://www.marshalltribune.com/premium/brandpoint/new-survey-how-companies-are-responding-to-the-delta-variant,22645) of US companies will continue offering remote or flexible work options, and over [a third](https://www.salamancapress.com/news/state/report-over-a-third-of-gen-z-and-millennial-workers-are-looking-for-a-new/article_bb774d1c-37e0-5ed8-9f81-e42835d4b505.html) of Gen Z and millennial workers are looking for new jobs. When you don’t know where you’ll be, commitment is daunting. That’s why __[Volvo](https://robinhood.com/stocks/VLVLY)__, __[Nissan](https://robinhood.com/stocks/NSANY)__, __[Porsche](https://robinhood.com/stocks/POAHY)__, and Land Rover have launched short-term car subscriptions. Meanwhile, __[Volkswagen](https://robinhood.com/stocks/VWAGY)__ [rolled out](https://snacks.robinhood.com/newsletters/5FNosAv8NvHNCzrNb49Ii6/articles/1yqb3lrhGUbJa7JDStTRvD/) an *EV-specific* subscription.

Hertz buys $4B+ worth of Teslas in a major bet on large-scale EV rentals

__12% Greek, 30% Irish, 100% allergic to cats...__ Also: related to a medieval Spanish king. __[23andMe](https://robinhood.com/stocks/ME)__, one of the leading DNA-testing companies, has genotyped nearly 12M customers through its ancestry and health kits. 23andMe [went public](https://www.bloomberg.com/news/articles/2021-06-17/23andme-dna-testing-company-goes-public-following-branson-deal?sref=q3KSFp38) in June via a SPAC, and shares have fallen 15% since. The bulk of its revenue comes from spit tests, but those kit sales have slowed. Now...

- __23andMe is buying Lemonaid Health for $400M.__ The telehealth startup offers “affordable” access to care and delivers meds from its own pharmacies.
- __23andMe wants to integrate genetic data with primary care.__ Lemonaid doctors [will use](https://www.bloomberg.com/news/articles/2021-10-22/23andme-to-buy-telehealth-provider-lemonaid-in-care-expansion?sref=q3KSFp38) 23andMe's reports to help determine which drugs are best suited to patients.

__"You have more neanderthal DNA than 78% of customers”...__ an [example](https://investors.23andme.com/static-files/8db681b8-4ea3-452f-a3e6-3a151d8866d9) insight from 23's subscription service. It launched with the goal of using genetics to lead a personalized healthcare revolution. It’s been trying to connect the dots between DNA testing and healthcare for *years*. A whopping 80% of its customers allow their genetic info to be used for research.

- __In 2015,__ 23andMe launched a therapeutics unit to use its saliva samples to develop drugs.
- __In 2018,__ it sold access to users' DNA to pharma giant __[GlaxoSmithKline](https://robinhood.com/stocks/GSK)__, and sealed a four-year deal to collab on drug development.
- __In 2019,__ it sold the rights to a psoriasis drug it developed using its trove of genetic data to pharma company __Almirall__.
- __Last year,__ it introduced a subscription product called 23andMe+ that gives consumers personalized health info. Think: predispositions for diabetes and celiac and muscle composition.

__The future of healthcare could be personalized...__ But it could take a while. Genetics will likely be central to the future of healthcare: 70% of providers think genetic tests will improve clinical outcomes. Other testing companies like __Color__ and __Helix__ are also positioning genetics as the future. But genetics still hasn't been adopted into primary care, and its value/benefit versus generic care hasn't been fully verified.

23andMe is buying Lemonaid for $400M in a bid to lead DNA-based healthcare

Hertz’s $4B Tesla splurge, 23andMe’s healthcare push, and more of today’s top Snacks stories

🔌 Hertz’s $4B Tesla splurge 

__DIY holiday gift inspo...__ Some want a hand-poured soy candle, some want a multibillion-dollar company. __[PayPal](https://robinhood.com/stocks/PYPL)__ was [reportedly](https://www.bloomberg.com/news/articles/2021-10-20/paypal-said-to-explore-purchase-of-social-media-firm-pinterest) in talks to buy __[Pinterest](https://robinhood.com/stocks/PINS)__ for a whopping $45B — a cushy premium on its $40B market cap. It would’ve been the biggest acquisition of a social-media company *ever*. But late on Sunday, PayPal [said](https://www.reuters.com/technology/paypal-says-is-not-pursuing-acquisition-pinterest-2021-10-25/) it was *not* pursuing a Pinterest acquisition “at this time.” Pinterest shares plunged on the news. At first tap, the pairing might have seemed random:

- __PayPal__ is the *$300B* online payments giant, with 400M+ users. It rose to fintech fame thanks to its handy checkout button on retailers' sites.
- __Pinterest__, which IPO’d in 2019, is the wholesome social network where 450M people create mood boards for chateau-style weddings, man caves, and latte art. 

__Came for the vintage Pin-spo...__ left with the vintage jeans. The PayPal-Pinterest reports  come at a time when product discovery and spending are shifting to social apps like Insta and __TikTok__. US shopping on social sites is expected to jump 36% this year, to $36B. Not coincidentally: Many Pins have "shop" buttons that connect to merchants' sites. Pinterest is where people start the shopping journey — a payments company like PayPal might be interested in finishing it.   

- __Buying an audience:__ More than half of Pinterest users are women between the ages of 24 and 49, a lucrative demo that makes the bulk of families’ spending decisions. Nearly half of Americans who make $100K+/year are Pinners.
- __Social shopping:__ If PayPal integrated its payment system with shoppable Pins, it could boost its transaction revenue from 450M+ Pinners
- __Selling #ads:__ Pinterest’s revenue from retailers’ “Promoted Pins” would've helped PayPal diversify its income, which mainly depends on payments volume. 


From Pin to pan [mapodile/E+ via Getty Images]

Pin-spo

__PayPal wants “super app” status…__ TBD if it can execute. Super apps like Alipay and __[Alibaba](https://robinhood.com/stocks/BABA)__ are used widely across Asia to shop, bank, chat, and post — all in one. Despite its big ambitions and $19B in cash to splurge, PayPal still hasn’t integrated with Venmo, which it bought in 2013 (you can’t Venmo someone who only has PayPal). PayPal isn’t pursuing a Pin-quisition at this time — but if it *does* eventually buy Pinterest or another social platform, seamless integration would likely be key to turbocharging its social-ecomm ambitions.


How PayPal’s rumored interest in Pinterest connects to the social-shopping boom

__Immunity boost…__ not a ginger shot. The FDA [authorized](https://www.cnbc.com/2021/10/20/fda-clears-johnson-johnson-and-moderna-booster-shots-for-millions-of-people.html) __[Moderna](https://robinhood.com/stocks/MRNA)__ and J&J boosters last week. __[Pfizer](https://robinhood.com/stocks/PFE)__ had already gotten the green light, so people who are at high risk or 65+ can now choose from *three* boosters. Dr. Fauci expects people under 65 to be eligible for boosters soon. Pfizer said Friday that its vax is safe for kids — now the FDA’s reviewing the results. 80% of US adults are fully vaxxed, but the push isn’t over. And some un-vaxxed workers are quitting to avoid vax mandates.

__Bit by bit…__ Crypto mainstreamification continues. __[Bitcoin](https://robinhood.com/crypto/BTC)__ prices hit a record $67K last week after two Bitcoin futures ETFs started trading in the US for the first time.  These ETFs do not invest directly in Bitcoin, but they make crypto more accessible. 200M people now own $2.5T in crypto, and it’s attracting more individual and institutional investors. __[Morgan Stanley](https://robinhood.com/stocks/MS)__, __[Goldman Sachs](https://robinhood.com/stocks/GS)__, and __[Wells Fargo](https://robinhood.com/stocks/WFC)__ all launched Bitcoin funds this year. Looking ahead, crypto giants are building more crypto tools, and more Bitcoin futures ETFs are expected to launch this month.


Zoom Out

Stories we’re watching...

__FB under fire...__ __[Facebook](https://robinhood.com/stocks/FB)__ reports earnings today, while in the thick of a public-trust crisis. First, WSJ’s bombshell coverage of internal FB files underscored Instagram’s [toxicity for teens](https://www.wsj.com/articles/facebook-knows-instagram-is-toxic-for-teen-girls-company-documents-show-11631620739). Then, *two* whistleblowers said FB puts profits over user safety. Last quarter, FB’s booming ad sales drove revenue to a record $29B. But it warned that __[Apple’s](https://robinhood.com/stocks/AAPL)__ iOS update, which now lets users opt out of ad tracking, could hurt profits. It already hurt __[Snap](https://robinhood.com/stocks/SNAP)__, whose stock plunged 22% Friday after it dropped disappointing results. 

__Restocking TP…__ During the pandemic, __[Amazon](https://robinhood.com/stocks/AMZN)__ won over IRL shoppers as we scanned digital shelves for lockdown essentials. Amazon’s sales hit a record $125B for the quarter ending last December, but year-over-year growth slowed last quarter. Still, the ’Zon could make up half of US online sales this year. Ahead of holiday demand and supply-chain troubles, it plans to hire 150K seasonal staff, 50% more than last year. Amazon is set to drop earnings on Thursday.

Events

Coming up this week...

- __[iGoods](https://snacks.robinhood.com/newsletters/5Qf6hTGbxi3ycxNel4iFWN/articles/4yofVJEch3IvKJyk5grov3/):__ Apple’s latest product launch put health-tracking water-resistant AirPods at the center of its expanding health and fitness push.
- __[RT](https://snacks.robinhood.com/newsletters/77ThjNNSIgRUvl3kUTIBDA/articles/33uYEXDJVvl3OkeDFFWczR/):__ Trump’s new company, which wants to take on Big Tech and “create a rival to the liberal media,” is going public via a SPAC called __[DWAC](https://robinhood.com/stocks/DWAC)__. DWAC stock soared 9X on the news. 
- __[UnFIFA](https://snacks.robinhood.com/newsletters/1iXdhJ9cuLxX5Bwh9QlBCx/articles/BYvgwKMBvDHg09uwKcRZs/):__ __[Electronic Arts](https://robinhood.com/stocks/EA)__ might bail on longtime teammate FIFA — after $20B+ in sales of the best-selling sports game franchise ever — because of a contract dispute.

ICYMI

Last week's highlights....

PayPal Pinterest rumors, Bitcoin’s big week, and more of today’s top Snacks stories

👛 PayPal Pinterest rumors

__Trump’s back...__ with a SPAC? Former President Trump wants to take on Big Tech and “create a rival to the liberal media” with his *own* biz: __Trump Media & Technology Group__. ICYMI: Trump’s still barred from __[Twitter](https://robinhood.com/stocks/TWTR)__, __[Facebook](https://robinhood.com/stocks/FB)__, and YouTube. Yesterday, Trump’s company [said](https://www.cnbc.com/2021/10/21/trump-linked-spac-shares-soar-more-than-40percent-on-news-of-social-media-deal.html) it was going public by merging with __[Digital World Acquisition Corp.](https://robinhood.com/stocks/DWAC)__ (aka DWAC), a special purpose acquisition company (aka SPAC — or blank check company). 

- __DWAC shares more than *4X’d*__ in value yesterday. It became the most traded stock on the Nasdaq and NYSE, changing hands 470M+ times. 
- __Trump’s company plans to launch a social network__ called Truth Social next year (it [looks](https://rumble.com/vnzzot-truth-social.html) a lot like __Facebook__). 
- __Also in the works:__ a self-described “non-woke” __[Netflix](https://robinhood.com/stocks/NFLX)__ rival called TMTG+, a __CNN__ competitor called TMTG News, and an __[Amazon](https://robinhood.com/stocks/AMZN)__ cloud rival.
- __Few deets:__ The only other TMTG employee announced was Scott St. John, former producer of “Deal or No Deal.”

__The Trump hype machine…__ Trump has used his name to promote other businesses, like his casinos, hotels, and Trump University. But his biz record is financially and legally questionable. His only previous public company, __Trump Hotels & Casino Resorts__, lost money every year until it went bankrupt (one of his six bankruptcies). And the __Trump Org__ and its CFO were recently charged with 15 felony counts, including tax evasion.

DWAC

__SPACs attract big names…__ Companies that go public via a SPAC sometimes face less oversight than those that IPO, which can help raise cash more quickly — especially when there’s a big name behind them. Other celebs like Shaq, Serena Williams, and Jay-Z have launched their own SPACs. Meanwhile, the SEC [warned this year](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/celebrity) that it’s “never a good idea to invest in a SPAC just because someone famous sponsors or invests in it.” 

“The Trump SPAC” quadruples as his company vows to take on Big Tech

__Elon(g) profit streak…__ nine quarters long, to be exact. __[Tesla](https://robinhood.com/stocks/TSLA)__ notched another sales and delivery record last quarter. Despite supply-chain crunches and a global chip shortage, Tesla has been resilient compared to other carmakers, and still plans to boost deliveries by 50% each year.

- __241K:__ The number of Teslas delivered last quarter. The lower-priced Model 3 and Model Ys made up a whopping 96% of the haul (sorry, S and X). 
- __$1.6B:__ Tesla’s profit more than 4X’d from the same quarter last year, despite rising material and labor costs (#flation). 

__A Muskular effort...__ Tesla wasn’t immune to supply struggles: Its gig factories still aren’t operating at full capacity, which means longer delivery times and [slower](https://www.wsj.com/articles/tesla-poised-for-record-quarterly-earnings-on-supply-chain-resilience-11634722200?mod=newsviewer_click) product rollouts (new Cybertruck ETA: *2023*). Still, Tesla owns multiple stages of its own supply chain (it’s “vertically integrated”). Think: Tesla makes the [machine](https://evannex.com/blogs/news/elon-musk-tesla-is-absurdly-vertically-integrated-compared-to-other-auto-companies) that makes the Tesla. That's made it more resilient during the pandemic than many other carmakers. 

- __[GM’s](https://robinhood.com/stocks/GM)__ US car deliveries dropped to 446K last quarter, down one-third from a year ago, because of supply disruptions. 
- __[Ford](https://robinhood.com/stocks/F)__ slashed production of its best-selling F-150 pickup truck and other profitable cars — again.
- __Chip shortages could cost automakers $210B__ this year. Tesla avoided some of the drama by manufacturing some of its *own* chips for its latest models.

A Musk-ular quarter [skynesher/E+ via Getty Images]

Muskular

__Sometimes fewer products can mean more profits…__ especially during a global supply shortage. Legacy car manufacturers like GM and Ford produce numerous models on a larger scale. Meanwhile, Tesla and Chinese EV rival __[Nio](https://robinhood.com/stocks/NIO)__ offer just a handful, relying on a leaner supply chain to meet demand. Like Tesla, Nio also posted record deliveries last quarter, partly thanks to China’s investment in domestic production.

Tesla drops record profits thanks to big deliveries and supply-chain shortcuts

Trump’s stock surge, Tesla’s record quarter, and more of today’s top Snacks stories

📣 Trump’s stock surge

__Return of the "try me" moisturizers...__ __[Ulta](https://robinhood.com/stocks/ULTA)__ is Sephora's less swanky rival, with 1.3K US stores compared to Sephora’s 2.7K global stores. Ulta shares have dropped 13% since its investor day on Tuesday. Its three-year growth outlook [missed](https://www.cnbc.com/2021/10/19/ulta-beauty-to-focus-on-speedy-delivery-as-some-pandemic-habits-stick.html) expectations, though it expects to outpace the rest of the beauty industry.

- __Beauty sales plunged last year,__ as face masks replaced lip gloss and __[Zoom](https://robinhood.com/stocks/ZM)__ face replaced foundation. Meanwhile, consumers became even more digitally savvy. Now...
- __Beauty is glowing up,__ as we refresh our makeup bags instead of refreshing __[Netflix](https://robinhood.com/stocks/NFLX)__. Last quarter, Ulta's sales surged 56% from 2020, surpassing *pre-pandemic* levels.

__TikTok blush...__ As the shift to digital continues, Ulta is following Sephora’s lead and rolling out same-day delivery. But IRL browsing is key, too: Ulta customers who shop *both* online and in stores typically spend 3X more than online-only shoppers. So Ulta plans to open 50 new stores a year, and have 100 mini shops inside __[Target](https://robinhood.com/stocks/TGT)__ this year. But the juiciest update from Ulta:

- __“Digital store of the future”:__ Ulta just [invested](https://wwd.com/beauty-industry-news/beauty-features/the-future-of-ulta-beau) in AI company __Adeptmind__, which aims to power a new personalized search engine for a futuristic shopping experience.
- __Think:__ Tailored recs and content-driven product discovery on Ulta’s platforms. The goal: to "seamlessly merge content with commerce.” About that...
- __Ulta’s launching a media platform__ that partners can use to advertise on Ulta’s site and app. A new editorial team will create “culturally relevant” content, including beauty tips.

Brows(e)

__*Being* a social hub > using a social hub...__ Product discovery and spending have shifted to TikTok and Insta. But instead of only advertising on social platforms, Ulta wants to create its *own* social commerce hub. That way Ulta — *not* Insta — will gain valuable browsing data that it can use to sell targeted ads to brand partners. By making its digital sales channels more like content-focused social apps, Ulta could unlock a big new revenue stream.

Ulta Beauty wants to steal TikTok’s and Insta's thunder with "the digital store of the future"

__It’s getting Messi…__ A breakup between a soccer power couple could be coming. Video-game giant __[Electronic Arts](https://robinhood.com/stocks/EA)__ (EA) and soccer org FIFA have released a new FIFA game together for 28 years, making FIFA the best-selling sports-game franchise *ever*. Fans love that FIFA lets them play with friends while rooting for their favorite teams. But EA is reportedly considering [walking out](https://www.nytimes.com/2021/10/13/sports/soccer/ea-sports-fifa.html) on its longtime teammate.

__Trouble in the FIFA-verse…__ EA has made $20B+ from the FIFA franchise over the past 30 years or so, and FIFA currently makes $150M in yearly licensing fees from EA. But their 10-year contract ends after next year’s World Cup in Qatar, and they can’t agree on a new deal. Here’s why:

- __Putting the “fee” in FIFA:__ FIFA wants to *double* the yearly licensing fee it charges EA to use its name.
- __Open relationship:__ EA wants *exclusive* rights to develop FIFA extensions like arena gaming tourneys and NFTs, but FIFA wants to *limit* EA and launch its own ventures.
- __Uneven split:__ FIFA, a nonprofit, made more than *half* its nearly $270M in revenue last year from its EA deal. But EA, which is valued at $40B, made $5.5B last year distributing *several* hit games like Madden, The Sims, and Apex Legends.
- __New partners:__ EA has already lined up 300+ partners from national leagues to players’ unions, and filed to trademark “EA Sports FC.” Now, FIFA could start looking for a new gaming partner like __Epic Games__ or __[Activision Blizzard](https://robinhood.com/stocks/ATVI)__.

A FIFA by any other name would play as sweet [Dmytro Aksonov/E+ via Getty Images]

Breakup

__You need the name to *join* the game…__ But you only need loyal fans to *keep* playing. EA leveraged FIFA’s brand to generate buzz and build a huge global fan base: More than 31M people have played FIFA 21 since it launched last fall. But EA’s games *themselves* are what keep fans plugged in. Most sports fans don’t abandon their teams when they trade star players; EA hopes customers show similar loyalty.

FIFA and EA might break up after 28 years — but EA could keep the die-hard fans

FIFA’s gaming breakup, Ulta takes on TikTok, and more of today’s top Snacks stories

⚽️ FIFA might break up with EA

__*Goodbye, my couch pizza*...__ A loyal pandemic friend. __[Domino's](https://robinhood.com/stocks/DPZ)__, the Earth's largest pizza company, just [broke](https://www.wsj.com/articles/dominos-same-store-sales-decline-breaks-growth-streak-11634217150?mod=hp_lista_pos4) its 10-year hot streak: Its US same-store sales *fell* for the first time in over a decade, ending 41 straight quarters of cheesy growth.

- __Supply is chained:__ Supply and labor shortages forced Dom's to reduce hours as it hunted for more drivers. FYI: Fast-food prices are up nearly 7% from last year.
- __Date night's back:__ And it doesn't involve a box of BBQ cheesy bread. With IRL eateries back open, the pizza-delivery surge has cooled. 
- __Americans = unstimulated:__ Dom’s partly blamed its US sales slump on reductions in stimulus payments, which boosted spending last year.

__Not as stale as it sounds...__ Compared to last year's pandemic pizza boom, Dom's US store sales were down 2%. But compared to the same quarter in 2019, US sales were *up* nearly 16%. Meanwhile, international sales growth boomed 20% — Dom's *111th* straight quarter of non-US growth. Here's how Dom's is keeping its strategy crispy:

- __Tech focus:__  Dom's intro'd online ordering for carryout and a delivery app with real-time order tracking.
- __Speed central:__ It launched designated lanes to cut carryout wait times, and a two-minute guarantee for car-side delivery.
- __Surprise "frees," not fees:__ Instead of surprise fees, Dom's launched a $50M campaign to give one in every 14 digital delivery orders a surprise free item, like lava cake.

Crispy

__Direct competition isn't always correct competition...__ Dom's direct competitors are chains like Pizza Hut and __[Papa John's](https://robinhood.com/stocks/PZZA)__. Its real competitors: online-ordering apps like __Grubhub__, __[DoorDash](https://robinhood.com/stocks/DASH)__, and Uber Eats. Dom's is one of the few big chains that refuse to work with outside delivery apps, so it has full control over its service. Dom's said consumers were irritated about all the fees charged by delivery apps. That's why it focused on tech, speed, and delivery freebies last quarter.

Domino’s 10-year hot streak is over, but its digital strategy is extra crispy 

__The AirPod doesn’t fall far from the iPhone…__ And we *still* can’t find it. __[Apple](https://robinhood.com/stocks/AAPL)__ unveiled a bushel of redesigned classics at its second product event in two months — including updated AirPods, revamped MacBooks, and new HomePods.

- __Gone by popular demand:__ Apple listened to buyers and ditched unliked features such as the MacBook’s touch bar (sorry, emojis) and AirPods’ rubber tips. 
- __Homemade chips:__ The new MacBooks feature improved Apple-made M1 chips, which were first intro’d to the Mac lineup last year. The new Macs are said to be 70% faster. 
- __Colorful colors:__ Apple rolled out blue, yellow, and orange HomePod Mini speakers, which previously came in only white and gray.

__iPad or hardcover book?...__ Unwrap to find out. Apple’s updated gadgets hit shelves next week, meaning new iPhones, Watches, Macs, *and* AirPods will be out in time for the profitable holidays. Case in point: Apple’s $29B in profits last holiday quarter were the highest of *any company — ever*. But this year, Apple and other retailers are sweating over production due to shipping delays and chip shortages. So Apple’s new iProducts could serve *another* purpose: Push shoppers to buy *older-but-in-stock* iPhones and AirPods, whose prices have just been reduced.

Found an AirPod and an earplug [JGI/Jamie Grill via Getty Images]

AirProfit

__Essential tech = profitable tech…__ Apple crammed iPhones full of features that make customers feel they *need* pricey phones to navigate, take good pics, and stay connected. AirPods are the next luxe product Apple wants to make *indispensable*. Apple plans to stuff AirPods with health-focused features — like hearing enhancement, body-temperature reading, and posture monitoring — that conveniently integrate with its expanding fitness and health platforms.

Apple’s holiday iGoodies: Goodbye touch bar, hello health-monitoring AirPods

Apple’s new iGoodies, Domino’s freebies, and more of today’s top Snacks stories

👂 Apple’s new iGoodies

__Back to the futures...__ Big day for crypto: Today the first-ever __[Bitcoin](https://robinhood.com/crypto/BTC)__-linked ETF is [expected](https://www.cnbc.com/2021/10/18/first-bitcoin-futures-etf-to-make-its-debut-on-the-nyse-tuesday-proshares-says.html) to start trading on the New York Stock Exchange. Refresher: [ETFs](https://learn.robinhood.com/articles/QkpPOCYYd2fMe76837dvG/what-is-an-exchange-traded-fund/), or exchange-traded funds, traditionally track an index (like the [S&P 500](https://learn.robinhood.com/articles/7kFFEUv46vmMCmMfLuNiRX/what-is-the-s-and-p-500/)), a sector (such as tech), a commodity (like oil), or other assets. In this case, the new ETF will track Bitcoin *futures*. It’s the first Bitcoin futures ETF that the SEC will allow on the market. Breaking it down:

- __Futures, aka futures contracts,__ are agreements to buy or sell an asset in the future at a specific price. In this case, futures let investors speculate on BTC's future price.
- __Because this ETF tracks futures,__ it *doesn't* invest directly in Bitcoin — and its performance could differ from BTC's actual price. 

__So much future...__ The launch of this ETF is a milestone for the crypto industry, which has struggled to gain acceptance in the tightly regulated financial space. About [14%](https://www.gemini.com/state-of-us-crypto) of people in the US — mostly high-income men — own cryptocurrency, according to Gemini’s 2021 “State of US Crypto” report. BTC futures could make crypto more accessible to a wider base who might not have invested in crypto. 

- __BTC exposure, minus the BTC:__ Futures give investors exposure to Bitcoin without having to hold or exchange the crypto. No Bitcoin wallet required.
- __Regulated alternative:__ BTC futures are traded on a regulated exchange, which may offer some investors more confidence than directly investing in unregulated Bitcoin.
- __Wider access:__ Investors with regular brokerage accounts can access BTC futures ETFs without having to create an account with a crypto provider.

Future

__The next step in crypto "mainstreamification"...__ could be futures. Two-thirds of US adults who don't own crypto are "[crypto-curious](https://www.gemini.com/state-of-us-crypto),” according to Gemini. Three additional Bitcoin futures ETFs are expected to launch this month, with others in the pipeline. What the crypto industry ultimately wants: funds that invest *directly* in crypto. So far, the SEC has shot all of them down.

The first Bitcoin-linked ETF could pave the way for a more mainstream future

__Avatars grow up so fast…__ Tween-favorite gaming platform __[Roblox](https://robinhood.com/stocks/RBLX)__ announced it has 43M daily users — double what it had two years ago. Roblox, which went public in March and has a $44B market cap, is like YouTube for user-generated games (think: Lego-like avatars). This year Roblox expects to pay out $500M to 1.3M content creators.

- __Wild stat:__ Last year in the US, 75% of kids ages 9 to 12 played Roblox. The platform has come under [scrutiny](https://www.wsj.com/articles/roblox-struggles-with-sexual-content-it-hopes-a-ratings-system-will-address-the-problem-11618660801) over safety issues, but has taken steps this year like launching content ratings for games and bolstering parental controls, to promote safety. 
- __FB-owned Instagram Kids__, however, got paused last month after getting backlash for its *lack* of parental controls. Experts say platforms like __[Facebook](https://robinhood.com/stocks/FB)__, Instagram, and __TikTok__ lag behind Roblox in their efforts to curb bad behavior (though even Roblox isn’t perfect).

__Adulting welcome…__ It’s not *just* young kids Robloxing. Last month Roblox said that for the first time over half its users were *older* than 13. Last week it announced several features to appeal to non-tweens and adults:

- __Realistic avatars__ offer alternatives to cartoonish characters, and 13+ gaming filters allow games catered to older players. AI-powered voice-chat features are set to roll out to older users too.
- __Limited e-merch__, which could appeal to older users interested in fashion and NFTs, will go on sale for Robux, an in-game currency bought with *actual* bucks.
- __Getting meta:__ Roblox hosts virtual concerts and brand-sponsored meeting spaces, and sees itself as a hub for an immersive “metaverse” — a digital world where kids and adults can “learn, work, play, create, and socialize.”

Morning stroll through the meta neighborhood [gremlin/E+ via Getty Images]

Roblox lays the foundations for a kid-safe “metaverse” — but it needs adults, too

Bitcoin’s futures, Roblox’s metaverse, and more of today’s top Snacks stories

🪙 Bitcoin’s futures

__Thanks for connecting...__ *Or not.* __[Microsoft's](https://robinhood.com/stocks/MSFT)__ LinkedIn is [removing](https://www.cnbc.com/2021/10/14/microsoft-to-shut-down-linkedin-in-china.html) itself from China's network. The software giant is shutting down LinkedIn in China, citing the country's intensifying pressure to censor. FYI: China was LinkedIn’s third-largest market, with 50M+ users. Microsoft plans to launch a new China-specific version of LinkedIn this year, which *won't* include social features: no ability to share opinions, news articles, or "some personal news."

- __LinkedIn was the last major American social network__ still running in China, and it’s the [biggest](https://www.wsj.com/articles/microsoft-abandons-linkedin-in-china-citing-challenging-operating-environment-11634220026?mod=djemalertNEWS) tech departure from China in years.
- __The networking site launched in China in 2014__ with limited features in order to comply with China's strict internet laws. (Refresher: Microsoft bought LinkedIn for $26B in 2016.)
- __Last year,__ LinkedIn received 42 requests from Chinese authorities to take down content, and acted on 38. Then last month LinkedIn blocked the profiles of several US journalists in China.

__Great walls of fire...__ China’s “Great Firewall” monitors and censors online. __[Facebook](https://robinhood.com/stocks/FB)__ and __[Twitter](https://robinhood.com/stocks/TWTR)__ have been blocked in China since 2009, and __[Google](https://robinhood.com/stocks/GOOGL)__ left in 2010 after declining to censor search results. This year China blocked the social audio app Clubhouse and the encrypted chat app Signal. Some savvy internet users can access Western sites through VPNs, but many don’t.

- __American tech companies aren't thrilled__ about being blocked from billions of potential users in China — even Zuck’s [Mandarin](https://www.latimes.com/world/asia/la-fg-facebook-zuckerberg-speaking-chinese-20151026-story.html) couldn’t get FB unbanned.
- __But they also face criticism in the West__ if they censor content to appease the communist government. Cue: LinkedIn’s departure. A few other examples...
- Google dropped the China-compliant search engine it was building, and __[Zoom](https://robinhood.com/stocks/ZM)__ faced backlash for shutting down a human-rights account to comply with Chinese law.

Wall

__It's a tale of two internets...__ The only way to get social in China is to get *censored* by China. The Great Firewall has created two internets operated by the world’s superpowers. For the US, China’s digital wall blocks a major business opportunity. For China, it’s hurting interest from US investors and biz partners. As China increasingly [cracks down](https://snacks.robinhood.com/newsletters/lmendgmwiqrFZ5v9KHvVo/articles/7elgOaDupMl8Er1xxvUq14/) on its *own* tech companies, US companies are becoming even more wary of making the move.

Blocked: LinkedIn becomes the last US social network to leave China as censorship intensifies

__Espresso machine delivery ETA…__ 124 days. Three (related) themes are defining earnings season for companies, from airlines to pizza chains. First, supply-chain snarls are curbing sales of retailers like __[Nike](https://robinhood.com/stocks/NKE)__, which had to close some factories despite booming demand. Second, rising materials costs have led companies like __[Clorox](https://robinhood.com/stocks/CLX)__ to lower yearly profit forecasts. Third, labor shortages are compounding both those problems, with companies like __[FedEx](https://robinhood.com/stocks/FDX)__ blaming worker shortages for lower-than-expected sales. Expect these issues to continue into the holidays.

__Catered bagels for the branch…__ Big banks reported tasty quarterly profits. Profits at consumer-focused __[Bank of America](https://robinhood.com/stocks/BAC)__, __[Wells Fargo](https://robinhood.com/stocks/WFC)__, and __[Citi](https://robinhood.com/stocks/C)__ boomed after the banks released billions in loan loss reserves set aside for defaults that never happened. A jump in credit-card spending helped Citi’s profits soar 48% from last year, while IPO and merger-palooza boosted profits at investment banking giants __[JPMorgan Chase](https://robinhood.com/stocks/JPM)__ and __[Morgan Stanley](https://robinhood.com/stocks/MS)__. Trading activity is expected to slow, so we’ll see if investment banks can keep profits pumping.


__Cracked the dalgona candy...__ Whoops. __[Netflix](https://robinhood.com/stocks/NFLX)__ gained a whopping 36M subscribers last year while you binged “Tiger King.” But that led to subscription saturation (#subscripturation), *and slowing growth this year* as non-couch activities return. Last quarter Netflix lost 400K subscribers in North America, which now makes up just 35% of customers. Investors want to know if Netflix’s new focus on foreign shows boosted subscribers when the Flix drops earnings on Thursday. FYI: Korean thriller "Squid Game" is Netflix’s best-performing show *ever*.

__Self-driving PR...__ __[Tesla](https://robinhood.com/stocks/TSLA)__ hit another delivery record last quarter, with 240K cars. In the previous quarter, Tesla raked in $12B in sales, nearly *double* from a year ago. For reference, Chinese EV-competitor __[Nio](https://robinhood.com/stocks/NIO)__ generated over $1B in Q2. Tesla recently launched full self-driving (think: reading stop signs and auto lane change) for select drivers, even though its Autopilot feature is in the hot seat with regulators. We’ll see if Tesla can keep up the record pace and manage its self-driving woes when it rolls up with earnings on Wednesday.

ETA for “Squid Game” Halloween costume: 37 weeks [Westend61 via Getty Images]

- __[Puff](https://snacks.robinhood.com/newsletters/6TFkwNsv6HEX4noFP6SOQg/):__ Vuse’s tobacco-flavored e-cig became the first FDA-approved vape. Vuse Solo got the green light by doing what Juul didn’t.
- __[Pill](https://snacks.robinhood.com/newsletters/5uDmFiCAGnQetvrB0Wj8JL/articles/4vswHrDasJzLTAbQtUvcnR/):__ Pharma giant __[Merck](https://robinhood.com/stocks/MRK)__ filed for FDA approval of its Covid pill. If approved, the first swallowable antiviral Covid drug could help cut hospitalization and death rates.
- __[Brew](https://snacks.robinhood.com/newsletters/4jcFjXipUTUzqVCym6SfG4/):__ __[Starbucks](https://robinhood.com/stocks/SBUX)__ turned 50. We’re looking at Starbs’ transformation from a small bean seller to a $131B giant that accounts for nearly half of US coffeehouses.

Last week's highlights...

LinkedIn leaves China, Netflix and Tesla earnings, and more of today’s top Snacks stories