__'Drone delivery team, *assemble*'...__ __[Alphabet](https://robinhood.com/stocks/goog)__ doesn't just own __Google__ — it also owns __Wing__, the drone delivery startup developed in its experimental "[Google X](https://x.company/)" lab. Starting next month, Wing will be flying Advil, Tums, and Kit-Kats around for __[Walgreens](https://robinhood.com/stocks/wba)__, __[FedEx](https://robinhood.com/stocks/fdx)__, and (randomly) a regional gift [store](https://www.sugarmagnoliaburg.com) charmingly called __Sugar Magnolia__. It'll deliver "[within minutes](https://www.theverge.com/2019/9/19/20874316/wing-drone-delivery-fedex-walgreens-virginia)." Bold claim. 

__Heads-up, Virginia...__ The most ambitious drone pilot program yet kicks off in Christiansburg, VA — conveniently near the US Department of Transportation. Wing has been testing with the DOT since 2016 to prep for this moment. Here are the key numbers.

- __78%:__ That's how much of the US lives within 5 miles of a Walgreens — and a large portion needs prescriptions consistently or pills ASAP.
- __10 miles:__ That's the range of a Wing drone, so the pilot is keeping things local.
- __[wing.com/virginia](https://wing.com/united-states/virginia/):__ If you're in the area, that's where you can sign up to be an early user (tweet us at @[RobinhoodSnacks](https://twitter.com/robinhoodsnacks?lang=en) how it goes).

Bzzzz

__Wing is a model for tech & regulator cooperation...__ Wing become the 1st drone operator to be verified by the FAA. Only after that did it pursue these partnerships — and it's doing them in the regulator's backyard (compare that to Uber bulldozing rules to enter new cities). Wing first asked for permission, not forgiveness — and regulators seem to let things move along at a nice pace. Wing should send them an apple pie via drone.

Google teams up with FedEx and Walgreens for drone delivery next month

__If you're on time, you're late...__ If you're 10 years early, you're on time. __[Amazon](https://robinhood.com/stocks/AMZN)__ CEO Jeff Bezos took Amazon from loser to leader in the fight against Climate Change, the day before the [Global Climate Strike](https://globalclimatestrike.net/) (which is today).

- __Loser:__ Amazon transports 10B packages/year with fuel-burning planes and trucks in way-bigger-than-necessary boxes-within-boxes (plus packing peanuts).
- __Leader:__ It just co-founded "[The Climate Pledge](https://press.aboutamazon.com/news-releases/news-release-details/amazon-co-founds-climate-pledge-setting-goal-meet-paris)," to achieve the ambitious goals of the Paris Climate Accord __10 years ahead of its 2050 deadline__. (FYI — The US is the [only country in the world](https://www.reuters.com/article/us-climatechange-accord-syria/syria-formally-joins-paris-climate-agreement-u-n-idUSKBN1DE2KU) not in on the global pact to save the planet).

__2 goals: Carbon neutral by 2040 and 100% renewable by 2030...__ Here's how Amazon's planning to un-do all its carbon footprints:

- __Keep investing in renewable:__ Jeff offered up a [map](https://sustainability.aboutamazon.com/amazon-around-the-globe) of Amazon's solar and wind facilities (it's already 40% renewable).
- __Reforest the forests:__ Plant millions of trees, which inhale CO2 and exhale oxygen. #bio101
- __Buy 100K electric delivery vans:__ Amazon's an investor in __Rivian__ (based in Plymouth, MI), which will deliver Amazon its first all-electric cargo van in 2021 ([pic here](https://techcrunch.com/2019/09/19/amazon-orders-100k-electric-delivery-trucks-from-rivian-as-part-of-going-carbon-neutral-by-2040/)).

Green-up

__The purpose of a corporation has changed...__ Until this year, companies were officially supposed to look after profits only. But the Business Roundtable [changed this summer](https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serves-all-americans) to become less narrow-minded — Amazon is taking care of other stakeholders besides shareholders with this move. Like the planet, and those who live on it. 

Amazon commits to carbon neutrality — then orders 100K electric delivery vans

Dow Jones

S&P 500

Nasdaq

Bitcoin

10-Yr US Treasury

_Give Google the drone remote_

Bezos hugs Mother Earth

__The "I-don't-know-what-to-get-mom/dad-for-Christmas" gift...__ __[Facebook's](https://robinhood.com/stocks/FB)__ $149 Portal TV [turns](https://techcrunch.com/2019/09/18/facebook-portal-tv/) your tube into an eerily smart and aggressively social streaming device (it's a spinoff of Zuck's AI-powered Portal tablet). ETA is November, but the high-tech camera/speaker bar boasts 1 crucial gadget: A low-tech privacy knob you slide to block the camera.

__The snuggling is sold separately...__ True to Facebook's original mission — *connecting people online* — the Alexa-powered Portal TV lets you and bae be together even when you're apart. Here are its 2 most powerful features:

- __Video call using Facebook Messenger or WhatsApp.__ The face-recognizing camera follows you around while you wash lettuce, bake a pie, and set the table mid-call.
- __"Watch Together"__ lets you stream videos on Facebook Watch but keep the corner of the screen on video chat — Your remote plus-1 is watching with you on the screen. Portal TV then adjusts the volume when you need to chit-chat about where you've definitely seen that actor from before.

_Facebook's Portal TV will follow you like a spotlight_

Watch

__The Living Room Wars...__ They're 1 chapter away from The Streaming Wars. You've heard about the battles between __Netflix__, __Disney+__, and others over who owns *Seinfeld* and *Peter Pan*. Even __Comcast__ announced yesterday it's making its "Xfinity Flex" streaming device free for all cord-cutters, which dropped __[Roku](https://robinhood.com/stocks/ROKU)__ shares 14%. Now it's all-out conflict for the living room, and Zuck wants in.

Facebook launches Portal TV — this just started "The Living Room Wars"

__Tapping is the new clicking...__ And iPhone swipe/touch/scroll is like a massage for __[Corning's](https://robinhood.com/stocks/GLW)__ key product: the iPhone screen. The glass legend was founded before the Civil War in Corning, NY (population 10,700 and it's still HQ'd there). It supported the creation of the light bulb, car windshields, and — in 2006 — the iPhone. And it just earned a $250M investment from __[Apple](https://robinhood.com/stocks/AAPL)__. 

__One's not like the other...__ Seems weird that Apple's investing in a 19th-century supplier of glass parts. But it makes sense for two reasons:

1. __Public Relations pandering:__ All iPhones are made in China.  To show it's contributing to American jobs too, Apple put $6B into the [Advanced Manufacturing Fund](https://www.apple.com/newsroom/2019/09/apple-awards-an-additional-250-million-from-advanced-manufacturing-fund-to-corning/) to support its American parts suppliers. This was one of its investments.
2. __Product tempting:__ Apple needs new features to convince you to splurge/upgrade to future iPhones. Corning's using the $$$ for its scratchless "Gorilla Glass" – it's researching new versions for foldable phones and glass-backed wireless charging.

Iconic

__Tiny slice of good news, big slice of bad...__ Corning's Apple announcement was outmatched by a bad one about the rest of its biz. Corning also makes TV screens and fiber optic cables (for the telecom industry) — The stock dropped 7% after its earnings [revealed](https://www.stargazette.com/story/money/2019/07/30/corning-reports-improved-earnings/1864841001/) the outlooks for both are dimmed. Looking at where its revenues come from, it's clear why:

- __12.5% of sales = Specialty Materials (like Gorilla Glass):__ The Apple news affects this part of Corning.
- __87.5% of sales = Other glass sales:__ This part's all non-Apple products. — nearly all of Corning's revenues. That's what investors focused on this week.

Ancient glass-icon Corning snags $250M from Apple for your phone screen

_Facebook's Portal TV camera will follow you like a spotlight_

Watch Facebook's TV. It'll watch you back.

__*CTRL + Shift + F1*...__ If you get it, you're officially "proficient" in Excel. __LinkedIn__ just [launched](https://techcrunch.com/2019/09/17/linkedin-launches-skills-assessments-tests-that-let-you-beef-up-your-credentials-for-job-hunting/) "Skills Assessments" (feedback: work on the name) to evaluate you on 75 skills your resumé softly implies, then knight your profile with a "verified" badge. LinkedIn quietly acquired a quiz startup last year to make Skills Assessments happen:

- You'll notice __a prompt__ under your profile's "Skills & Endorsements" to validate the "Financial Modeling" capabilities claim.
- __Pass__ the test? Get a badge.
- __Fail__ the test? Wait 3 months to retake — or enjoy the conveniently placed LinkedIn training on the topic.
- Fyi, come back in a year — that's when you've got to __retake__ the exam to keep the creds.

__We endorse LinkedIn for "Smart Move"...__ The pro social network has a credibility problem — 650M users and a mess of unsubstantiated and embellished talents. Skills Assessments can fix that — and differentiate it from rivals __ZipRecruiter__ and __Indeed__. That could earn LinkedIn more revenue from job recruiters searching for Excel's *verified* finest.

Hired

__But has LinkedIn been a good acquisition by Microsoft?...__ It was [acquired](https://www.linkedin.com/pulse/microsoft-linkedin-worlds-leading-professional-cloud-network-nadella/) in 2016 to bring the "vibrant network" of LinkedIn to __[Microsoft's](https://robinhood.com/stocks/msft)__ un-vibrant products (sorry, Outlook). Since then, we think Skills Assessments is the most relevant feature yet:

- __For LinkedIn:__ It deepens engagement by gamifying your FOMO-desire to show you can actually do statistics.
- __For Microsoft:__ It highlights Microsoft products by creating a hierarchy around using them.
- __For the bottomline:__ Skills Assessments becomes its own revenue-generating feature head-hunters crave.

LinkedIn unveils "Skills Assessments" so you can prove that you're actually skillful 

- __30__ US factories
- __46K__ workers
- __0__ cars produced in 2 days

__We haven't seen production that low since Tebow...__ __[General Motors'](https://robinhood.com/stocks/gm)__ unionized workers are practicing their right to assembly with a nationwide strike. 14K vehicles *could've* been produced in its American plants Monday & Tuesday, but weren't — the United Auto Workers wants better pay, fewer factory closures, and more job protection first.

__This goes back to the financial crisis...__ That's when GM went bankrupt. It was reborn thanks to a government bailout and workers agreeing to sacrifice pay and job guarantees for the greater good. 9 years later, GM issued a [press release](https://media.gm.com/media/us/en/gm/news.detail.html/content/Pages/news/us/en/2018/nov/1126-gm.html) titled "GM Accelerates Transformation" in which it "unallocated" 5 plants. 

- __Translation:__ GM's laying off 14K American workers.
- __Salt in the wound:__ GM also [announced](https://money.cnn.com/2018/06/22/news/companies/gm-chevy-blazer-mexico/index.html) it'll produce its new Chevy Blazer in Mexico.


_GM workers making their voices heard_

Organize

__Companies don't love organized labor...__ Negotiating a pay raise is tough 1:1 with your manager. It's easier when you're represented 46K-strong in [awesome union T's](https://www.ua140.com/product/union-strong-short-sleeve-t-shirt/). But we rarely see labor strikes in America because of the long, steady decline of unions. Here's how much the percentage of US workers who are union members [has fallen](https://www.washingtonpost.com/news/wonk/wp/2018/01/19/union-membership-remained-steady-in-2017-the-trend-may-not-hold/):

- __30%__ in the 1950s
- __20%__ in the 1980s
- __10%__ from the 2000s through today

Strike Day #3: General Motors is losing up to $100M/day

GM will lose up to $100M today

__The greatest digital real estate on Earth...__ is __[Amazon's](https://robinhood.com/stocks/amzn)__ search results. And a *WSJ* [investigation](https://www.wsj.com/articles/amazon-changed-search-algorithm-in-ways-that-boost-its-own-products-11568645345) alleges that Amazon tweaked its core search algorithm last year to boost sales of its own products. These stats about Amazon's subtle-yet-powerful search feature humbled our souls and scream the key context:

- __[Nearly half](https://www.emarketer.com/content/digital-investments-pay-off-for-walmart-in-ecommerce-race)__ of all online purchases in the US are on Amazon.
- __66%__ of all purchases on Amazon are from items in the 1st page of Amazon search results.
- __20%__ of Amazon purchases are whatever was #1 in the search results.

__Does the name “A9” mean anything to you?...__ Stands for "Algorithm" (and there are "9" letters in it). A9 is the Amazon division responsible for Amazon Search — and because that valuable search tool is ripe for corruption, Amazon keeps the team away from the Seattle HQ in Silicon Valley as a subsidiary company with a separate CEO. Here's what the *WSJ* discovered:

- A9's __core mission__ is to "get the best results for our users."
- But Amazon's retail arm back home in Seattle wanted to __push more *profitable* products to the top of search results__ — not necessarily the best products for customers.
- So they pressured A9 to __tweak the algorithm__ to increase sales of its own products and 3rd party ones it can make more money off.

Search

__This breaks Amazon's core rule: "Customer Obsession"...__ And could be unlawful since Amazon should be an unbiased marketplace, not a retailer pushing its own brands. But Amazon may have ignored its own laws: Its 14 leadership principles — this story violates the [very first one](https://www.amazon.jobs/en/principles?mod=article_inline). If Amazon tweaks search results to benefit Amazon, it's not benefiting you and us as customers.

*__Fun SnackFact:__ After the WSJ published the report, the A9 website was taken down. Awkward.*

A secretive Amazon team reportedly tweaked its core algorithm (and violated Amazon's #1 principle)

__But are you *master of your domain?*...__ __[Netflix](https://robinhood.com/stocks/nflx)__ is. The streamer just [treated](https://gizmodo.com/netflix-reportedly-shells-out-more-than-500-million-fo-1838160038) itself to *Seinfeld*. All of it — for more than $500M. Netflix rounded up the crew from Tom's Restaurant (close-talkers included) because it needs to replace its top shows that are getting yanked by their owners amid these streaming wars.

- __*The Office* (#1 Netflix show):__ Gone in 2020 — __[NBC](https://robinhood.com/stocks/CMCSA)__ is taking it back to include in its own yet-to-be-named streaming service.
- __*Friends* (#2):__ Gone in 2021 — __[AT&T](https://robinhood.com/stocks/T)__ is taking it back and adding it to HBO Max.
- __All Disney movies:__ Gone by November — __[Disney](https://robinhood.com/stocks/DIS)__ is launching competitor Disney+.
- __FYI:__ *Seinfeld* hits Netflix in 2021 (not that there's anything wrong with that) and remains on Hulu (probably with commercials) until then.

__'No streaming for you, Sony'...__ The key here isn't how much Netflix paid (it was more than *Friends* or *The Office* recently went for), it's who sold it: __[Sony](https://robinhood.com/stocks/SNE)__. The only companies willing to work with Netflix are the ones without their own streaming platforms. Jerry, George, Elaine, and Kramer aren't too worried — their series has made over [$3B](https://www.cheatsheet.com/entertainment/what-the-seinfeld-cast-makes-for-reruns.html/) since the finale episode.

_When parents ask "Where's the TV guide?" about Netflix_

Yada-Yada-Yada

__You're loyal to George Costanza — not Netflix...__ Streamers are discovering that cord-cutters care most about the shows they'll watch over and over again — aka sitcoms. Netflix lost US subscribers last quarter because its news shows didn't land. Now it's searching for a __"loyalty leader"__ — a show that keeps you hooked to your subscription. It's betting *Seinfeld* will, yada yada yada, maintain your subscription.

Netflix splurges on Seinfeld to survive the streaming wars

__Headlines with the word "missile" are taken seriously...__ Investors pumped up the price of an oil barrel by the most ever in a single day (about 15%) on Monday — a weekend drone strike had knocked off 1/2 of Saudi Arabia's oil production. Rebels in Yemen took credit for the violence, but American officials [believe](https://www.npr.org/2019/09/16/761378683/outside-experts-see-irans-hand-in-attack-on-saudi-oil-facility) Iran was really behind the moves. 

__The global economy = oil-thangry (thirsty + angry)...__ and there was suddenly less oil. That scarcity caused a rapid snatching up of oil contracts which drove up oil prices. We don't think this will last long — here's why:

- __The shortage isn't huge:__ 6% of the world's oil supply was cut off by the attacks, aka 5.9M barrels per day. That means 94% of oil is still pumping.
- __The shortage will only last days/weeks (not months):__ The Saudis sent a SWAT team of workers to get most production back online [in days](https://www.latimes.com/business/story/2019-09-15/oil-prices-rise-saudi-arabian-attack), with 100% coming within weeks. 
- __We've got a spare tank:__ America has 600M barrels of emergency oil. And we're not even planning to tap them unless more attacks/shortages occur.

Geopolitical

__Markets can handle this – but they can't handle a war...__ Although Saudi Arabia and Iran are the direct foes, the US (#1) backs Saudi Arabia (#2) and Russia (#3) backs Iran (#7). Those [make up](https://www.eia.gov/tools/faqs/faq.php?id=709&t=6) 4 of the top 7 oil-producing countries of the world. And President Trump's [tweet](https://www.cnbc.com/2019/09/16/defense-stocks-rise-trump-says-us-locked-and-loaded-after-saudi-attack.html) that the US is "locked and loaded" already boosted American defense stocks.

Oil surges after attacks on Saudi Arabia — here's our perspective on the real market risk

You’re loyal to George Costanza — Not Netflix

__It lived life 2 thumbs up...__ *Unlimited movie tickets for $10/month*. __MoviePass__ was truly __[Netflix](https://robinhood.com/stocks/NFLX)__, but in-theater. It sounded too good to be true... and it was. Its parent company, __[Helios and Matheson](https://robinhood.com/stocks/HMNY)__, officially [shut down](https://www.businesswire.com/news/home/20190913005496/en/Board-Directors-Helios-Matheson-Analytics-Forms-Strategic) the all-you-can-eat movie buffet subscription on Saturday after an epic run. Helios shares hit $5,100 at peak MoviePass insanity. Today they're $0.0018.

__Let's look back on a short life well-watched...__ 

- __Act I - Irrelevance:__ Founded in 2011, MoviePass offered a $40/month subscription that let you into any theater to watch any movie. *Worth it only for the very lonely and movie-crazy*. 
- __Act II - The new guy in town:__ Mitch Lowe was hired as CEO. There were only 20K customers, so he cut the price by 75%. 
- __Act III - Peak insanity:__ At $10/month, the breakeven price for MoviePass was 1 movie per month, so people signed up. 3M people binged 5% of all movies watched in late 2018.
- __Act IV - The reckoning:__ Theaters still charged full price for each ticket, forcing MoviePass to pay the difference — and lose $21M/month ("*Amazon lost money for 20 years*" — [the CEO](https://www.npr.org/2019/09/14/760862605/moviepass-has-officially-shut-down-and-we-dont-know-if-there-will-be-a-sequel)). So it had to raise prices/add a bunch of restrictions.
- __Act V - This Saturday:__ It's over. The parent company doesn't know when or if it will come back.
- __Post-credit scene:__ Globo-theater-chain __[AMC](https://robinhood.com/stocks/AMC)__ now offers something like MoviePass. MoviePass "pulled a Napster": __*it changed the industry even though it didn't survive*__.  

Departed

2011 - 2019: MoviePass shuts down after disrupting the movie industry

__While you were shuffling your fantasy roster...__ *nearly half* of Saudi Arabia's oil-pumping capacity was [knocked out](https://www.nytimes.com/2019/09/14/world/middleeast/saudi-arabia-refineries-drone-attack.html) Sunday by drone attacks — that means nearly 5M barrels/day of oil won't hit markets. It caused oil prices to jump a shocking 12%, and President Trump said he'll tap America's strategic oil reserves "if needed." US officials claim Iran is behind the strike, but rebels in Yemen publicly took credit. 

__"Siri, what just happened?"...__ On Tuesday, __[Apple](https://robinhood.com/stocks/aapl)__ [unveiled](https://www.cnn.com/2019/09/10/tech/iphone-11-apple-event/index.html) the new __iPhone 11__: Fancy colors (lotta pastels), 3 hump-creating cameras (one is ultra-wide), and a $1K+ price tag for the pro. But the highlight was __*Apple TV+*__: The streaming service featuring Apple's own shows (welcome, Steve Carell and Reese Witherspoon) for just $4.99/month (or free for a year if you buy an Apple device). Your move, Netflix.

__Mom jeans have more fun...__ Turns out __J.Crew__ just filed the paperwork to officially [spin off ](https://www.forbes.com/sites/laurendebter/2019/09/13/madewell-in-split-from-jcrew-files-for-an-ipo/#437e7ee52262) __Madewell__ into a separate company with its own IPO. While J.Crew's sales have slipped, Madewell now makes up the majority of the company's profits. Meanwhile J.Crew's rival __[Gap](https://robinhood.com/stocks/GPS)__ is doing the same thing with its jean-wearing dependent, __Old Navy__ — and just [announced](https://qz.com/quartzy/1708856/old-navy-plans-800-new-stores-despite-retails-dismal-outlook/) 800 new Old Navy stores are coming.



Highs

Who's up...

__Worst major tech IPO of 2019...__ It's official. __[SmileDirectClub](https://robinhood.com/stocks/sdc)__ dropped 28% on its [1st day](https://finance.yahoo.com/news/smiledirectclub-sets-record-worst-first-230734210.html) of trading (we wanted ticker symbol "SMYL" — they went with "SDC"). The ortho-disruptor prescribes clear braces only without a doc meeting you in person, keeping it half the price and length of old school braces — but investors aren't into [the look](https://www.cnbc.com/2019/09/13/smiledirectclub-jumps-in-second-trading-day-after-disappointing-ipo.html) of its losses, which doubled from last year.

__Your chased-naked-by-zombies nightmare?...__ This is __[Uber](https://robinhood.com/stocks/uber)__ and __[Lyft's](https://robinhood.com/stocks/lyft)__ equivalent. California's legislature [voted](https://qz.com/1706754/california-senate-passes-ab5-to-turn-independent-contractors-into-employees/)  that starting Jan. 1, gig workers like Uber drivers would have to be treated as employees, not independent contractors. Uber flat-out said it won't [comply](https://www.theverge.com/2019/9/11/20861362/uber-ab5-tony-west-drivers-core-ride-share-business-california), probably because that would disrupt its own business and cause driver costs to rise 20%. Then you'd probably have to pay more for that 5-star Toyota Camry commute. 

__Do less, Wendy...__ The breakfast wars are raging and now __[Wendy's](https://robinhood.com/stocks/wen)__ wants to add the most-important-meal to over 5K locations by the end of this year (yes, [there's](https://www.businessinsider.com/wendys-new-breakfast-menu-is-rolling-out-nationwide-review-2019-9) a Baconator and a breakfast burrito option). Here's why the stock fell 11% on the news: It'll actually cost the chain $20M to hire 20K new workers to make the morning shift happen — and Wendy's tried breakfast before ('85, '06, '10). It failed every time.

Lows

...and who's down

_“We are gathered here today for a newsletter covering MoviePass shutting down"_

RIP MoviePass: 2011-2019...

__First impressions...__ They're supposed to be __[SmileDirectClub's](https://robinhood.com/stocks/sdc)__ thing. Shares dropped 28% on its 1st day of trading as the unicorn transformed into a public company — that makes it the [worst-performing](https://finance.yahoo.com/news/smiledirectclub-sets-record-worst-first-230734210.html) major IPO since 2000. But it doesn't change its goal: "[democratize](https://www.sec.gov/Archives/edgar/data/1775625/000104746919004785/a2239489zs-1.htm) access to a smile you’ll love."

__"Serious concerns"...__ That's what orthodontists think of SmileDirectClub's biz model. The canine-disruptor has  harmoniously combined online with offline to straighten teeth for less than those concerned traditional dental offices:

- __"Telemedicine" = Online:__ SmileDirectClub sends you a tooth-mold impression kit to create a clear aligner, but your check-ups are done remotely through a doctor online — just like hair loss/ED startup __Hims__.
- __"SmileShops" = Offline:__ It's built 300 aggressively-lit "SmileShops" if you crave hands-on, in person help with those biting molds.
- *__The Result:__* SmileDirectClub [claims](https://smiledirectclub.com/) its treatment costs $1.9K (vs. $6K-$8K for traditional braces) and it takes 6 months on average (vs. 18 months). 

_Harry before SmileDirectClub_

IPO'd

__The IPO was a failure, but getting there was a huge success...__ There are 2 types of investors - existing/early shareholders (like venture capitalists and Golden State Warrior [Draymond Green](https://www.forbes.com/sites/michaellore/2019/09/12/draymond-green-set-for-another-big-pay-day-as-smile-direct-club-goes-public/#58b972a08ab1)) and new investors (anybody who bought shares at the IPO). While the new shareholders' stock fell on Day #1 (IPO stocks are volatile), the existing shareholders have enjoyed SmileDirectClub's value rise. 

- __August 20th, 2019:__ SmileDirectClub issued its [S-1](https://www.sec.gov/Archives/edgar/data/1775625/000104746919004785/a2239489zs-1.htm) statement to go public, last __valued at $3.2B__.
- __September 11th, 2019:__ Investor enthusiasm during the week-ish long roadshow let SDC set the price of shares at $23, __valuing the company at $8.9B__.
- __Yesterday:__ The stock price fell big, but its __value is still almost $7B__ — more than double its last official valuation when it started the process.

SmileDirectClub drops 28% on its IPO, earning a (bad) superlative

__Under Armour hates brunch...__ Not really (but kind of). The house-protecting brand has decided to commit to what it does best: "Technical Apparel." __[Under Armour](https://robinhood.com/stocks/ua)__ is doubling down on non-casual gear and its leaders [made](https://www.cnbc.com/2019/09/12/under-armour-said-its-focus-is-on-growing-full-price-stores-not-athleisure.html) it clear on CNBC:

- CEO/Baltimore-legend Kevin Plank: "*It's all __performance__.*"
- COO: Under Armour is "*becoming a __louder brand__.*" Point taken.


__This is purely anti-Lulu...__ On our Snacks team's unofficial "apparel spectrum," here's where Under Armour falls:

- __"Leisure" (one extreme):__ Chill apparel brands from Vans to Sperry. Nothing athletic about it. *Under Armour has no interest.*
- __"Athleisure" (the middle):__ The $350B global market is dabbled in by Nike, but dominated by __[Lululemon](https://robinhood.com/stocks/lulu)__. *Under Armour doesn't want to fight for market share from the existing leaders.*
- __"Technical Performance Apparel" (the other extreme):__ *Under Armour wants to own this* — the more high-performing and intense it gets, the more UA separates itself from Nike, Outdoor Voices...and Lulu.

Strut

__But UA *does* love Lulu's brand moves...__ Under Armour also announced it's doubling its physical stores to 2.5K by 2023 — and they won't discount. Currently, a shocking 90% of its locations are outlet stores. Under Armour is jealous that Lulu controls its own locations — that lets it maintain a full-price, discount-free, premium brand status.

Under Armour aggressively commits to an anti-athleisure lifestyle

__Let's start with the less-bad...__ 127-year-old __[General Electric](https://robinhood.com/stocks/ge)__ isn't behind the app-tastic consumer tech you love – But it's big with big products. Really big. Like the kind of stuff entire countries and industries buy. Behold these [numbers](https://www.ge.com/investor-relations/overview):

- __2/3__ of all airplanes that take-off are flying on GE-made engines.
- __90%__ of "transmission utilities worldwide” are equipped by GE-made turbines.

__GE is basically taking donations...__ The OG conglomerate has been mocked for mismanagement, [accused](https://www.cnbc.com/2019/08/15/ge-shares-drop-after-madoff-whistleblower-harry-markopolos-raises-red-flags-on-its-accounting.html) of the largest accounting fraud since Enron, and its stock lost 75% of its value in  2 years. So to desperately raise cash, it's selling off its dearest assets like a 3rd grade bake sale. Now check out *these* numbers:

- It's sold off its transportation unit (trains) for __$21B__.
- And it's selling its oilfield services (Baker Hughes) for __$2.7B__.
- Yesterday, GE claimed the total amount it's selling off [should raise](https://www.wsj.com/articles/ge-chief-says-assets-sales-will-reap-38-billion-11568315157) __$38B__.
- But the company is only worth __$80B__, so it's selling off nearly half its value for cash.
- And that $$$ isn't going to invest in new projects: it's to pay down a whopping __*$105B*__ in debt.
- Get this — GE owes so much more money that it has __*a negative net worth*__.


Retired

__Pensions are GE's silent disadvantage...__ If you want to see how old GE is, look at its pensions: the regular payments it dishes out to its retired workers. The total it owes these GE-faithful is $27B, spending ~$1B per year on them. So while nimbler startups can invest in growth, GE is paying back its lenders *and* hooking up its city-sized population of retirees.

GE is officially selling off $38B of itself (to save itself)

SmileDirectClub has the worst IPO of 2019

__Flashback to Uber's IPO in May...__ Deep in its filing paperwork (aka "S-1"), Uber listed a nightmare policy scenario under the "risks" section: 

*“Our business would be adversely affected if Drivers were classified as employees instead of independent contractors.”*

__That. Just. Happened...__ California's AB5 law (brutal name) [passed](https://qz.com/1706754/california-senate-passes-ab5-to-turn-independent-contractors-into-employees/) late Tuesday to go into effect Jan. 1, pending the governor's signature (he said he'll sign). It requires __[Uber](https://robinhood.com/stocks/UBER)__, __[Lyft](https://robinhood.com/stocks/LYFT)__, and other gig icons to grant full employee benefits, pay, and anniversary balloons to their drivers — that's instead of the 1099 form drivers currently get as independent contractors.

__Uber's response = [*Not doing it*](https://www.theverge.com/2019/9/11/20861362/uber-ab5-tony-west-drivers-core-ride-share-business-california)...__ This seems destined for a legal battle. Here's how this law would be good and bad for the world:

- __The Good:__ Uber drivers would receive reliable (and probably higher) pay, benefits, and the opportunity to unionize. 
- __The Bad:__ Uber claims it would need to schedule driver shifts, stealing their "drive when you want" freedom. The higher overall driver pay would also probably translate to higher prices for you and us riders. 

Legislate

__Don't forget Uber & Lyft's dirty little secret...__ To transition from hugely unprofitable to actually make money, they've got 3 options:

1. Pay drivers less (not happening with this new law)
2. Increase prices for Uber rides
3. Replace drivers with self-driving car technology

#2 could happen because of this new law. The pressure to get to #3 will be even greater.

California disrupts the disrupters, classifying Uber/Lyft drivers as "employees"

__Testing. Testing. Testing...__ After 300 test restaurants enjoyed solid results, __[Wendy's](https://robinhood.com/stocks/WEN)__ is  [adding](https://www.irwendys.com/news/news-details/2019/Wendys-Announces-Plans-to-Launch-Breakfast-Across-the-US-System-in-2020/default.aspx) the 3rd meal to 5K burger joints this year. Investors weren't feeling the most important meal of the day, dropping the stock 12%. Here's the 1st problem: *History*. Wendy's tried adding breakfast 3 times before ('85, '06, '10). It [failed](https://www.cnbc.com/2019/09/10/analysts-are-skeptical-about-wendys-nationwide-breakfast-stock-sinks-10percent.html) all 3 times. 

__Breakfast isn't a no-brainer...__ despite what Mom said. You'd expect that adding a meal would grow profits. Not necessarily. Wendy's downgraded its profit expectations for 2019 because breakfast is hard to make — and it hasn't even unveiled the menu yet (square-shaped waffles TBD).

- __It's expensive.__ Wendy's is dropping a cool $20M across the stores before the first egg is cracked.
- __You need more people.__ Wendy's currently opens at 10am. Early bird gets the 5am morning shift, and Wendy's is hiring 20K new workers for it.
- __Franchise owners don't love this.__ 95% of Wendy's are owned by other people (not [Dave's Legacy](https://www.wendys.com/daves-legacy)). You see Baconator hashbrowns, they see new training, updated fridges, and re-organized pantries that this announcement requires. 

Nourish

__But breakfast is where the habits are...__ Those daily meat/egg/cheese + coffee pit stops are *consistent habits* that [grow](https://www.npd.com/wps/portal/npd/us/blog/2019/why-the-breakfast-daypart-is-sunny-side-up/) revenues for fast food. That's why everyone at the restaurant convention is talking about new plans for on-the-go breakfast options - not boring boxed lunch. Wendy's will need to break morning diners from their faithful __[Dunkin](https://robinhood.com/stocks/DNKN)__, __[McD's](https://robinhood.com/stocks/MCD)__, __[Starbucks](https://robinhood.com/stocks/SBUX)__, and even __[Taco Bell](https://robinhood.com/stocks/YUM)__ rituals.

Wendy's adds breakfast to the menu — and investors really aren't into it

_Just another Uber driver taking his paid rest break_

Lyft/Uber's nightmare scenario (now reality)

__The Touch screen. The no-headphone-jack. Siri...__ __[Apple](https://robinhood.com/stocks/AAPL)__ has evolved over the course of its annual new iPhone product unveils. The stage and dark lighting haven't. Here's what we get with the new iPhone 11:

- __Size and colors:__ [Pastels](https://www.apple.com/iphone/) for days with the new lavender, soft green, and honey yellow. Both the regular and Max versions are slightly bigger than the previous ones.
- __A "Pro":__ $999+ gets you three cameras (the starter, a backup, and 3rd-string, just in case), which create quite a [bulge](https://twitter.com/kifleswing/status/1171497608272941056). Your move, Pixel 4. 
- __The "Slofie":__ Sloooow-mooootion videoooo getssss addedddd to the front-facing camera, [too](https://www.cnn.com/2019/09/10/tech/apple-event-memes/index.html).

__Forget iPhone — Apple TV+ is the star...__ and it arrives Nov. 1 at a ridiculously low-priced $4.99/month. __[Netflix](https://robinhood.com/stocks/NFLX)__ ($12.99), __[HBO](https://robinhood.com/stocks/T)__ __Now__ ($14.99), and even __[Disney+](https://robinhood.com/stocks/DIS)__ ($6.99 starting in November) aren't happy about this price war aggression. Tim Cook also showed off original Apple TV+ shows (there aren't many of 'em, but they [star](https://www.theverge.com/2019/9/10/20850996/apple-tv-plus-launch-lineup-shows-originals-see-morning-show-for-all-mankind-oprah-dickinson) Steve Carell and Reese Witherspoon) and a $4.99/month video game "Arcade" pass.

Unveil

__Apple's thinking about the whole customer...__ New colors, a 3rd camera, and the A13 chip aren't forming fanboy lines outside glass-plated Apple Stores anymore. So it's focusing on prices: Lower some prices, offer some freebies, and hope to make $$$ on sales every few years (with monthly service subscriptions in between):

- __iPhone 11__ starts at $699 and the Pro version at $999 (iPhone X started at $999 when it debuted in '17). 
- __Apple Watch 5__ is the same price as the previous ones and its Watch 3 is a Fitbit-ish $199.
- __Apple TV+__ costs a Venti Latte per month at $4.99, or free for a year when you buy a Mac, iPhone, or iPad.


Apple reveals iPhone 11 — then ends its always-raising-prices streak

__An $11B makeover...__ __[Ford](https://robinhood.com/stocks/f)__ wants one. It's all part of the car company's aggressive turnaround plan to become more sexy, electric, and self-driving.  So to pay for the new look, Ford issues billions in IOUs ([bonds](https://learn.robinhood.com/articles/6D8ArYVa2bpoTYhdgxxYKh/what-is-a-bond/?utm_source=snacks&utm_campaign=email_Daily&utm_content=Bonds&utm_term=What%20is%20a%20Bond)). Before you invest in bonds, a credit ratings agency jumps in:

- Ratings agencies __evaluate the likelihood__ a bond-issuer (like Ford) __will pay you back__.
- Based on the company's financial health, the ratings agency __sticks a rating on it__.
- __AAA, AA, A, BBB__ — Anything BB or lower is considered "__junk__." Ford just got [downgraded](https://www.cnn.com/2019/09/10/business/ford-downgrade-junk/index.html) to that.

__Ford was created in 1903...__ But this situation goes back to 2009. The Big 3 Detroit car companies needed a bailout — *except Ford.* It even gave its blue oval logo as collateral for a loan to stay bailout-free. Since surviving the car-pocalypse, Ford's bonds have been rated "investment grade." Then it fell behind rival __[GM's](https://robinhood.com/stocks/GM)__ innovation and Ford is now worth less than __[Tesla](https://robinhood.com/stocks/TSLA)__. Junk happens.

__"Junk" makes almost everything Ford does more expensive...__ Even though Ford's enjoying huge profits ($22B over the past four years), the credit ratings agencies are worried about where Ford will be 10 years from now. Because of this downgrade, investors will demand a higher interest rate from Ford because its debt is considered riskier. 

Ford's bonds reach a low blow: Junk status

__Her majesty, queen of internet...__ Venture capital icon Mary Meeker just [handed](https://techcrunch.com/2019/09/10/nextdoor-adds-new-funding-from-mary-meekers-bond-closes-growth-round-at-170m/) an internet company a $170M check. *Must be nice*, __Nextdoor__. The SF-based app is now worth $2.1B  as it scales across ~~continents~~ neighborhoods. By connecting you with humans who live nearby, it introduces people online who might meet up offline.

- __The business model:__ Get people to join the localized social network, then stick ads into the feed (sounds like Facebook). 
- __The verification:__ To join one of Nextdoor's 247K neighborhoods, you have to prove you are who you are and you live where you live (the opposite of Facebook) — they call you when you download the app to confirm.
- __The connections:__ Hyper-local. *Does anyone have a ladder I can borrow? Anybody want lasagna (don't want to throw it away)? Who's down for a game of Madden 2018? Alert - burglar spotted on Gough Street -- lock your doors.*

Appreciate

__Who might acquire Nextdoor?...__ It's selling shares at a healthy unicorn valuation and could IPO someday, like its roll-ish model Facebook did. __Or__ business could turn south and it could fail. __Or__... it could get acquired. Here's how Nextdoor could have strategic value to a bigger buyer.

- __Google:__ You open Maps like 3 times a day. Adding juicy neighborhood details could boost engagement
- __IAC:__ The internet startup collector owns Handy, and could partner the handyman gig platform with Nextdoor.
- __Yelp:__ Local reviews should include references for that nice guy who mows lawns.

Tweet us who you think could acquire Nextdoor __[@RobinhoodSnacks](https://twitter.com/robinhoodsnacks?lang=en)__

Nextdoor hits $2.1B valuation as the anti-Facebook social network

_I got free Apple TV+ when my mom got an iPhone upgrade_

AppleTV+, the free perk for iPhone buyers

__No talky until coffee...__ __[Starbucks](https://robinhood.com/stocks/sbux)__ is making it possible — CEO Kevin Johnson sat down with *[Bloomberg](https://www.bloomberg.com/news/articles/2019-09-05/starbucks-ceo-s-new-ideas-start-with-a-pick-up-only-store-in-nyc)* to reveal a pick-up only store is in the works for NYC this fall. Picture NASCAR pit stop meets barista nightmare — Starbucks is targeting "people on the go" (aka all humans in Manhattan) because even pre-orders face lines lately. Other key deets:

- __The where:__ If NYC goes well, Starbucks [will export](https://www.fastcompany.com/90400118/starbucks-is-opening-a-pick-up-only-store-to-make-psl-season-a-breeze) the concept to LA, BOS, CHI, SEA, and SF.
- __The what:__ PSL, coconut milk lattes, frapp-a-anything — you name it, pickup-only Starbucks serves it.
- __The $$$:__ Pickup-only could become Starbucks' #ProfitPuppy — Coffee sales will bring in the same revenues, but at lower costs (less real estate & employees).


__If the Starbucks mobile app had feelings...__ this would be its dream. The pick-up concept blends deliciously with the Starbucks app's growth — usage has surged to hit 2 shocking numbers:

- __17.2M__ = that's how many Americans use the app
- __40%__ = that's how much of Starbucks' sales came from app orders (QR-code for the win)

__American companies are now inspired by Chinese ones...__ This wouldn't be Starbucks' 1st pickup location — it launched the same concept in China last summer as "Starbucks Now." It made that move because local Chinese rival __[Luckin Coffee](https://robinhood.com/stocks/LK)__ pioneered the concept across the Great Wall, jumping to 3K locations in under 2 years (Starbucks is barely higher at 4K China stores). It's an early example of American retail copying Chinese competition.

Starbucks is whipping up its 1st pickup-only store — that's a big deal

__Freight just brought sexy back...__ __[Uber](https://robinhood.com/stocks/UBER)__ wants to make trucking its next profit puppy. Just like ride-hailing, Uber Freight connects drivers (of 18-wheelers) with riders (Budweiser's beer kegs or Land O'Lakes' stacks of butter). Uber just [announced](https://techcrunch.com/2019/09/09/uber-commits-200-million-to-uber-freight-expansion-in-bet-on-trucking/) that Freight is its fastest-growing business line, so it's investing more in a big way:

- __Cash:__ Uber's Freight line will get a $200M investment each year.
- __Personnel:__ Uber's hiring 2K people at its future 2nd-biggest location (and the only other one besides SF that gets engineers) — Chicago = Freight HQ.
- __Perks:__ To sign up new truck drivers to the gig-for-cargo platform, it's offering discounts on gas, free tires (but seriously — tractor-trailers need 18 of 'em), and cash bonuses. 

__Uber's spending money to stop losing money...__ It lost a gargantuan $5B last quarter (*the last 3 months*), and loses [$3.36](https://qz.com/1693843/uber-eats-will-lose-money-until-at-least-2024-say-cowen-analysts/) each time someone delivers an Uber Eats meal. It's funneling money away from marketing (it laid off 400 this summer in that dep't) and toward this growing bet.

_"What do I have to do to get you in this Uber Freight?"_

Ship

__Freight has to be different than the rest of Uber...__ Uber's 3 non-Freight divisions — rides, bikes/scooters, and Eats — all face copycat competition. Without barriers to entry to creating an app platform, __[Lyft](https://robinhood.com/stocks/LYFT)__, __DoorDash__, and others keep prices low and competition fierce. Uber must find a way to prevent an Amazon Freight or Lyft Trailer from becoming a thing.

Uber invests big in "Freight" — the Uber for pallets of stuff in tractor-trailers

__Haters gonna hate...__ Only some release a 23-page [open letter](https://activatingatt.com/wp-content/uploads/2019/09/Elliotts-Letter-to-ATT_09092019.pdf) about it. Hedge fund Elliott Management just sent one to __[AT&T](https://robinhood.com/stocks/t)__ after splurging $3.2B for a 1.2% stake in the telecom giant. The letter's core theme: Change (almost) everything. Here's how to interpret the *Real Housewives*-style takedown:

- __It's not personal, AT&T:__ Elliott has "tremendous respect for the Company’s legacy."
- __But there's a problem:__ Over the last 10 years, the broader market (the S&P 500) has risen 193% — but AT&T only rose 42%.
- __So it's time for a makeover:__ Specifically, cut the CEO and the board – Elliot thinks that “this is the moment to determine the right team for the next decade.”
- __Take the free advice and everyone wins:__ The fund thinks its proposals could push up AT&T stock by 65% in 2 years. 
- *FYI, the fund doesn't own enough stock to force AT&T management to listen — but shares jumped __because investors hope it does__.*

__Here's the problem...__ There are a lot of problems facing AT&T. The hedge fund spent pages 2-23 covering them.

- __The botched iPhone:__ AT&T enjoyed exclusive rights to sell iPhones when they launched — but its poor service quality ended that.
- __The identity crisis:__ __[Verizon](https://robinhood.com/stocks/VZ)__ snagged the high-end wireless market while __[T-Mobile](https://robinhood.com/stocks/TMUS)__/__[Sprint](https://robinhood.com/stocks/S)__ grabbed the low-end — AT&T was awkwardly left in the middle.
- __The brutal acquisitions:__ AT&T has dropped a hefty $200B on them the last few years — it bought DirecTV at its peak, and satellite TV has only lost subscribers since.


Haters

__AT&T is a tech company led by landline guys...__ That's the biggest issue. The current CEO has run things for 12 years, and the newly-promoted COO's telecom roots go back to 1998. But now AT&T is a tech media company that owns streaming tech and HBO — that means it competes directly with __[Netflix](https://robinhood.com/stocks/NFLX)__. Elliott wants leadership to be more iPhone, less landline.

AT&T gets an "open letter" from a hedge fund to basically change everything

Uber Freight's $200M, 2K-person, Chicago surprise

__Vinyasa flows are for the boys...__ __[Lululemon](https://robinhood.com/stocks/lulu)__ already recognized that it needs to get its pants on the other half of the population, so earlier this year it made a bold goal: Double its men's line over the next 5 years. Investors rewarded the athleisure pioneer as its quarterly sales of guys clothes [surged](https://markets.businessinsider.com/news/stocks/lululemon-2q-earnings-stock-price-rises-earnings-beat-mens-sales-2019-9-1028505331) 35%, popping shares up 8% last week.

__Game of Deal Thrones...__ and __[JPMorgan's](https://robinhood.com/stocks/jpm)__ got a dragonglass sword. Over the weekend we learned that America's largest financial firm is [close](https://www.reuters.com/article/us-saudi-aramco-ipo-jp-morgan/jpmorgan-close-to-winning-lead-advisory-role-for-saudi-aramco-ipo-cnbc-idUSKCN1VT0NT) to winning the biggest IPO in history: Saudi Arabian oil giant __Saudi Aramco__ (that's Earth's most profitable company). Advising the deal as the lead investment bank is a lucrative bragging rights victory.

High

__Jealous...__ Tinder-owner __[Match](https://robinhood.com/stocks/mtch)__  crumbled 5% as soon as __[Facebook](https://robinhood.com/stocks/fb)__ unveiled its new look: *Facebook Dating* just hit the US (it's exactly what it sounds like). Match shareholders have known for months Zuck was getting into the swipe-game with a feature to connect singles based on interests. But [the surprise](https://newsroom.fb.com/news/2019/09/facebook-dating/) was how much Facebook integrated Instagram into playing matchmaker — that cuts straight through Tinder's soul.

__Bralettes > Pushups...__ 2 numbers explain it all: __[American Eagle's](https://robinhood.com/stocks/aeo)__ sales fell 1% — but sales for its lingerie brand Aerie surged 16%. The Millennial-toned bralette legend is [snagging](https://www.cnbc.com/2019/09/04/american-eagle-stock-falls-as-delayed-back-to-school-season-hurts-sales-growth.html) market share from Victoria's Secret. So while American Eagle stock dropped on overall weakness, it's rewarding Aerie with 40 more of its own stores.

__That whole [destroy email](https://www.nytimes.com/2019/06/19/style/slack-replace-email-ipo-listing.html) thing?...__ That'll cost more than expected. __[Slack](https://robinhood.com/stocks/WORK)__ unveiled its 1st earnings report since going public — and shares fell 14% after it only added 5K new clients. Looks like the office instant-messager's 1st 10M clients (startups, scaleups, VCs) were a lot easier than its next 10M (law firms, financial institutions, corporate America) will be.

__The cavalry has arrived on stalks of celery...__ We unofficially hit peak __plant-based meat__ last week as established food icons jumped on the bandwagon (don't worry — it's a Prius). You can decide whether the market — *looks/tastes/bleeds like animal meat, but smaller environmental impact* — is [bigger or smaller](https://www.cnbc.com/2019/09/06/analyst-slaps-sell-rating-on-beyond-meat-says-plant-based-meat-market-not-as-big-as-people-think.html) than its cousin industry, __plant-based milk__. 

__The iMEATation game...__ Here are major new brands/partnership announced just this month. The primary theme is aggressive creativity around the names:

1. __[Kellogg's](https://robinhood.com/stocks/K)__ plant-based burger: "[Incogmeato](https://www.cnbc.com/2019/09/04/kellogg-to-produce-its-own-plant-based-burger-and-imitation-chicken.html)"
2. __[Hormel's](https://robinhood.com/stocks/HRL)__ plant-based beef: "[Happy Little Plants](http://www.startribune.com/hormel-unwraps-plant-based-protein-line-called-happy-little-plants/559404552/)"
3. __[Kroger's](https://robinhood.com/stocks/KR)__ plant-based deli meats: "[Simple Truth](https://www.cnbc.com/2019/09/05/kroger-unveils-plans-for-a-line-of-plant-based-products-including-sausage-and-deli-slices.html)"
4. __[Tyson's](https://robinhood.com/stocks/TSN)__ plant-based shrimp: "[New Wave](https://www.fastcompany.com/90399811/plant-based-shrimp-is-a-thing-and-tyson-foods-wants-a-taste)" (it invested in the company). It also unveiled its own plant-based option "[Raised & Rooted](https://www.tysonfoods.com/news/news-releases/2019/6/tyson-foods-unveils-alternative-protein-products-and-new-raised-rootedr)" in August.
5. __[Nestle's](https://robinhood.com/stocks/NSRGY)__ plant-based "[Awesome Burger](https://finance.yahoo.com/news/no-meat-please-nestle-may-120100981.html)" is already testing with McDonald's in Germany.

Protein

__One of [Beyond Meat's](https://robinhood.com/stocks/BYND) advantages is gone...__ The only publicly traded company that's 100% plant-based meat had a tailgate-worthy IPO (rival __Impossible Foods__ is big, but private). Beyond's stock though has fallen 35% since July, and a hefty portion of that is from increased competition. Here's how its 2 divisions are doing:

- __Grocery Stores = 50% of sales: *Weak first-mover advantage* 🌾.__ Beyond's brand is better known than the rest, but it could become a price war in the confusing aisle getting packed with more *not-called-veggie* veggie burgers, 
- __Fast Food Partnerships = 50% of sales: *Strong first-mover advantage* 💪.__ Beyond has partnered with __Dunkin__, __KFC__, __Subway__, and more. Those chains aren't likely to switch just because there's competition. And as __McDonald's__ looks for a plant-based partner, it'll probably want one with a vegan track record. 