The news that was cooking up while you were cooking out
If you’re just tuning in after the long holiday weekend, never fear — here’s a quick download of the headlines you missed while you were chillin’ and grillin’:
SoulCycle spins its wheels, canceling a long-awaited IPO
Three years after thousands of Lululemon-clad legs pedaled studio-cycling company SoulCycle to an ambitious $100m IPO target, the fitness company has withdrawn its plans due to “market conditions” (AKA, competition from at-home competitor Peloton and an exodus of execs).
The rest of tech may not get the picture, but Pinterest is crushing it
Good news for your mom’s book club — everyone’s favorite DIY website increased its sales 58% last year. Unlike other companies that diversified en route to their IPOs, Pinterest has doubled-down on what it does best (pictures) to boost revenue from $24m in 2014 to $472.9m last year.
After cruising into 2018, Fiat Chrysler recalls 4.8m cars
Fiat Chrysler increased their net profits 93% last year, but an expensive 4.8m car recall issued last week due to a malfunction (in which rogue rides could get stuck in cruise control) will give competitors a chance to pass the malfunctioning motormakers.
London launches the world’s first pay-kiosk for street performers
Over the weekend, London’s mayor unveiled a new scheme that will equip street performers with contactless payment kiosks. The project is in collaboration with Swedish payments firm iZettle (which PayPal bought for $2.2B earlier this month to beat Square to the Euro-trip).
Betting on ‘better for you,’ PepsiCo acquires Bare Foods
Sales of “healthy” foods and drinks have increased from 38% to 50% of PepsiCo’s revenue, inspiring the makers of Mountain Dew and Doritos to buy organic snack-maker Bare to take a bite out of the market for healthy snacks (where small brands do 60% of the business).
China’s internet giants invest in Foxconn
A recent filing to the Shanghai Stock Exchange reveals that Alibaba, Baidu, and Tencent — China’s “big three” e-commerce, search, and social media juggernauts — have each purchased a 3.86% stake in Foxconn, one of Apple’s major manufacturing partners for the iPhone.
Disney is back on top in the battle for stock market supremacy
Although Netflix briefly overtook Disney as their market value rose to $152.5B last week, it didn’t take long for Disney to regain its throne as it continues to fortify its borders with an upcoming streaming service. Until then, there’s a good chance for more back and forth.
Starbucks is closing 8k stores today for anti-bias training
Sorry, Frap-fiends — Starbucks will close more than 8k stores nationwide today to conduct anti-bias training after the unjust arrest of two black men at a Philadelphia location last month. The company hopes the training will help put the shine back on their tarnished diversity-friendly image.