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’:
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Lululemon-clad legs pedaled studio-cycling company SoulCycle to an ambitious $100m IPO target, the fitness company has withdrawn its plans due to “market conditions” (AKA, competition from at-home competitor Peloton and an exodus of execs).
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.
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.
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).
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).
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.
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.
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.