__Protect this house...__ from a federal investigation. While __[Under Armour](https://robinhood.com/stocks/ua)__ was busy wicking sweat, the *WSJ* [discovered](https://www.wsj.com/articles/under-armour-posts-flat-sales-in-latest-quarter-11572871976) that SEC investigators are questioning people at its Baltimore office about its accounting practices. The question is whether UA shifted around numbers to *strategically* make sales appear stronger than they really are.

- __2.5:__ That's how many years the investigation has been going on, according to the report.
- __0:__ That's how much info Under Armour has told the public about this ongoing investigation. If execs don't think it's material to the stock, they don't have to disclose it. So they didn't. 

__Coach always said "Talk is cheap"...__ Except when it reveals fundamental issues about your business. Take these 2 [soundbites](https://www.businessinsider.com/under-armour-executives-defend-accounting-practices-2019-11) from Under Armour's earnings call: 

- *“So now we’re focused on 2020 and beyond.”* 
- *“The next chapter”* was mentioned multiple times.
- If you had a 3rd quarter like Under Armour's, you'd want investors looking to the future too. 

_When federal investigators ask to look at Under Armour's files_

Worn

__Under Armour stock plummeted 18% because its core biz is the real issue...__ While your wardrobe trended athleisure, Under Armour doubled-down on more "*ath*," less "*leisure*." CEO/founder Kevin Plank just gave up his role to become the brand chief, dedicated to make Under Armour even "[louder](https://www.cnbc.com/2019/07/30/under-armour-q2-2019-earnings.html)." Now we're seeing how that injures UA:

- __Its home market:__ Sales in North America fell 4%. That was offset by 5% growth internationally, but sales for the entire company shrank over the past year by 1%.
- __The core product of sports apparel:__ Sneaker sales dropped 12% – and if you can’t do sneakers, can you really take on Nike?

Under Armour plummets after an accounting investigation (sneakers are the real issue)

__Losing $543K per hour...__ Think about that. One time you lost nana's birthday check and you were inconsolable. __[Uber](https://robinhood.com/stocks/UBER)__ just told investors everything about its 3rd quarter, but it's hard to not focus on the $1.2B it [lost](https://www.cnbc.com/2019/11/04/uber-uber-q3-2019-earnings.html). After losing $5B the previous quarter (that was higher because of one-time IPO costs), Uber's on pace to lose $8B this year. *$8 billion.*

__It's Uber vs. Everybody...__ Investors piled into Uber for years with the hope it would become like Amazon — an unstoppable giant — but for transportation. In reality though it has enemies. Everywhere:

- __Competition:__ __[Lyft](https://robinhood.com/stocks/LYFT)__ rose from the ashes of Uber’s scandals. Delivery apps are all over your phone. And self-driving car companies could unleash self-driver not-Uber fleets before Uber. 
- __Politicians:__ California's new [law](https://www.fastcompany.com/90424008/uber-and-pals-unveil-a-last-ditch-effort-to-fight-californias-new-gig-economy-law) could make Uber even more unprofitable by forcing it to pay drivers actual wages and benefits. 
- __Restaurants:__ Yup, spots like __Bareburger__ get 20% of their sales from delivery apps — but they're fed up with paying away 15% of those sales as fees to Uber Eats and its delivery rivals. The CEO calls the apps "[a necessary evil](https://www.reuters.com/article/us-grubhub-uber-restaurants/trouble-cooking-grubhub-uber-eats-get-pushback-from-restaurants-on-fees-idUSKBN1XE171)" that he hopes to be rid of by next year.

_Uber figuring out how to make money before its 2021 graduation_

Losses

__Uber prefers you look at its sales growth instead...__ If you do, you're impressed by rides (revenues up 20%), Eats food delivery (+71%), and Freight (+81%!). Here's the problem: Uber's paying for all that growth. Competition forces it to dish out discounts and promo codes Oprah-style. So it's pledged to change things... in 2 years:

- __2021:__ That's the magical year when Uber CEO Dara Khosrowshahi says it'll become profitable. *Funny — that's also when Lyft said it will stop destroying money and start making it, too*. 

Uber stock sinks 6% because it's on pace to lose $8B this year

Dow Jones

S&P 500

Nasdaq

Bitcoin

10-Yr US Treasury

Uber loses $543,478 every hour

__Start company. Get acquired by Google 12 years later...__ Not a bad way to go out for __[Fitbit](https://robinhood.com/stocks/FIT)__. It's joining the __[Alphabet](https://robinhood.com/stocks/GOOG)__ family after Friday's announcement that Google will drop $2.1B for it. That's a fraction of the almost $10B it was worth after IPO-ing in 2015, but Google's wizardry will help Fitbit take on __Apple__ — Apple Watch sucked away anyone else's smartwatch sales like a dementor.

__What's in it for Google?...__ Then-Google (the parent company is called Alphabet now) paid $12.5B for __Motorola__ in 2011, $3.2B for __Nest__ in 2014, and $1.1B for part of __HTC__ in 2017. It doesn't have much to show for any of this hardware since then. Here's what Fitbit can contribute:

- __Sneaky ad sales:__ 84% of Alphabet's 3rd quarter revenues came from ads. Fitbit could become another platform for Google to slip in paid suggestions when you ask your wrist "*Hey Google...*"
- __Fancy device sales:__ The tiny wedge of Google's biz that's not related to ads is growing faster, led by Pixel phones and Google Home. 
- __Data. Lots of it.:__ Now Google will know your mid-jog blood pressure. Its press release [promised](https://investor.fitbit.com/press/press-releases/press-release-details/2019/Fitbit-to-Be-Acquired-by-Google/default.aspx) it won't use health/wellness data for better-targeted ads (anti-BO antiperspirant?). We'll see. 

_"It's Fitbit, not footbit"_

Sweat equity

__If you want to buy an entire company, you've got to pay extra...__ When one company acquires another, it typically splurges about [33% more](https://www.bcg.com/publications/2018/synergies-take-center-stage-2018-m-and-a-report.aspx) than the stock price of the company it's buying. Alphabet paid 71% more:

- __Sept. 20th: $4.10.__ That was the price of Fitbit shares before word it was open to selling itself.
- __Nov. 1st: $7.35.__ That's how much Alphabet is paying for each and every Fitbit share that exists — aka it's paying $2.1B total.

That's why you often hear of a company's stock rising when investors believe it could get acquired — they want to ride the stock higher, like some did with Fitbit's. 

Google acquires Fitbit — adding another device, ad platform, and data tracker

__Leave the iPhone in your pocket...__ __[Apple](https://robinhood.com/stocks/aapl)__ is now (almost) a Wearables company. iPhone sales have slipped for a full year, but sales in Apple's AirPods and Apple Watch division [surged](https://snacks.robinhood.com/newsletters/7IJVPlBvy3s6Lbf05gZweN/articles/2oxseRVSUKHDdlbpHsyf4o/) over 50% for the 2nd straight quarter. That biz brings in as much revenue as all of __Starbucks__, so CEO Tim Cook's going extra venti with new $249 noise-canceling AirPod Pros. Plus, Apple TV+ launched Friday, adding starpower to its Services division. 

__It took more than 280 characters...__ CEO Jack Dorsey needed 11 tweets to explain that __[Twitter](https://robinhood.com/stocks/twtr)__ has [banned](https://snacks.robinhood.com/newsletters/2dSff7JReMeiN3irHKbN10/articles/ADu90z4izWCG9cipcG1kr) political ads. It still lets world leaders tweet free of fact-checking, but it won't accept cash from them to boost their reach to millions of Twitter users (Jack says it's too risky to society). __[Facebook](https://robinhood.com/stocks/FB)__ still lets politicians push their messages to undecided potential voters — and it expects just [0.5%](https://techcrunch.com/2019/10/30/zuckerberg-political-ads/) of its total revenue for 2020 to come from political ads,

Highs

Who's up...

__Your "promiscuous" chicken curry ordering...__ It's a problem for __[GrubHub](https://robinhood.com/stocks/grub)__. That's how the CEO [described](https://snacks.robinhood.com/newsletters/3o0KQAYYbRpqhqULwfOWaD/articles/7m8VoFteAIgGsRXEzlIssk) your disloyal strategy of ordering dinner on whatever delivery app happens to be the cheapest at the moment. GrubHub is forced to whip up promo codes to entice you away from __Uber__ Eats — those extra marketing costs ate down profits by 96% last quarter. Grubhub stock fell to its lowest point in 2.5 years as delivery apps become a commodity.

__Shoulda learned from Leslie Knope in *Parks and Rec*...__ Don't date co-workers. __[McDonald's](https://robinhood.com/stocks/MCD)__ fired CEO Steve Easterbrook on Sunday for his consensual romantic relationship with an employee that [broke](https://www.cnn.com/2019/11/03/business/mcdonalds-ceo-steve-easterbrook-steps-down/index.html) company policy. Since Easterbrook took over in 2015, McDonald's got into shape menu-wise (breakfast expansion) and tech-wise (order kiosks) — The stock doubled in the Easterbrook era. Now shareholders are mourning/adjusting their outlook on McD's future.

Lows

...and who's down

_"It's Fitbit, not Footbit"_

Google snags Fitbit, McDonald's fires its CEO mid-weekend

__iPhone is too good...__ You're not replacing/upgrading your pocket's best friend often enough, and that's a problem for __[Apple](https://robinhood.com/stocks/AAPL)__. But now it's found 2 saviors. 1 was expected, 1 is a surprise:

- __Services (sales up 18% last quarter):__ You knew about this one — Apple's made $46B over the past year in sales of iCloud, Apple Music, etc. And (starting today) Apple TV+. 
- __Wearables, Home, and Accessories (up 54%):__ Apple's AirPod and Apple Watch division is living its best life — it's grown over 50% for two-straight quarters.

__Apple's side hustles are entire companies...__ That Wearables division has the same sales as __Starbucks__. Services is bigger than __Delta__. And since 3/4 of Apple Watch sales are 1st-time Watch buyers, there's room to grow. But Apple's getting greedy — CEO Tim Cook thinks new $249 noise-cancelling AirPod Pros [complement](https://9to5mac.com/2019/10/30/tim-cook-says-airpods-pro-are-complementary-to-airpods-not-replacements/) the regular ol' $159 Airpods. *He thinks you should buy both*. 

"_He said the AirPods sales are really, really, really good_"

Remake

__That explains Apple's "record high" situation...__ iPhone sales have boringly dipped for [four-straight quarters](https://www.washingtonpost.com/business/economy/apple-overcomes-lagging-iphone-revenue-beats-earnings-estimates/2019/10/30/9ec9fed8-fb2e-11e9-8190-6be4deb56e01_story.html), but Apple's stock has never been higher. It's creatively replaced its lost biz with a new one focused on covering your body real estate with Wearables. As a reward, Apple's enjoying its $1.1 *trillion* market cap — making it the most valuable public company in the world (again).

Wearables are the surprise MVP of Apple's latest earnings report

__Whip out the celebratory Boston Creme...__ __[Dunkin'](https://robinhood.com/stocks/dnkn)__ shares rose 6% after its earnings report — the stock's tripled over the last 5 years as it [dropped](https://www.nytimes.com/2018/09/25/business/media/dunkin-donuts-new-name.html) the "Donuts" from its name to focus on getting America to run on it. Investors are rewarding last quarter's commitment to the 4-part grand slam of chain restaurant profitability:
1. __Premium items:__ The 1 [specific](http://investor.dunkinbrands.com/news-releases/news-release-details/dunkin-brands-reports-third-quarter-2019-results) beverage mentioned in the entire earnings report: "Cold Brew" — Dunkin's new higher-priced option doesn't get latté-style barista art, but does drive profits.
2. __Breakfast:__ To make breakfast your daily habit, Dunkin' added menu items like the new Beyond Meat breakfast sandwich — it goes nationwide on 11/6.
3. __Digital Loyalty guilt:__ 25% of transactions in some cities are [now paid](https://www.qsrmagazine.com/technology/mobile-ordering-gets-upgrade-dunkin) with the "DD Perks" app. Dunkin' increasingly tempts you to return for that Coolatta with points.
4. __Delivery/Pick-Up:__ There's fast food peer pressure to deliver via 3rd party app. So even though your coffee routine is probably delivery guy-free, Dunkin has partnered up with __GrubHub__, just in case.

"_My lord, Dunkin' just won all the coffee business on Tatooine_"

Chew

__This is the new playbook for fast food...__ __Chipotle__ is testing pickup, __Shake Shack__ is pushing fried chicken sammies, and __Starbucks__' app is America's [2nd](https://www.emarketer.com/content/apple-pay-overtakes-starbucks-as-top-mobile-payment-app-in-the-us) most-used mobile payment platform. Investors are evaluating fast food brands on this 4-part gameplan: Premium items, breakfast, loyalty apps, and delivery. Everyone's doing it.

Dunkin' pops 6% because it's onto the grand slam of fast food

__Tapped out...__ Too much investment pain. __[WWE](https://robinhood.com/stocks/WWE)__ stock dropped 16% Thursday after its 3rd quarter earnings revealed serious injuries to its pro wrestling business model:

- Sales rose just 1%, profits got erased by 2/3, and bodyslams doubled. That last part wasn't real (we were acting).

__WWE runs a good, clean operation...__ with 3 business lines: Media/TV, live events, and consumer products (picture action figures and t-shirts). Its media division gets most of the love from investors, bringing in about 78% of total revenues. WWE does TV HBO-style — cable and streaming (plus pay-per-view):

- __TV:__ Like HBO, you can watch WWE *Smackdown* on cable through its deal with Fox.
- __Streaming:__ Like HBO Now (and soon "HBO Max"), WWE will happily collect your $9.99/month in return for streaming access to Stone Cold Steve Austin and the Undertaker. But subscriber numbers dipped 9% to 1.5M.  

"_Why are you no longer subscribed to my streaming network?_"

Grapple

__The main issue is Saudi Arabia...__ WWE actually hosted the 1st ever wrestling match last night in Saudi Arabia featuring [women](https://corporate.wwe.com/investors/news/press-releases/2019/10-30-2019-093744552). But its TV deal in the Middle East and North Africa is delayed — and some analysts think it's never happening. Adding that entire geography would've brought a lot of revenue at little extra cost to WWE (the matches are already happening — feeding video to Egypt doesn't cost that much). Investors crave those easy extra profits, but aren't sure they'll happen.

WWE stock drops 16% on Middle East pain

Apple's Wearables = 1 Starbucks

__Twitter just banned one of its revenue streams (via tweet)...__ Bold move. Misinformation (aka lies, false info, and deceptive non-truths) has hit such a level that __[Twitter's](https://robinhood.com/stocks/TWTR)__ CEO banned political ads on Twitter — his tweet-based announcement also casually trolled Facebook: 

- *For instance, it‘s not credible for us to say: “We’re working hard to stop people from gaming our systems to spread misleading info, buuut if someone pays us to target and force people to see their political ad…well...they can say whatever they want! 😉”* -- [@Jack](https://twitter.com/jack/status/1189634360472829952)

__Kill misinformation...__ (except when it comes to politicians). They're Facebook and Twitter's big exception. Both platforms let political leaders post without fact-checking. Plus, they won't remove/flag tweets/posts from politicians even if they're false.

- __Zuck's approach:__ He doesn't want to referee free speech — a politician lying is in-and-of-itself, news, that shouldn't be censored by Facebook.
- __Jack's approach:__ But getting paid to expand the reach of misinformation is where Twitter's drawing the line (Facebook isn't into line drawing).

_Sorry, your political ad is no longer accepted at Twitter_

Takedown

__This is straight-up #ShortTermCost cost for #LongTermGain...__ Jack's leadership on a divisive topic will probably hurt profits before it helps them:

- __Short-term = lost revenues:__ Twitter won't snag any of the advertising bonanza of 2020 election campaigns.
- __Long-term = gained trust/cred:__ Twitter can now say it's doing more than Facebook to limit the spread of misinformation, whether it's from a politician or not — and that may earn new users.

Twitter bans political ads — a short-term revenue hit for long-term trust

__Long distance relationship...__ Europe's __Peugeot__ and __[Fiat Chrysler](https://robinhood.com/stocks/FCAU)__ are living it. The pair is [reportedly](https://www.wsj.com/articles/fiat-chrysler-gets-second-chance-at-merger-this-time-with-peugeot-11572433235?mod=hp_lista_pos5) merging for $48.8B to create the 4th biggest car company on Earth. Peugeot is French, Fiat is Italian, and Chrysler is American. The 3 surprises from studying this thing abroad:

1. __Peugeot__ (founded 1810) was the [1st](https://www.peugeot.co.uk/peugeot-history/) to put solid rubber tires on a gas-powered car.
2. __Fiat__ (1899) owns a dozen brands, from Maserati to Dodge — but the profit puppies driving its $$$ are Jeep SUVs and Ram trucks, not adorable Italian mini-machines.
3. __Chrysler__ (1925) is one of Detroit's "Big 3" carmakers, but is now owned by Fiat, which snagged it post-Chrysler bailout/bankruptcy in 2009.

__This fulfills a dream...__ Former CEO Sergio Marchionne’s dream. The godfather of modern automobile strategy passed away last year, but he called shotgun on merging whenever he could:

- __2004:__ When Fiat's small cars were losing $1.1M a day, Sergio took over the company as CEO.
- __2009:__ He got Fiat on its feet and then took over Chrysler.
- __2015:__ He tried (but [failed](https://www.reuters.com/article/us-autoshow-geneva-fiatchrysler-m-a/fiat-chryslers-ceo-says-a-gm-merger-still-makes-sense-idUSKBN16E1DH)) to merge with __GM__.

"_Wanna go for a merge?_"

Mergin'

__If you ain’t merging, you’re dying...__ For years, Sergio called on the car industry to consolidate. He predicted and watched car companies go bankrupt in the '08-'09 Recession. He recognized that people stop buying cars mid-recession, so a merged "team" of car companies can better survive. Now Peugeot and Fiat Chrysler can own 1/4 of the European car market. Together.

Fiat Chrysler and Peugeot are merging — an Italian-French-American car giant is born

_Sorry, your political ad is no longer accepted on Twitter_

Too political for Twitter

__Groceries. Delivered free. Within 2 hours...__ That insanely convenient [offering](https://techcrunch.com/2019/10/29/amazon-axes-14-99-amazon-fresh-fee-making-grocery-delivery-free-for-prime-members-to-boost-use/) is now real for __[Amazon](https://robinhood.com/stocks/AMZN)__ Prime members in America's top 20 cities (it's coming to 2K cities total, but not necessarily within 2 hours). Pulling that off is so logistically hard that only existing Amazon Fresh customers get it right now — 1st-timers will hit a waitlist so Amazon can assess how many grocery-dashing humans it needs to hire (spoiler alert: lots). 

__Will this finally make grocery delivery a thing?...__ Most Americans still grocery shop the ol'-fashioned way — by grabbing a shopping cart and blocking the aisle while squish-testing avocado firmness. Amazon's new offering eliminates 2 of the 3 big barriers to grocery delivery:

- __The cost barrier:__ Grocery delivery today features fees (Amazon's used to be $15/month on top of Prime). Plus tips. 
- __The planning barrier:__ You typically need to know your fridge's shelf status at least 6 hours in advance. That's cut to 2 hours with Amazon's new offering.
- __The freshness barrier:__ Some of us undoubtedly still want to harvest our own produce and not risk someone grabbing the wrong almond milk. 

_A scene yesterday from the grocery delivery wars_

Faster

__Don't try to beat Amazon on price. You'll lose...__ Last week we mentioned that Amazon's profits suffered because it insisted on beating __[Walmart](https://robinhood.com/stocks/WMT)__ and __[Target's](https://robinhood.com/stocks/TGT)__ 1-day shipping. Now its profits could suffer more (in the short-term) as it takes on those two in groceries plus __Instacart__ and __Good Eggs__. Amazon's long-term plan: Get everyone to join Prime by offering the lowest prices/best deals, no matter what the cost.

Amazon triggers nuclear option: Free grocery delivery for Prime members

__Your chicken parm is a million minutes away...__ __[GrubHub](https://robinhood.com/stocks/grub)__ shares plummeted 43% to their lowest level in 2.5 years. The restaurant food delivery pioneer is sandwiched between 2 numbers from last quarter:

- Revenues rose __a healthy 30%__.
- But profits __plummeted 96%__. *96%.* Let that sink in and sit in your stomach — Here's why:

__“Promiscuous” customers...__ That's what the CEO just [called](https://fortune.com/2019/10/28/promiscuous-grubhub-customers-just-helped-lower-the-companys-value-by-1-2-billion-in-minutes/) us disloyal, price-focused GrubHub users. When we crave some pad thai, we open DoorDash...then Caviar...Uber Eats...Postmates. Comparison shopping forces delivery apps to slash prices to snag our late-night dinner $$$. Those "$2 off" coupon codes are crushing GrubHub's profits.

A GrubHub hero

Delivered

__GrubHub should focus on brand — not price...__ Delivery is a commodity — it doesn't matter where it get it from, it's the same (just like socks). But people do irrational things for a brand (like splurging $200 on a Patagonia pullover, because, Patagonia). If GrubHub can build loyalty for its brand with banh mi festivals or a stance on social food issues, customers may ignore lower-priced rivals and become monogamous.

GrubHub plummets 43% because we're all disloyal food orderers

__Could I get a 478-pack of F-35s?...__ The procurement person for the US government just [placed](https://www.cnbc.com/2019/10/29/lockheed-martin-costly-f-35-program-gets-biggest-pentagon-contract-yet.html) the biggest order ever for military-grade fighter jets. __[Lockheed Martin](https://robinhood.com/stocks/LMT)__ won the deal. The Defense Department's pumped about the savings: Each $71M jet is 12.7% less than the last order — but Wall Street expected the result, barely budging Lockheed's stock on the news.

__This thing is Air Force Fancy...__ The stealth F-35 is [nearly invisible](https://www.forbes.com/sites/lorenthompson/2019/10/29/pentagon-and-lockheed-martin-agree-to-big-cost-reduction-on-f-35-fighters/#774b3737314c) to the enemy and hits Mach 1.6 speed (a smooth 1,227 MPH). The Department of Defense calls it the “world’s most advanced, lethal, interoperable aircraft ever developed.” Most of the manufacturing happens in Texas, but they’re only flown by the US and 12 allies. Now Lockheed's gotta deliver them.

When you save 12% on a $71M fighter jet

Order

__Lockheed Martin is in the business of war — and politics...__ Its core customers are governments treating themselves to battle machines. On the one hand, it's pretty much the only producer of its products... but there's pretty much just one buyer. So negotiations on price are tricky. And Lockheed investors may want an international relations degree to handle things like Turkey — geopolitical [drama](https://www.businessinsider.com/turkey-in-talks-to-buy-russian-su35-after-exiting-f35-2019-10) there may force Lockheed to find a new supplier for the nearly 1,000 Turkish-made parts in the F-35 program.

Lockheed Martin gets $34B order for F-35 fighter jets (on sale)

GrubHub's "promiscuous" problem

__Take me to your leader...__ __[Virgin Galactic's](https://robinhood.com/stocks/SPCE)__ founder is Richard Branson — he hit billionaire and British "Sir" status by founding Virgin Records music, Virgin Atlantic airline, and Virgin Hotels. But Richard called this IPO "the most satisfying" of all. Virgin Galactic's ticker is "SPCE," now traded on the NYSE after [Monday's IPO](https://www.cnbc.com/2019/10/28/virgin-galactic-to-trade-on-the-nyse-on-monday-as-the-first-space-tourism-stock.html).

__This business is astronomically unprofitable...__ Since its 2004 launch, VG exists because Sir Branson has invested almost $1B to own 51% of the shares today. Here's its corporate timeline:

- __Past:__ 600 very wealthy people (including Bieber and Leo DiCaprio) splurged $250K for a spot on Virgin's virgin voyages for summer 2020. They get a 90-minute [ride](https://www.aljazeera.com/ajimpact/flight-virgin-galactic-public-space-tourism-191028150739973.html) on a hybrid [spaceship/airplane](https://www.virgingalactic.com) for 3 minutes of spacetime. 
- __Present:__ VG only brought in $2.4M in revenue last year, but spent $140M, causing a Jupiter-sized loss.
- __Future:__ Initially only affordable by the ultra-Bieber-rich, VG wants to make space tourism accessible to all humans over time by eventually lowering prices.

_If you reduce that expense ratio, Buzz, your space stock could really take off_

Explore

__Virgin Galactic is incomparable...__ Investors love "comps" that help them assess the value of one company by referencing another (it's easier to evaluate Lyft when you know how much Uber is worth). But Virgin's comps don't exist in the public markets.

- __Tourism?:__ Airlines or cruise lines don't feel the same as Virgin.
- __Tesla?:__ Both catered to the wealthy initially with hopes to eventually lower prices for the rest of us. 
- __Private:__ The real comps are Elon Musk's __SpaceX__ and Jeff Bezos' __Blue Origin__. But those 2 pals kept their space companies private, so Virgin investors face an uncharted public market ride.

Virgin Galactic is the 1st publicly traded company dedicated to space

__But did they get down on one knee?...__ Luxe-glomerate Louis Vuitton Moët Hennessy (aka __[LVMH](https://robinhood.com/stocks/lvmuy)__) just [offered](https://www.forbes.com/sites/pamdanziger/2019/10/28/lvmh-and-tiffany-is-a-marriage-made-in-luxury-heaven/#e9a6f9d35b72) $14.5B to buy up jewelry icon __[Tiffany](https://robinhood.com/stocks/tif)__. LVMH is run by the world's richest non-American (Bernard Arnault) and it owns 75 brands, from fancy champagne to fancy handbags. But here's the potential couple:

- __LVMH:__ Its founding goes way back to 1987, it's headquartered in Paris, and worth $214B.
- __Tiffany:__ Founded in 1837, Tiffany is HQ'd in NYC — but worth 1/14 of LVMH.

__Breakfast at Tiffany's $215 semi-affordable earrings display...__ Tiff's board hasn't decided to accept/reject the offer. But if it goes through, the acquisition will up LVMH's jewelry game from just 8% of its sales today. Meanwhile, 92% of Tiffany's revenues are straight-up jewelry (and over a quarter of that is engagement-related).

"_LVMH dropped $14.5B on this rock_"

Splurge

__This acquisition come down to T.L.C...__ *Timing. Location. Customer.* (Forget "the 4 C's"):

- __Timing:__ With Chinese tourism down, Tiffany's sales dropped 3% last quarter — and the stock price has fallen 1/3 from its all-time high.
- __Location:__ LVMH is focused on growing in the US with a new Texas factory and a partnership with Rihanna — America has more [millionaires](https://www.forbes.com/sites/pamdanziger/2019/10/28/lvmh-and-tiffany-is-a-marriage-made-in-luxury-heaven/#36b9795135b7) (19M) than France, UK, Germany, China, and Japan. Combined.
- __Customer:__ Tiffany wants to be the “luxe for less" jeweler by tossing Dakota Fanning in some commercials — LVMH craves that millennial appeal.

Tiffany surges 32% after a shiny acquisition offer from LVMH

__Thanksgiving's coming up...__ Vegan kids are hatching "swap the turkey with meatless meat" plans to trick carnivorous dads. __[Beyond Meat](https://robinhood.com/stocks/BYND)__ gave shareholders something to celebrate heading into the holiday quarter:

- __Growth in all the right places:__ Revenues more than tripled to $92M, way outpacing costs, leading to its __first ever profit__.
- __How much profit per pound?:__ A $12 4-pack of quarter-pounder Beyond burgers resulted in 52 cents of profit (based on last quarter's 4% [net profit](https://learn.robinhood.com/articles/4S0rJX1MDXwzMDTtZM38Qa/what-is-profit/) margin).
- __What about the future?:__ Beefy strong — Beyond boosted its revenue projections for the 2nd-straight time as orders from restaurants for sizzle-able pea patties beat expectations.

__So why did shares drop 10%?...__ Not totally clear. Our guess: the end of Beyond's "lockup period." Today's the 6-month anniversary of Beyond's IPO, which means early pre-IPO investors are [finally](https://www.bloomberg.com/news/articles/2019-10-28/beyond-meat-falls-as-lockup-expiration-offsets-rosier-outlook) eligible to sell their stock (lockups apply to most newly-listed companies). So nervous investors may have sold to avoid dealing with a potential increase in Tuesday's new "lockup" sellers.  

_Beyond Meat investors feel lost_

Retreat

__The growth is in restaurants — not groceries...__ Beyond surged over 200% after its IPO, but has fallen from that high. Food-glomerates like Kellogg and Nestlé have dropped some plant-based competition — and they've shown up in grocery stores. But restaurants (like McDonald's, Taco Bell, and Dunkin') power 45% of Beyond's revenues — and those already quintupled (5x) this year.

Beyond Meat hit a huge corporate milestone — then the stock fell 10%

"_Reduce that expense ratio, Buzz, and your space stock could really take off_"

It feels like the 1st time... a space company went public

__Cancel your plans to see people...__ Your binging schedule is about to take over all social commitments — Apple TV+ hits November 1st ($4.99/month), then Disney+ takes position #1 in your bookmark manager on November 12th ($6.99/month). But last week we noticed that plenty of these new __[Netflix](https://robinhood.com/stocks/NFLX)__ rivals will actually be free:

- __[Verizon](https://robinhood.com/stocks/VZ)__ is [giving](https://variety.com/2019/digital/news/verizon-disney-plus-one-year-free-wireless-1203377660/) away __1 year of Disney+ free__ to customers with unlimited plans.
- __[Apple](https://robinhood.com/stocks/AAPL)__ is offering __1 year of Apple TV+ free__ to customers who buy a new Apple device (iPhone, Mac, iPad).
- __[AT&T](https://robinhood.com/stocks/T)__ [announced](https://9to5mac.com/2019/10/26/att-hbo-max-free-promo/) its HBO Max (debuting in April) __will be free to subscribers who have HBO__ already. 
- __[T-Mobile](https://robinhood.com/stocks/TMUS)__ [revealed](https://www.latimes.com/entertainment-arts/business/story/2019-10-18/quibi-has-partnered-with-t-mobile) a partnership with __Quibi__ (the name is a mashup of "quick" & "bites"). Details are TBD, but we wouldn't be surprised if the mobile-first premium video is __free to those with T-Mobile plans__.
- __[Netflix’s](https://robinhood.com/stocks/nflx)__ deal with T-Mobile goes waaaaaay back to [2017](https://www.youtube.com/watch?v=pwbVpHW1Q-E). But “Netflix on Us” only happens for T-Mobile users if your account has 2 lines. 

__The era of password mooching is over...__ Mobile phone companies are paying for your streaming. Binge-able content for free is their "promo puppy." Let us explain. 

- __"*Profit* puppy":__ The part of a company's business that makes a huge chunk of the profits. Like Ford's F-150 pickup truck, Lululemon's yoga pants, or Amazon's cloud service, AWS — they all drive profits. 
- __"*Promo* puppy":__ A shiny, cuddly, free perk that attracts customers to sign up. Think free streaming for a year, free shipping with Prime, or "60K reward points if you spend $4K in the first 4 months" — they all drive sign-ups.  

"_What do you mean you don't need our streaming passwords anymore?_"

Stream

__Promo puppies are discounts in disguise...__ It’s not clear who’s subsidizing the Disney+ account that Verizon offers for free. Is Disney+ giving it to Verizon customers, or is Verizon paying, or something in between? For customers, these promo puppies make you love Verizon and get addicted to Disney+ — both brands win. Discounts have the same outcome, but make the discounted thing look cheap.

"Promo puppies," and the Netflix/Disney/HBO Streaming Wars

__New Tesla collector's item...__ Profits. Shares surged 27% last week after __[Tesla](https://robinhood.com/stocks/tsla)__ revealed it [made](https://snacks.robinhood.com/newsletters/SJDB7f3KgYx0kks23Wmgl/articles/7BjUxnugG5FdZV7D9gReun) more money than it spent over the last 3 months (Elon's still never pulled that off for a whole year). Plus, that battery-producing gigafactory in China is ahead of schedule, and so is the new Model Y crossover.

__Survivor...__ __WeWork__ stock isn't publicly-traded since it canceled that IPO. At least it's not bankrupt. The injured unicorn that loses $219K [each hour](https://www.businessinsider.com/wework-not-close-to-profitable-loses-hundreds-thousands-every-hour-2019-7) was weeks from running out of cash — then __SoftBank__ (a Japanese fund that's the top investor in WeWork) [bailed it out](https://snacks.robinhood.com/newsletters/2FbrUPQhPtMrP4XrifjJcY/articles/2g3S3YqXfyVCnDx8zUQga8/) with billions of new money. Ex-CEO Adam Neuman walks away with $1.7B, yet employees' options are nearly worthless. If you're keeping score, WeWork's valuation fell from $47B to $8B and now SoftBank owns 80% of it — but it's still in business.

__No rest 'till everyone is Primed...__ __[Amazon](https://robinhood.com/stocks/AMZN)__ showed investors it'll do whatever it takes to beat __[Walmart](https://robinhood.com/stocks/WMT)__ and __[Target](https://robinhood.com/stocks/TGT)__ in the shipping wars — like spending 46% more on shipping so your packages arrive in 1 day instead of the old 2 (that [hurt](https://snacks.robinhood.com/newsletters/2FpHM9nWDxB2nEvxAwLaBM/articles/3ytJK68WokyuEzJc6SKrZK) profits last quarter). Then the Trump Administration crowned __[Microsoft](https://robinhood.com/stocks/MSFT)__ winner of its coveted [$10B](https://www.theverge.com/2019/10/25/20700698/microsoft-pentagon-contract-jedi-cloud-amazon-details) Defense Department deal — Amazon was in line to win the contract until politics got involved (the President's not a fan of CEO Jeff Bezos).

__Hoodie formal...__ Mark Zuckerberg tossed on a tie and visited Congress to defend __[Facebook's](https://robinhood.com/stocks/fb)__ Libra cryptocurrency. We [learned](https://snacks.robinhood.com/newsletters/SJDB7f3KgYx0kks23Wmgl/articles/2gQx23QTWdaC2CIxoQlCgK) how he's pitching Libra (to help the world's un-banked) and how it'll make money (the ability to "buy with Libra" would let Facebook charge more for ads). Zuck's biggest surprise: *He won't launch Libra unless US regulators OK it*, which may not happen. Then Friday he unveiled Facebook's new *news* tab, which finally pays news agencies directly — but only [30M](https://www.forbes.com/sites/mnunez/2019/10/25/facebook-launches-news-tab-with-dozens-of-us-publishers-to-combat-fake-news/#6f936cd83cfe) of Facebook's 2.6B users are expected to use it.

The difference between "Profit Puppy" & "Promo Puppy"

__"I know what you're thinking, but this is actually fantastic news!"...__ That's the vibe we're getting from __[Amazon's](https://robinhood.com/stocks/AMZN)__ 3rd quarter earnings report. The stock [dropped](https://www.cnbc.com/2019/10/24/amazon-earnings-q3-2019.html) 9% despite the reassuring pillow talk from CEO Jeff Bezos:

- “*Customers love the transition of Prime from two days to one day — they’ve already ordered billions of items with free one-day delivery this year.*"

__True, people love not waiting for packages...__ so what's the cost? Amazon's revenues rose 24% to $70B, but shipping costs surged much faster: Up 46%. That ate away at profits, which shrank by 26% to just $2.1B. And heads-up — Amazon also expects to make half as much profit this holiday quarter as the last one. Other highlights:

- __The profit puppy:__ Sales at __Amazon Web Services__, the cloud-beast that runs most of the internet (pretty much), rose by 35% and brought home the majority of the profits.
- __New-ish physical stores:__ Sales dropped. *Dropped*. We don't usually see that from Amazon (except [Fire](https://www.cnet.com/news/fire-phone-one-year-later-why-amazons-smartphone-flamed-out/) phone. RIP.). Those book stores and cashier-less Amazon Go are still finding their way.
- __The fine arts:__ *Marvelous Mrs. Maisel* now has 8 Emmy's and a new season in December.

_Inside that new Amazon 1-day shipping facility_

Rush

__Don't go back to your old habits, Amazon...__ That's the message from shareholders. They patiently waited through 20 years of Amazon unprofitably as it reinvesting every buck it made in growth — then suddenly in 2017 Amazon turned on the profit switch, making over $8B annually the past 2 years. Now with Walmart and Target challenging its shipping supremacy with their own 1-day options, Amazon's wildly spending again.

Amazon's profits fall (and will likely keep falling) from that 1-day Prime shipping switch

__Get CEO Jack Dorsey on a Julia Roberts-style *Eat Pray Love* vacay...__ His social network's working through a midlife crisis that dropped shares 21% Thursday. __[Twitter's](https://robinhood.com/stocks/twtr)__ 9% rise in revenues and __145M__ daily active users in the 3rd quarter were trolled by investors. Twitter's somewhat small compared to its social peers:

- __Snapchat__ = 210M daily active users
- __Instagram__ = 500M humans simply use Stories every day
- __Facebook__ = 1.6B daily active users (and it owns Insta)

__Noticing more rando tweet ads mid-scroll?...__ You should. Twitter is pumping out more ads [lately](https://www.theverge.com/2019/10/24/20930771/twitter-ads-popular-verified-accounts-more-experience-earnings). Plus, because of a software bug, you're seeing more of the *wrong* ads too: Burger lovers might be getting ads about a juice cleanse because of product "bugs." The result? A [drop](https://www.wsj.com/articles/twitters-ad-business-troubles-weigh-on-revenue-growth-11571914844) in advertisers buying ad space for next quarter.

"_I'll protect you from the ads. All of them_"

@earnings

__Don’t forget the "media" in social media...__ Even though Twitter sends out cutting-edge tech vibes, its business model is just like your old school local weekly gazette newspaper: Ads. 85% of Twitter's revenues come from ads (the other 15% is mostly data licensing). And if Twitter's ad software isn't working, more ads won't solve it.


Twitter stock plummets 21% because of a midlife ad crisis

__Brits drive on the left. Spell it "colour"...__ And use post offices as ATMs. UK-based __[Barclays](https://robinhood.com/stocks/BCS)__ simply wants to cancel that last one. Earlier this month, the bank tried to [save](https://www.theguardian.com/business/2019/oct/24/barclays-bosses-to-face-questions-after-ending-post-office-withdrawals) itself 10M pounds a year by announcing the end to its "free ATM" policy at all of the UK's 11.5K post offices. Then this happened:

- __Outrage:__ Politicians, footballers, and loyal subjects felt betrayed by Barclays quitting the "Post Office Banking Framework" — a UK bank pact allowing fee-free cash withdrawals at post offices. 
- __Flip-flop:__ Barclays announced Thursday that it [misestimated](https://home.barclays/news/press-releases/2019/10/barclays-and-the-post-office-banking-framework/) the decision's impact. So it caved, promising to stay in the POs for at least 3 more years.
- __FYI:__ Turns out Barclays would've only saved 0.3% of its £3.5B annual profit anyway.

__Upstate, the countryside, the shire...__ Low population density areas sometimes get neglected by businesses. Grocery stores, internet service, and even hospitals quit on rural regions because there simply aren't enough customers to make money. Even Barclays has closed [481](https://www.which.co.uk/money/banking/switching-your-bank/bank-branch-closures-is-your-local-bank-closing-a28n44c8z0h5) locations since 2015. 

_"And then, your honor, they took away the cash from the post office"_

Return-To-Sender

__If you're going to announce something controversial, make sure you're committed...__ Barclays isn't following through on the post office retreat — so it won't save the money it was hoping to. But the damage to its rep is already done. It loses on both sides. It should've anticipated the outrage and then decided to do it (or not). *Doing both, means you lose both ways.*

Barclays Bank reverses its post office ATM decision because Brits revolted

1-day Prime shipping is crazy expensive

__No-friend zone...__ __[Facebook's](https://robinhood.com/stocks/FB)__ Zuckerberg put a suit on for like the 2nd time in his life, showed up in DC, and got poked by politicians on the House Financial Services committee. He should've worn body armor. The representatives scolded Facebook's political ad policies, misinformation on newsfeeds, and even discrimination at the company. Then, finally, they talked about Libra. For hours. 

__A digital-only currency for the billions of Facebookers worldwide...__ Mark tried to explain how his proposed cryptocurrency, Libra, should be regulated and how it'll operate. It was a [struggle](https://www.cnbc.com/2019/10/23/lawmakers-were-still-concerned-about-libra-after-zuckerberg-testimony.html). But we did learn this:

1. __How Zuck's pitching this to skeptical politicians:__ Do goodyness. *“There are more than a billion people around the world who don't have access to a bank account, but they could through mobile phones if the right system existed.”* 
2. __How Zuck plans to make money:__ Through [ads](https://www.theverge.com/2019/10/23/20928995/mark-zuckerberg-congressional-testimony-facebook-libra-money-profit-cryptocurrency). "Buy with Libra" is a powerful button that would increase the value of ads on Facebook, letting it charge more. 
3. __How Zuck will launch Libra:__ This one's key — Only with US regulators' blessing. 

_How it feels keeping up with Facebook news_

Testify

__That last promise could doom Libra...__ The majority of the un-banked Zuck wants to help? They live outside the US — but Libra is now at US regulators' mercy. That's totally different than Facebook's *move fast and break things* past, or Uber's entire expansion strategy. So far, politicians aren't impressed — the top Republican on the committee put it simply: "I’m not sure we learned anything new here as policy makers."

Zuckerberg tells Congress he won't launch Libra without US regulators' blessing

__Fun fact...__ __[Six Flags'](https://robinhood.com/stocks/six)__ name is actually inspired by [the real 6 flags](https://www.sixflags.com/overtexas/news-room/about) that have flown over its home state of Texas. Less fun fact: Founded in 1961, Six Flags claims that it's the world's largest "regional" theme park (cut out the "regional" and it's #7 on the [list](https://www.aecom.com/wp-content/uploads/2019/05/Theme-Index-2018-4.pdf)). This week, Six Flags shared its earnings from a major moment:

- __Big year:__ It's aiming for a 10th consecutive year of record sales.
- __Biggest quarter:__ 40% of its sales come during the 3rd quarter — July through September — when school's out and parents realize camp doesn't cover every single summer day.

__Must be this high for investors to be happy...__ Six Flags shares plummeted 12% after [announcing](https://investors.sixflags.com/news-and-events/press-releases/2019/10-22-2019-210441595) that 14M visitors showed up, waited in lines, and then waited in more lines last quarter. That's just 3% growth in Six Flags attendees since last year, and revenues only inched up 1%.

_Family vacations are why the 3rd quarter is so important_

Ride

__This isn’t an industry problem — it’s a Six Flags problem...__ Disney's theme park revenues surged 7% last quarter — that's driven by splurge-worthy new attractions based on Star Wars and Avengers. Earth's #2 theme park, Universal Studios, just whipped up Harry Potter land and Jurassic World sections too. Their character ecosystems make them true *theme* *parks* — Six Flags is still a *roller coaster* *park* with 35-second-long thrills.

Six Flags stock drops 12% after sales barely budge in most important quarter

__Best-in-class PDF formatting...__ As frequent readers of __[Tesla](https://robinhood.com/stocks/tsla)__ earnings reports, we appreciate the company's new [slide layout](https://ir.tesla.com/static-files/47313d21-3cac-4f69-9497-d161bce15da4) (the old [earnings letters](https://ir.tesla.com/static-files/1e70a30c-20a7-48b3-a1f6-696a7c517959) were impossible to read). Tesla shareholders appreciated the actual substance of the 3rd quarter earnings report, boosting the stock a whopping 20% on these key updates: 


1. __Model Y is "ahead of schedule":__ The Goldilocks model is bigger than Model 3, smaller than Model X. Americans love this type of crossover SUV, and production's now expected to start summer 2020.
2. __China is "ahead of schedule":__ Tesla's building full production capabilities to serve the biggest market ([by far](https://www.pbs.org/newshour/show/how-china-is-driving-the-future-of-electric-cars)) for electric vehicles. The gigafactory in Shanghai materialized in just 10 months, now ready for production.
3. __It's profitable (!):__ Tesla's yet to have a full year of profitability, and even quarterly ones are collectors items for Tesla stock owners.

_Elon announcing Tesla's earnings_

Cruising

__Tesla's *supposed* to be setting records...__ It's 16-years-old, but company-wise it's still in puberty. Tesla's adding new plants and should be setting sales records each quarter. While the number of cars delivered did hit an all-time high, revenues actually dipped last quarter from $6.8B to $6.3B. Tesla says that's because more customers are leasing — apparently that satisfied investors.

Tesla unveils a surprise profit (and a bunch of things are "ahead of schedule")

Zuck & Elon. Huge day for both.

__Kombucha taps don't pay for themselves...__ __WeWork__ loses [$219K every hour](https://www.businessinsider.com/wework-not-close-to-profitable-loses-hundreds-thousands-every-hour-2019-7) — and last month's IPO was supposed to hook it up with billions of much-needed funding. Since that didn't happen, WeWork's due to run out of money by November. It needed a bailout, and the WeWork board just [got one](https://www.wsj.com/articles/softbank-to-take-control-of-wework-11571746483?mod=hp_lead_pos1). Here's the Matrix-style situation it faced:

- __Red pill?:__ A debt bailout from __[JPMorgan](https://robinhood.com/stocks/JPM)__, WeWork's top bank.
- __Blue pill?:__ An equity/debt bailout from __[SoftBank](https://robinhood.com/stocks/SFTBY)__, the Japanese investment company that already owns 1/3 of WeWork shares.
- __The decision:__ SoftBank. WeWork will receive an additional [$6.5B](https://www.wework.com/newsroom/posts/wework-announces-significant-funding-from-softbank-group) from SoftBank, bringing the total Softbank's invested to $13B.
- __The shocking numbers:__ The $13B SoftBank's invested in WeWork so far is now more than WeWork's total worth — this deal slashes the unicorn's valuation from $47B to $8B.

__But the most shocking number is $1.7B...__ That's how much ex-CEO Adam Neumann is getting paid to walk (further) away from the company he built. He'll step down from the board in exchange for the following $1.7B payday from SoftBank:

- __$185M:__ That's an ambiguous "consulting fee."
- __$970M:__ That's how much of Adam's WeWork stock SoftBank agreed to buy.
- __$500M:__ That's a loan Adam got from JPMorgan that needs to be repaid ASAP — SoftBank is bailing that out, too.

_Adam Neumann spotted after signing this deal_

Rescued

__This isn't fair for employees...__ Adam's walking away a billionaire. But many of its thousands of concerned WeWorkers have been paid in stock options, which are now worth much less since WeWork's valuation plummeted. The WeWork bubble (aka its $47B valuation) popped because Wall Street noticed that Emperor Adam on his Softbank-funded throne had no clothes.

WeWork's bailout cuts its valuation by 83% — but ups Adam Neumann's payout to $1.7B

__Describe your earnings in 5 words or less...__ More good stats, less bad. __[Snap](https://robinhood.com/stocks/snap)__ is officially enjoying its 3rd straight quarter of strong numbers that haven't disappeared yet.

- __Users:__ The number of humans snapping daily hit a record __210M__, up 13% from last year. 
- __Revenue:__ Between your roommate's rando snap and buddy's tailgate story was an ad from State Farm. Revenues like that rose to __$446M__ last quarter, up 50%.
- __The net loss:__ Snap's still asking investors and lenders for money because it loses cash every quarter. But its loss shrank to __just $227M__, less than the $325M lost the same period last year. 

__What about ARPU, man?...__ [Silicon Beach](https://www.builtinla.com/2018/03/26/silicon-beach-guide-tech-scene)-based Snap is at the mercy of that stodgy abbrev each quarter: *__ARPU__* (Average Revenue Per User). It made $2.12 off every Snapper on average last quarter, the slowest growth in ARPU since 2017. Shareholders thought it was still mid-growth spurt, so the stock [dropped](https://www.wsj.com/articles/snap-posts-gains-in-users-revenue-11571775101?mod=hp_lista_pos3) 4% on the early sign that puberty is almost over.

_Before "ephemeral messages" we had to tolerate mimes_

Share

__The goal: Be like Twitter...__ Snap and Twitter are __Facebook's__ only real social media competitors (besides __TikTok__, which our nephews haven't explained to us yet). And their similar userbases are both a fraction of Facebook's 1.6B who log in daily. Twitter already found sustained profitability, a passionate userbase, and a stock that doubled in the last 2 years. Snap wants in.

Snapchat got its groove back, but Wall Street focused on a single negative stat

__We're concerned. But we're impressed...__ The number of people who went to __[McDonald's](https://robinhood.com/stocks/MCD)__ in the US last quarter — aka "foot traffic" — fell. Somehow McDonald's sales still rose 4.8%. Ronald [squeezed](https://www.restaurantbusinessonline.com/financing/kiosks-higher-prices-drive-mcdonalds-sales) more money out of each customer, ketchup-pouch style, and here's how:

1. __Higher prices:__ You dropped 3% more for a McSomething because McD's upped the menu prices (partly to cover higher paychecks because of city/state minimum wage increases).
2. __Tech:__ McD's acquired 3 tech companies in the past year, including one that [adjusts](https://www.businessinsider.com/mcdonalds-spending-millions-on-drive-thru-2019-10) the drive-thru menu based on weather. Hot day = McFlurries on 6 of the value meals. 
3. __Promos:__ *2 for $5 Mix & Match*. *Buy 1 Big Mac, Get 1 Big Mac for $1*. Bargains get your eyes ordering more than your stomach planned. 

_McDonald's after convincing you to buy a 2nd Big Mac_

Bite

__"Lower foot traffic" isn't part of McD's plan...__ The chain's huge $2.4B store renovation plan focuses on self-order kiosks and table service. That's meant to boost store traffic — but the opposite happened last quarter, so investors dropped shares 5% Tuesday. Our guess: Viral __Popeyes__ vs. __Chick-fil-A__ [chicken sandwich wars](https://www.businessinsider.com/popeyes-chicken-sandwich-rise-and-fall-story-2019-8) temporarily attracted the Big Mac (un)faithfuls.