🥙 DoorDash delivers an IPO filing

Monday, November 16, 2020 by Robinhood Snacks | Disclosures

When you "Accio" the order to the wrong address

Last Week’s Market Moves
Dow Jones
29,480 (+4.09%)
S&P 500
3,585 (+2.17%)
11,829 (-0.55%)
$16,287 (+3.46%)

Hey Snackers,

Forget primitive AirPods (we say, while trapped in a tangle of headphone wires)— the future of minimalist audio could be NoPods. This “sound beaming" device puts music in your head...without headphones.

The S&P 500 stock index hit a fresh high Friday thanks to vaccine optimism. The tech-heavy Nasdaq fell as pandemic-winning tech stocks dropped.

On the pod: Disney has been unprofitable in 2020, but investors are eyeing the magical 74M Disney+ subscribers that it racked up in barely a year.

1. DoorDash drops juicy details pre-IPO and reveals its biggest ambition

Drooling all over the S-1... DoorDash released its IPO paperwork on Friday, and didn't hold back with the high-res food pics (so many poke bowls). Companies that are going public have to file a prospectus with the SEC so investors can get informed. Here's what DoorDash delivered:

  • #1 food deliverer in the US: DoorDash has an enviable 50% share of the market. Uber Eats has 26%, Grubhub has 16%, and Postmates (which Uber's buying) has 7%.
  • Sales more than tripled to $1.9B from January to September compared to the same period in 2019. 18M customers, 1M Dashers, and 390K merchants now use DoorDash's platform.
  • It's still not profitable. Buuuut: DoorDash significantly cut its net loss from $533M in the 2019 period to $149M in 2020.

Pad thai, Netflix, repeat... DoorDash's growth was driven by the pandemic/lockdowns, which also boosted Grubhub and Uber — their stocks are up over 50% this year. But it warned investors growth may not continue at the same appetizing pace. To continue growing, DoorDash needs to expand beyond the saturated, hyper-competitive food delivery market.


DoorDash is going full "Delivery Everything"... It bragged that if it can deliver unmelted ice cream, it can deliver anything — and that's exactly what it's trying to do. In addition to restaurant and grocery delivery, DoorDash partnered with CVS for pharmacy delivery and Macy's for clothing delivery. Mom-and-pop shops could be next. An all-in-one platform could keep "promiscuous" customers loyal and reduce the need for endless promos. That's why DoorDash mentioned "food" 169 times in its S-1 and "logistics" 200 times (#priorities).


Big vax energy... BioNTech stock soared 15% for the week after the German biotech announced the COVID-19 vaccine it developed with Pfizer was more than 90% effective in final-stage trials. Dr. Fauci said a vaccine could be approved at 50% to 60% effectiveness, so 90% is huge — but results are preliminary. BioNTech also got a boost from its earnings: quarterly sales from customer contracts more than doubled from last year.

Slap a sticker on... for "cool factor." VF Corp is the uninspiringly-named company behind Vans, North Face, and Timberland — now VF is snatching up Supreme for $2.1B. The iconic streetwear brand is best known for its red logo (it's everywhere). VF shares soared last week, making the biggest 1-day jump in over 30 years. Investors hope Supreme's digital savvy will rub off on VF — but some worry Supreme could lose its hype factor as a part of VF.


Muted and booted... Zoom shares dropped 19% last week on the Pfizer vaccine breakthrough. Good news for "Reopening Stocks" like airlines could mean bad news for pandemic winners like Peloton, whose stock plunged 20%. An effective vax would help bring back face-to-face, decreasing our (desperate) reliance on the Zoom life. Also potentially concerning for Zoom: its competitor Hopin grew from 5K users to 3.5M users this year, and just raised $125M.

Not McLovin' it.. Beyond Meat stock plunged 20% for the week as investors chewed on two protein-packed patties of puzzling news. First: Beyond served up a surprising quarterly loss and disappointingly low sales. Second: McDonald's unveiled its own plant-based burger — "the McPlant" (niiiice). Beyond said it co-created the McPlant patty, but McDonald's made zero mention of that in its announcement. Awk.

What else we’re Snackin’
  • Work: 5 strategies for reinventing your career in uncertain times. Be brutal about what you need to leave behind.
  • Sweat: The difference between jogging and running — don't ask your marathon friend if they want to go for a jog.
  • Act: 10 common things that make people immediately less likeable (humble brag < full-on brag).
  • Focus: To avoid being constantly distracted, we have to face our fear of psychological discomfort (deep).
  • Enjoy: The Japanese 80% rule that could help you live a longer life (everything in moderation... including moderation?).
  • Cook: 9 easy Thanksgiving side dishes from Michelin-starred chefs, because we need all the help we can get.

🍪 Thanks for Snacking with us! Want to start getting Snacks daily? Sign up here for our daily market newsletter.

Snacks Daily Podcast

And you thought the new logos were bad....

Google is ending free, unlimited Google Photos cloud storage after five years of offering it — and after getting 1B people hooked.

We're looking at how Big Tech crushes competition with the "five-year free sample" strategy. Please, just don't come for the Google Docs.

This Week

Disclosure: Authors of this Snacks own shares of Uber, Google, and Disney

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