You can't hurry love... No, you just have to wait (until another acquisition target takes the bait). Back in June, Uber had its sights set on a marriage with Grubhub — until European stud Just Eat swooped in with $7.3B. Now, Uber may be learning to love again with much-smaller food delivery rival Postmates...

• Rebound acquisition: Uber has made an offer to buy Postmates for $2.6B, according to #PFWTM (people familiar with the matter).
• Intimate wedding: In the mafia-style territory split of the food delivery world, Postmates controls just 8% of the US market.
• Limited options: There are only 4 big players in the US food delivery market. Don DoorDash leads (and just hit a $16B valuation), while Uber Eats is #3 with 22%.

Better than going solo... Uber wants consolidation because it needs to reduce the aggressive price competition it faces every day. "Promiscuous customers" have turned delivery into a profit-killing promo code battle. But Uber is not the only suitor courting Postmates' hand...

• An unnamed acquisition company made an undisclosed offer (doesn't sound too sexy).
• Public investors are potential suitors. Postmates has been busy prepping its IPO (which it filed for last Feb).
• Now, Postmates has to decide whether to accept the proposal of a bigger corporate suitor, or go it alone on the public market.

Call it flexible hardwear... Or the protagonist of a Black Mirror episode. Lululemon has made the leap from fitness wear to fitness hardware. In its first acquisition ever, Lulu has snatched up home exercise startup Mirror for $500M. Mirror calls itself "The Nearly Invisible Interactive Home Gym." Here's why...

• For $1.5K, you get a sleek vertical TV that's also reflective (hence, "mirror"). It's kind of like a Peloton for your wall (but without the bike... just the screen).
• For $39/month (which you have to pay, if not it's literally just a mirror) you get access to live classes with trainers and on-demand workouts. Also: one-on-one live personal training via camera (you pay per class).
• During lockdowns, home fitness soared. Peloton sales jumped 66% last quarter, and its stock more than doubled in the past 3 months. Lulu wants in on the hype because...

Retail isn't dead... bad retail is. As its stores reopen, Lulu can lure customers back with cool Mirror experiences. Imagine: Mirrors installed in Lulu's 25K sq ft Chicago store offer personalized workouts while you try on new leggings. Or: your Mirror at home lets you purchase your yoga instructor's Lulu top directly from the screen.

Speed up, gas pedal, gas pedal... What the corona-conomy is doing to the fall of the oil industry. At the beginning of the year, oil was trading above $60 a barrel. Then, coronavirus hit and oil demand plunged on a worldwide economic shutdown. Prices went negative for the first time ever in April. Yesterday it was back around $40. But oil giants are losing hope:

• Shell is writing down the value of its oil assets by $22B. In April, it cut its dividend for the 1st time since WWII.
• BP wrote down $17.5B of its assets, expecting oil prices to stay low, and Occidental Petroleum is writing down $9B.
• Exxon is resisting a write-down — but it's getting heat from US authorities who say it's deceiving investors with false value.
• Chesapeake Energy, the fracking giant, just filed for bankruptcy due to collapsed oil & gas prices (and a fancy hidden wine cave).

Why you gotta be so crude?... The massive write-downs suggest a lot of oil could be left in the ground as a result of the demand slump. They also suggest that its long-term value is in a questionable spot as cleaner energy gains ground. Shell and BP have set targets to transition to net-zero emissions. BP just sold its petrochemicals biz for $5B, meeting its $15B divestment target a year ahead of schedule.

• Glassy: Alphabet acquires North, a company that makes "smart glasses" similar to the (flopped) Google Glass — the difference is discreet design.
• Checked: Facebook agrees to an audit of its hate speech controls as pressure from the FB ad boycott mounts.
• Party: Amazon launches a "Watch Party" feature for co-viewing on Prime Video — the "Netflix Party" made co-viewing popular.
• iPO: JAMF, a partner that helps companies manage and connect their Apple devices, files to IPO (after 20 private years).
• Streamed: Google raises the price of YouTube TV by $15/month — the cable streaming bundle will go for $64.99/month.

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• Earnings expected from General Mills and Constellation Brands

Disclosure: Authors of this Snacks own shares of Uber, Amazon, and Lululemon

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