Wednesday’s Headlines: Planet Fitness Flexes Its Muscle

Wednesday’s Headlines: Planet Fitness Flexes Its Muscle

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

MercadoLibre (MELI) +10.7%

Lemonade (LMND) +8.6%

Eventbrite (EB) +8.0%

Peloton Interactive (PTON) +6.4%

Upstart Holdings (UPST) +5.8%

Moving Down ⬇️

Nautilus (NLS) -2.5%

Starbucks (SBUX) -1.9%

American Tower (AMT) -1.5%

Chuy's (CHUY) -1.5%

Boston Beer Co. (SAM) -1.1%

1. Planet Fitness (PLNT) has announced plans to acquire Sunshine Fitness in a deal worth approximately $800 million. Sunshine Fitness currently operates over 100 Planet Fitness franchises and was actually the very first franchisee of the company in 2003. The deal, which is expected to close in the first quarter of this year, should add a low double-digit percent to Planet Fitness’ adjusted earnings. The purchase will take the company’s owned premises to over 200, or 10% of its total portfolio. According to CEO Chris Rondeau “owning corporate stores is an important part of our strategy, as it gives us both relevancy and credibility when making decisions that impact the entire system.” Read more here.

2. Meta (FB) has been dealt a serious blow by a U.S. judge regarding its current struggles with the Federal Trade Commission (FTC). Judge James Boasberg refused to dismiss the FTC’s antitrust lawsuit against the tech company. The lawsuit is looking to have Meta sell two of its biggest subsidiaries – Instagram and WhatsApp – on the grounds of alleged monopolization of the social media space. In some good news, however, the judge ruled that the FTC could not press allegations around Meta’s use of interoperability permissions as a means to establish app dominance, a practice that the company ceased in 2018. Read more here.

3. Roku (ROKU) has doubled down on its investment in live television following the introduction of a new 'Live TV Zone.' The addition will be prominently featured on the main navigation of Roku devices and will highlight the ever-growing set of live-streaming options Roku now has available to customers. Roku first launched live TV options in 2020 as a way to ease the transition for people more familiar with cable services. Now, it has become an important part of the company’s basic offering, with an internal report recently showing that 61% of users without traditional pay-TV still tune in to some form of live news multiple times a week. The new Live TV Zone will make this easier to access and potentially bring more customers to the platform. Read more here.

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