The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.

LOGITECH ON TITAN

As we followed the tragedy unfolding in the North Atlantic this week, there was an unexpected response on Wall Street. News reports revealed the Titan submersible that went missing was controlled by a Logitech game controller. The tech company's stock dropped 11 percent on Wednesday, but gained some of that back by the end of the week; it ended the week down about 3 percent on the news. Last week, investors also saw a downturn after CEO Bracken Darrell announced his resignation.

FEDEX FALLS

FedEx stock hit the skids after the latest earnings snapshot revealed trouble ahead. The company said it can't provide a forecast for the fiscal year ahead, but it is not expecting huge revenue gains. CFO Michael Lenz will retire next month and the company is trying to figure out who will replace him as the delivery giant heads into choppy waters. The stock clawed back some gains by the end of the week, ending down just about 1 percent.

STARBUCKS STRIKE

The Starbucks union announced a strike in the coming days over how LGBTQ+ decorations have - or have not - been displayed in stores during Pride Month. Starbucks Workers Union says 3,500 workers in 150 stores across the U.S. will be walking out over the next week. Workers claim store managers have removed or prevented putting up Pride displays, but the coffee chain's HQ  denied this and says the union is trying to spread misinformation as they work on contract negotiations. The stock was down about 3 percent on Friday.

BRACE YOURSELF

Fed Chair Jerome Powell wasn't doing Wall Street any favors, at least in the short-term, when he reiterated in front of a Senate committee that there could be more interest rate hikes before the end of the year. We all got a reprieve last week when the body declined to raise rates for the first time in more than a year, but inflation isn't well enough under control to declare the problem over. 

CARMAX REVS UP

Used car retailer Carmax caught some air this week after its earnings report showed Wall Street what's what. Between cost-cutting measures and dings to revenue coming in much better than expected, the company showed a strong position. Used car sales were strong throughout the pandemic, as the number of buyers outpaced supply of both new and used cars. Now that industries and supply chains are stabilizing, CarMax says it has made deliberate business moves to stay strong. The stock was up about 10 percent on Friday.

Share:
More In Business
Apple Overtakes Samsung as Top Seller of Smartphones
Dan Ives, Managing Director and Senior Equity Analyst at Wedbush Securities dives deeper into a report by the International Data Corporation (IDC) that Apple has ended Samsung's 12-year reign as the world's largest smartphone seller.
AI is the Big Opportunity and the Risk to Watch at Davos
Artificial intelligence is the biggest buzzword at the World Economic Forum’s annual meeting in Davos. Advances in generative AI stunned the world last year, and the elite crowd is angling to take advantage of its promise and minimize its risks.
A Smarter Smart Phone?
Smartphones could get much smarter this year as the next wave of artificial intelligence seeps into the devices that accompany people almost everywhere they go.
Who Could Be The World's First Trillionaire?
In an annual assessment of global inequalities, Oxfam International said the first trillionaire could emerge within the next decade — as the anti-poverty organization pointed to the growing wealth gap that skyrocketed globally during the pandemic.
Load More