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
Michigan Judge Sentences Walmart Shoplifters to Wash Parking Lot Cars
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
State Department Halts Plan to buy $400M of Armored Tesla Vehicles
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
Goodyear Blimp at 100: ‘Floating Piece of Americana’ Still Thriving
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
Load More