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.
PELOTON + LULULEMON
Two big names in modern fitness are teaming up, and it's making some investors very happy. Peloton cut a deal to become the official digital fitness content provider for fitness apparel retailer Lululemon. Meanwhile, Lululemon cut loose Mirror, the fitness device company it just acquired in 2020. Lululemon stock ended the week pretty stable, but Peloton wrapped up the week up nearly 15 percent.
AMAZON SUED
The Federal Trade Commission and 17 state attorneys general have filed an antitrust lawsuit against Amazon. The company, which seems to do everything, is accused of using its might to stifle competition and inflate prices. This is one of the most significant legal threats in the company's history and comes after years of investigations into its business practices. The company ended the week down nearly 2 percent.
META HICCUP
Meta founder Mark Zuckerberg opened the Connect developer conference Wednesday, which didn't rub investors the right way, but by the end of the day, the new Quest 3 reveal brought them back. Zuckerberg opened the event talking about the company's continued push into the world of virtual reality. The upcoming headset hits the market on October 10 and will retail for $499. Meta stock ended the week up more than 1 percent.
'TARGET'ING CRIME
Big box retailer Target announced this week that it will be closing nine stores from coast to coast due to rising crime. Earlier this year, the company announced it could lose more than a billion dollars this year from theft. Plus, violent crime against employees rose 120 percent in the first five months of the year. Target stock ended the week down more than 1 percent.
STRIKE ROUNDUP
A quick rundown of the biggest strike news this week: Autoworkers shut down more factories on Friday as contract negotiations continue with Ford, GM, and Stellantis. Meanwhile, United Airlines staved off a similar fate by striking a deal with its pilots which pegs the union's value at more than $10 billion. Hollywood writers are heading back to work with some late-night shows scheduled to air new episodes on Monday, but the actors' union is still on strike with negotiations set to resume next week. Meanwhile, CVS says it's acting quickly to address workplace issues that have caused pharmacists to walk out twice in as many weeks. Plus, tens of thousands of Las Vegas hospitality workers have voted to allow union leaders to call a strike as their contract negotiations continue.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
