Big Business This Week 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. 

STARBUCKS' VENTI EARNINGS

The granddaddy of coffee chains reported record sales last quarter thanks to its annual launch of beloved Pumpkin Spice Lattes in August (really). Fun fact: PSL has been a seasonal stable at Starbucks for 20 years. The chain says it has seen young customers, especially, spending extra on things like gourmet coffee, rather than durable goods. While the company is keeping an eye on possible headwinds if there is a broader economic turndown, it says it is in a better position to weather the storm than in the past thanks to investments in its rewards program. The stock ended the week up 10 percent.

MAERSK TROUBLED WATERS

Shipping giant Maersk announced Friday that it will be slashing 10,000 jobs as the demand for cargo shipping drops off and, with it, the lowering of prices back to pre-pandemic norms. This time last year, the world's largest shipping company was reporting over $9 billion in profits; this year it was $691 million. With the news went the stock price, which dove by 15 percent on Friday alone. 

PARAMOUNT POUNCES

Paramount announced in its earnings report that strength in streaming helped the media company balance hits from the writers and actors strikes. It recently combined Paramount+ and Showtime streaming options, which boosted and streamlined its subscriber base. Still, the platform isn't profitable yet. Investors rallied on the news with two days of double-digit growth. It closed the week up 28 percent.

UBER & LYFT PICK-UPS

Two of the main names in ridesharing saw their stocks soar on Thursday after they agreed to pay $328 million in a dispute over taxes and fees they improperly forced drivers to pay. Now that the drawn-out legal battle is over, investors have begun pouring in; Uber stock even got an upgrade from KeyBanc. Uber and Lyft stock both ended the week up 13 percent.

BEYOND MEAT LAYOFFS

Plant-based meat purveyor Beyond Meat is cutting 19 percent of its workforce - about 65 employees - on lagging demand. The company is also considering cutting some products, changing prices and adjusting manufacturing overseas. Despite the gloomy news, investors were impressed by the plan - the stock rose 13 percent by the end of the week.

Share:
More In Business
Starbucks’ Change Flushes Out a Debate Over Public Restroom Access
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
Trump Highlights Partnership Investing $500 Billion in AI
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Load More