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.
UNITED AUTO WORKERS ON STRIKE
The Big 3 automakers could be in a bind after 13,ooo autoworkers went on strike at midnight Friday morning. It's the first time in union history that its members have walked out on General Motors, Ford and Stellantis at the same time, but for now this is less than 10 percent of the union's total membership. The UAW is currently targeting a few factories rather than staging a full walkout, although it could still have a huge impact on the supply chain. Workers are demanding a number of improvements, including significant wage increases in light of the automakers making huge profits. The strike doesn't seem to have spooked investors: stock for all three automakers ended the week up.
IPHONE 15 REVEAL
Apple fans now know what to expect from the next generation of iPhones. When the iPhone 15 and iPhone 15 Pro come out on September 22, users ready to upgrade (or switch to Apple) smartphones will get to enjoy new camera technology, faster processing, and the much-talked-about USB-C charging system that the rest of the world uses. Pre-sales began Friday. The iPhone 15 Pro Max, the top model, will set you back $1,200 the basic iPhone 15 will run $800. Investors weren't thrilled - the stock dropped 2 percent on the news. Meanwhile, Apple says it will update the iPhone 12 after France claimed the phones were giving off too much radiation. Also, an update from last week: We told you about reports that China planned to ban Apple and other foreign-branded phones for government officials. This week, the government said it didn't do that. Apple stock ended the week down about 2 percent.
ARM IPO
Investors hope the roaring success of Arm Holdings, which began trading on the Nasdaq Thursday, indicated a new wave of IPO success. The chip designer backed by Softbank closed the first day of trading with shares up almost 25 percent and a $68 billion valuation. Wall Street hasn't seen those numbers from an IPO in two years.
SMUCKERS BUYS HOSTESS
This deal should be a piece of cake! J.M. Smucker, the conglomerate famed for jelly, is buying snack cake maker Hostess in a deal valued at more than $5 billion. Hostess began back in 1925, but things really took off when it introduced Twinkies in 1930. The company began to struggle in recent years and it has been selling off its brands like Wonder, the bread company, and Drake's Cakes in the last decade or so. Smucker's stock dropped 7 percent when the deal was announced, but Hostess stock skyrocketed 19 percent.
CASINOS CYBERATTACK
Caesars Entertainment and MGM Resorts were at the mercy of cyberattackers this week. Caesars reportedly paid millions to get access to their systems back, but not before the hackers stole customers' private data. MGM tried to preemptively shut down some of its systems over the weekend to try to cordon off any damage but kept its resorts open.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
President Donald Trump says a deal struck by Netflix last week to buy Warner Bros. Discovery “could be a problem” because of the size of the combined market share. The Republican president says he will be involved in the decision about whether federal regulators should approve the deal. Trump commented Sunday when he was asked about the deal as he walked the red carpet at the Kennedy Center Honors. The $72 billion deal would bring together two of the biggest players in television and film and potentially reshape the entertainment industry.
Disney's changes to a program for disabled visitors are facing challenges in federal court and through a shareholder proposal. The Disability Access Service program, which allows disabled visitors to skip long lines, was overhauled last year. Disney now mostly limits the program to those with developmental disabilities like autism who have difficulty waiting in lines. The changes have sparked criticism from some disability advocates. A shareholder proposal submitted by disability advocates calls for an independent review of Disney's disability policies. Disney plans to block this proposal, claiming it's misleading. It's the latest struggle by Disney to accommodate disabled visitors while stopping past abuses by some theme park guests.
With a merger this big, creators, studios, and theaters all face uncertain futures. Here’s what experts are worried about and what good could come from it.
With disengagement rising and hybrid work shifting, 'Everybody Matters' author Bob Chapman explains why treating people well could define the future of work.
We sat down with Ali Furman, U.S. Consumer Markets Industry Leader at consulting firm PwC to ask what trends she garnered from the initial data this year.
