From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.

AMC Invests

AMC may want to think about expanding to theme parks because it's been a roller coaster ride this week for the movie theater chain. Embraced by retail investors this year, the stock has been soaring. Tuesday AMC decided to sell more than $230 million of its shares to Mudrick Capital to invest further in the company, which Mudrick immediately sold off the same day. Wednesday, it announced an investor loyalty program, complete with free popcorn. That sent the meme stock, which started the year at about $2 a pop, to more than $72 in intraday trading. And then...Thursday happened. AMC started the day announcing it would offer 11.5 million additional shares, and that sent the stock into freefall. Trading was halted shortly after the open — and still rallied later in the day to close at $51, up from a low of almost $42. With summer blockbuster season upon us, it should traditionally mean the wind is blowing the right way for AMC, but these crazy conditions have nothing to do with movies. So, we'll have to wait and see if investors give a hoot about whether tickets are actually selling. AMC ended down at $47.99 while stocks in general ended the week up.

Old Is In

Etsy got a bump on Wednesday when it announced plans to acquire Depop. The ecommerce platform popular with crafters and vintage-lovers says it will pay $1.6 billion for the app which will help tap into a young consumer base. Depop, an app for buying and selling fashions secondhand, has millions of Gen Z shoppers, which should be a boon to the seller. Rent the Runway also announced it's going to dip its toes in the resale market. Business dropped off for the clothing rental company when everyone stopped going to work, weddings, and other special events last year, so it's hoping this will jumpstart business once again.

Activists Nab Another Exxon Seat

Last week we mentioned the reckoning Big Oil is facing with climate activists making inroads for change. It's not over for ExxonMobil, as we saw this week when Engine No. 1, a hedge fund that focuses on sustainable investments, claimed another seat on its board. That makes this the third seat, one-quarter of the board, which has been nabbed by interests that want to see the company get serious about addressing climate issues caused, in part, by the fossil fuel industry. 

J&J On the Hook

Johnson & Johnson took a hit on Tuesday when the U.S. Supreme Court refused to hear an appeal of the $2 billion verdict it owes to a group of women who argued they developed ovarian cancer from the company's talc products which contained asbestos. By deciding not to take up the case, it leaves the award in place and leaves the pharmaceutical company with no more options to appeal. The $2 billion figure is actually less than half of the original award, but J&J is still facing thousands of similar lawsuits. You can't buy the company's iconic talc-based baby powder in the U.S. and Canada anymore, but it is still available elsewhere in the world.

Zoom's Future

Zoom stock slunk down most of the week after its earnings report, which came out right after the holiday weekend. Revenue soared last quarter and even tripled since the same time last year during the very beginning of pandemic lockdowns. But the guidance seems to spook some investors. Although the video conference company foresees a 50 percent increase in revenue by the end of the year, return-to-work is clearly weighing on its mind. Still, shares popped back up again on Friday to close out the week strong.

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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
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Is U.S. Restaurants’ Breakfast Boom Contributing to High Egg Prices?
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
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