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.

MRNA STOCKS

Shares of Moderna spiked as much as 8 percent after the biotech company announced that it is developing a 2-in-1 booster shot that would offer protection against both COVID and the seasonal flu, using the groundbreaking mRNA technology behind its coronavirus vaccine. The new jab, known as mRNA-1073, is “just the beginning of a new age of information-based medicines,” said Moderna CEO Stéphane Bancel. A combo vaccine that could treat multiple respiratory viruses at once is just one of the therapies based on mRNA technology that is showing promise. Pfizer’s partner on its COVID vaccine, BioNTech, reported this week that its mRNA cancer therapy is showing itself to be effective at blocking certain types of tumors in mice. The company is now recruiting for human trials for that vaccine. Pfizer and BioNTech also plan to seek approval for their COVID vaccine in young children in the coming weeks.

CRYPTO WATCH

El Salvador this week officially adopted Bitcoin as legal tender, the first country to do so and a landmark moment for the legitimization of cryptocurrencies. The rollout was rocky, with the government briefly shutting down its official wallet app because of technical glitches. The price of Bitcoin sank 18 percent that same day and has been treading water around $46,000 ever since. Meanwhile, Coinbase has caught the attention of federal regulators. CEO Brian Armstrong revealed to investors that the SEC has notified the company that it may sue over a lending product that Coinbase plans to launch in the coming weeks. Armstrong said he’s been trying to engage with the government since before Coinbase became the first crypto exchange to go public, but officials have refused to meet with him. Shares of Coinbase fell 10 percent on the week. 

GAMESTOP WHIPLASH

GameStop shares pared much of the losses from a significant post-earnings sell-off, coming back to close fractionally higher on Thursday after being down as much as 11 percent during the same session. The video-game retailer that’s been a darling of retail traders this year did not provide much in the way of an update on its high-profile e-commerce strategy, nor did the company give forward guidance. The last quarter’s results came in mixed, with sales improving and its debt load almost gone, but the company still reported a wider-than-expected loss. GameStop shares are up more than 1,000 percent year-to-date. 

MARVEL TO THE RESCUE

Speaking of meme stocks, AMC Entertainment got a strong push on the back of a shockingly strong Labor Day weekend at the box office. Marvel’s Shang-Chi and the Legend of the Ten Rings brought in $90 million over the holiday, easily breaking records for what is typically a sleepy weekend at theaters. But more importantly, Shang-Chi’s strong opening weekend -- unlike some other Disney flicks, it wasn’t released “day-and-date” -- appeared to show that moviegoers are increasingly ready to go back to the cinema. To that end, AMC announced it is launching a $25 million ad campaign -- the first time the theater chain has ever advertised on TV -- intended to remind viewers why they liked going to the movies pre-pandemic. Shares of AMC were up more than 10 percent on the week.

ATHLEISURE WARS

Lululemon continues to be one the retail sector’s biggest winners coming out of the pandemic. Lulu shares hit a new all-time high after a blowout earnings report. The athleisure juggernaut beat on the top and bottom lines and said it was on track to reach its 2023 revenue target two years ahead of schedule. Sales are up double-digits domestically, overseas and in both the women’s and men’s lines, and CEO Calvin McDonald said the quarter would have been even stronger if not for the supply-chain disruptions that continue to hamper many retailers. Lululemon is facing some new competition coming down the pike after one-time partner Peloton announced its first private label apparel line based on feedback from its members. Shares of Lululemon and Peloton were up 9 and 15 percent this week, respectively.

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‘Chainsaw Man’ anime film topples Springsteen biopic at the box office
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
Flights to LAX halted due to air traffic controller shortage
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing defense workers on strike in the Midwest turn down latest offer
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
FBI’s NBA probe puts sports betting businesses in the spotlight
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
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