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.
FALL OF FIRST REPUBLIC
First Republic's stock tanked on Friday after reports that the embattled bank was likely being taken into receivership by the Federal Deposit Insurance Corporation — along the lines of what happened to Silicon Valley Bank and Signature Bank earlier this year. Shares plunged around 20 percent before trading was halted due to volatility. U.S. officials are reportedly in talks to come up with an alternative rescue plan, but it's still unclear if it will come together in time.
EXXON'S OIL PROFITS
Shares of Exxon Mobil got a bump on Friday after the oil giant reported a doubling of profits in the first quarter from the year before. Wall Street analysts were anticipating some pullback based on softening oil and gas prices, but Exxon said the higher-than-expected earnings stemmed from new offshore drilling and refining facilities increasing overall production.
AMAZON SHARES SLIP
Amazon's stock slipped this week despite stronger-than-expected earnings in the first quarter. Shares initially shot up in after-hours trading on the beat, but took a plunge as investors responded to the fact that Amazon's cloud computing division continues to see a slowdown in profits. The unit, called Amazon Web Services, grew 16 percent in the quarter, which was above estimates but well below the 37 percent growth it saw in the same quarter last year.
INTEL'S RECORD LOSSES
Intel just reported its worst quarterly loss ever amid falling sales and painful restructuring. Earnings per share were down a whopping 133 percent from a year ago, and revenue dropped just under 36 percent. The company has struggled in recent years due to a weak PC market and difficulty keeping pace with more advanced competitors such as Taiwan's TSCM.
BED BATH & BEYOND BANKRUPTCY
After months of uncertainty and several last-ditch efforts to stay solvent, Bed Bath & Beyond has officially declared bankruptcy. The news broke last Sunday and already "Closing Soon" signs are appearing on many locations as the home retailer pursues a dual-track strategy that could involve a combination of liquidation and restructuring. This suggests that the brand could continue in some form but not until it shrinks significantly.
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
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.
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.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
