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.
