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. 

FOOT LOCKER FALLS

Shares of Foot Locker tanked 27 percent on Friday after the retailer released first quarter earnings that missed Wall Street estimates. CEO Mary Dillon pointed the finger at the "macroeconomic backdrop" and the need to aggressively mark down prices to clear out excess inventory. Now the company is anticipating squeezed margins for the upcoming quarters, with lower demand and higher levels of theft continuing to cut into profits. 

VICE MEDIA DECLARES BANKRUPTCY 

In what feels like the end of an era for a certain brand of millennial-focused digital journalism, Vice Media declared Chapter 11 bankruptcy on Monday. The company had struggled to find its financial footing after its rapid rise in the 2010s. The bankruptcy comes just one month after fellow digital news outlet BuzzFeed News shut down. 

RETAIL ROUNDUP

Target, Home Depot, and Walmart all reported this week in a whirlwind of earnings that presented a mixed picture for the sector. Shares of Target are down nearly 4 percent for the week after seeing a surprise drop in online sales. Walmart's stock is also down despite beating estimates on earnings and revenue, with the likely culprit being a lower-than-expected adjusted earnings guidance for the coming quarter. Finally, Home Depot posted its worst revenue miss in 20 years. 

NETFLIX RISES 

Netflix's stock surged 9 percent on Thursday as investors got excited about the streaming giant's new advertising model. The company said that 25 percent of its new subscribers went with its cheaper, ad-supported tier that launched late in 2022. The bump marks a turnaround for Netflix, which has struggled recently to keep up subscriber growth.   

SILICON VALLEY BANK CEO APOLOGIZES

Greg Becker, former CEO of Silicon Valley Bank, told lawmakers this week that he was "truly sorry" for how the failure of the lender impacted customers and shareholders. At the same time, he defended his decision to go on vacation amid the collapse. Meanwhile, regional bank stocks rallied amid a surge in investor confidence in the sector, which has struggled since the collapse of Silicon Valley Bank in March. Shares of PacWest, for example, jumped 18 percent after falling 21 percent last week.

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US businesses that rely on Chinese imports express relief and anxiety
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
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