Big Business This Week 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.
STARBUCKS' VENTI EARNINGS
The granddaddy of coffee chains reported record sales last quarter thanks to its annual launch of beloved Pumpkin Spice Lattes in August (really). Fun fact: PSL has been a seasonal stable at Starbucks for 20 years. The chain says it has seen young customers, especially, spending extra on things like gourmet coffee, rather than durable goods. While the company is keeping an eye on possible headwinds if there is a broader economic turndown, it says it is in a better position to weather the storm than in the past thanks to investments in its rewards program. The stock ended the week up 10 percent.
MAERSK TROUBLED WATERS
Shipping giant Maersk announced Friday that it will be slashing 10,000 jobs as the demand for cargo shipping drops off and, with it, the lowering of prices back to pre-pandemic norms. This time last year, the world's largest shipping company was reporting over $9 billion in profits; this year it was $691 million. With the news went the stock price, which dove by 15 percent on Friday alone.
PARAMOUNT POUNCES
Paramount announced in its earnings report that strength in streaming helped the media company balance hits from the writers and actors strikes. It recently combined Paramount+ and Showtime streaming options, which boosted and streamlined its subscriber base. Still, the platform isn't profitable yet. Investors rallied on the news with two days of double-digit growth. It closed the week up 28 percent.
UBER & LYFT PICK-UPS
Two of the main names in ridesharing saw their stocks soar on Thursday after they agreed to pay $328 million in a dispute over taxes and fees they improperly forced drivers to pay. Now that the drawn-out legal battle is over, investors have begun pouring in; Uber stock even got an upgrade from KeyBanc. Uber and Lyft stock both ended the week up 13 percent.
BEYOND MEAT LAYOFFS
Plant-based meat purveyor Beyond Meat is cutting 19 percent of its workforce - about 65 employees - on lagging demand. The company is also considering cutting some products, changing prices and adjusting manufacturing overseas. Despite the gloomy news, investors were impressed by the plan - the stock rose 13 percent by the end of the week.
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!
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.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
