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.
PELOTON + LULULEMON
Two big names in modern fitness are teaming up, and it's making some investors very happy. Peloton cut a deal to become the official digital fitness content provider for fitness apparel retailer Lululemon. Meanwhile, Lululemon cut loose Mirror, the fitness device company it just acquired in 2020. Lululemon stock ended the week pretty stable, but Peloton wrapped up the week up nearly 15 percent.
The Federal Trade Commission and 17 state attorneys general have filed an antitrust lawsuit against Amazon. The company, which seems to do everything, is accused of using its might to stifle competition and inflate prices. This is one of the most significant legal threats in the company's history and comes after years of investigations into its business practices. The company ended the week down nearly 2 percent.
Meta founder Mark Zuckerberg opened the Connect developer conference Wednesday, which didn't rub investors the right way, but by the end of the day, the new Quest 3 reveal brought them back. Zuckerberg opened the event talking about the company's continued push into the world of virtual reality. The upcoming headset hits the market on October 10 and will retail for $499. Meta stock ended the week up more than 1 percent.
Big box retailer Target announced this week that it will be closing nine stores from coast to coast due to rising crime. Earlier this year, the company announced it could lose more than a billion dollars this year from theft. Plus, violent crime against employees rose 120 percent in the first five months of the year. Target stock ended the week down more than 1 percent.
A quick rundown of the biggest strike news this week: Autoworkers shut down more factories on Friday as contract negotiations continue with Ford, GM, and Stellantis. Meanwhile, United Airlines staved off a similar fate by striking a deal with its pilots which pegs the union's value at more than $10 billion. Hollywood writers are heading back to work with some late-night shows scheduled to air new episodes on Monday, but the actors' union is still on strike with negotiations set to resume next week. Meanwhile, CVS says it's acting quickly to address workplace issues that have caused pharmacists to walk out twice in as many weeks. Plus, tens of thousands of Las Vegas hospitality workers have voted to allow union leaders to call a strike as their contract negotiations continue.