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.
TENTATIVE UAW-FORD DEAL
There has been a breakthrough in the six-week strike that has caused disruptions at the Big 3 automakers. The United Auto Workers union says it reached a tentative deal with Ford on Wednesday. It would mean a 25 percent general raise plus cost-of-living increases. That is a big jump from Ford's initial offer of 9 percent. The union, 57,000 members strong, still has to ratify the deal.
GM LOST ITS LICENSE
GM didn't see much return on their investments in tech this week. On Tuesday California pulled the license for the company's Cruise robotaxis to operate in San Francisco. The driverless vehicles are now considered too dangerous for the road – just two months after another government agency gave them the freedom to operate 24/7. Meanwhile, the company announced it is going to pull back on EV production because of slowing demand.
NEW MR. STANLEY
Morgan Stanley has named Ted Pick as the new CEO and Wall Street rejoiced. The 30-year veteran of the company has served as co-president for the last two years and has support from outgoing CEO James Gorman. Pick will officially take over on January 1. Morgan Stanley stock started the week down, but things turned around on the announcement Thursday.
It was a week of highs and lows for Meta. On Tuesday, attorneys general from most of the country sued the social media giant for allegedly working to get kids hooked on Facebook and Instagram and contributing to the mental health crisis among young people. The company says it has been working to offer "safe, positive experiences online." There was a rosier outlook when the company released its latest earnings report on Wednesday, though. Ad revenue picked back up last quarter, which led to a jump in profits. Of course, the additional cash also came at the expense of thousands of workers who were laid off.
CHEVRON BUYS HESS
Chevron announced early in the week that is is purchasing Hess. With oil prices on the rise, leading companies are flush with funds and looking to invest. While Chevron will pay $53 billion in stock to close the deal, it isn't the biggest purchase in the sector this month. Exxon Mobil announced two weeks ago that it will pay about $60 billion for Pioneer Natural Resources.