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.
MICROSOFT-ACTIVISION BLIZZARD WIN
Microsoft's acquisition of Activision Blizzard got an important go-ahead on Friday from British regulators. The agency signaled that a revised proposal did a god job of addressing how the massive gaming giants will be able to combine without running ramshod over its smaller competitors. It was one of the last hurdles the companies faced to closing the $69 billion deal. Microsoft stock ended the week down 3 percent and Activision was up 2 percent.
Autoworkers marched on picket lines in 38 locations in 20 different states on Friday. The United Autoworkers union is taking a new tact in contract negotiations with wildcat walkouts, which allow many teamsters to stay on the job, but affected the auto companies' supply chains. Stellantis and GM were targeted with this week's job actions, although the UAW is still in fierce negotiations with Ford as well. The union is calling for 40 percent raises for members, which would align with the 40 percent raises the companies' CEOs have seen as of late. Stellantis ended the week up 2 percent, GM closed down more than 3 percent, and Ford wrapped up the week down a fraction of a percent.
Rupert Murdoch, who reshaped the face of cable news in America with Fox News, a conservative alternative to the options available, announced he is stepping down. The 92-year-old billionaire is handing the reins of Fox Corp. and News Corp. over to his son Lachlan. The handover wasn't necessarily a surprise, but the timing was. The elder Mudoch will stay on as chairman emeritus of both companies. Fox Corp. stock ended the week down more than a percent. News Corp. ended the week down 3 percent.
INTEREST RATE HOLDS
The Federal Reserve this week announced that it will hold a key interest rate steady for the time being. While inflation rates have come down significantly since its height of 9.1 percent, we are not yet at the 2 percent figure the Fed is aiming for. Fed Chair Jerome Powell signalled in his statements that Americans should brace themselves for another potential rate hike before we ring in 2024.
Tech giant Cisco is snapping up cybersecurity firm Splunk for a cool $28 billion. Cisco says it plans to use the acquisition as part of its plan to use artificial intelligence to improve security. Cisco's stock dropped on the news, ending the week down 4 percent. Investors were hotter on the Splunk side, with its stock ending the week up more than a whopping 2o percent.