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.
The Big 3 automakers could be in a bind after 13,ooo autoworkers went on strike at midnight Friday morning. It's the first time in union history that its members have walked out on General Motors, Ford and Stellantis at the same time, but for now this is less than 10 percent of the union's total membership. The UAW is currently targeting a few factories rather than staging a full walkout, although it could still have a huge impact on the supply chain. Workers are demanding a number of improvements, including significant wage increases in light of the automakers making huge profits. The strike doesn't seem to have spooked investors: stock for all three automakers ended the week up.
Apple fans now know what to expect from the next generation of iPhones. When the iPhone 15 and iPhone 15 Pro come out on September 22, users ready to upgrade (or switch to Apple) smartphones will get to enjoy new camera technology, faster processing, and the much-talked-about USB-C charging system that the rest of the world uses. Pre-sales began Friday. The iPhone 15 Pro Max, the top model, will set you back $1,200 the basic iPhone 15 will run $800. Investors weren't thrilled - the stock dropped 2 percent on the news. Meanwhile, Apple says it will update the iPhone 12 after France claimed the phones were giving off too much radiation. Also, an update from last week: We told you about reports that China planned to ban Apple and other foreign-branded phones for government officials. This week, the government said it didn't do that. Apple stock ended the week down about 2 percent.
Investors hope the roaring success of Arm Holdings, which began trading on the Nasdaq Thursday, indicated a new wave of IPO success. The chip designer backed by Softbank closed the first day of trading with shares up almost 25 percent and a $68 billion valuation. Wall Street hasn't seen those numbers from an IPO in two years.
This deal should be a piece of cake! J.M. Smucker, the conglomerate famed for jelly, is buying snack cake maker Hostess in a deal valued at more than $5 billion. Hostess began back in 1925, but things really took off when it introduced Twinkies in 1930. The company began to struggle in recent years and it has been selling off its brands like Wonder, the bread company, and Drake's Cakes in the last decade or so. Smucker's stock dropped 7 percent when the deal was announced, but Hostess stock skyrocketed 19 percent.
Caesars Entertainment and MGM Resorts were at the mercy of cyberattackers this week. Caesars reportedly paid millions to get access to their systems back, but not before the hackers stole customers' private data. MGM tried to preemptively shut down some of its systems over the weekend to try to cordon off any damage but kept its resorts open.