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.
Apple hit a market value of $3 trillion and became the first company ever to close out the day at that sky-high benchmark. Citi gave the stock a Buy rating on Thursday and Dan Ives of Wedbush Securities says the tech giant has potential to bump that up to $4 trillion in two years as consumers upgrade their iPhones. Apple was the first company ever to hit $3 trillion back in January 2022, but dropped below that before the end of the trading day and took more than a year to regain that position. Apple ended the week up 3 percent.
OVERSTOCK BECOMES BBB
Bed Bath & Beyond is back…sort of. Overstock.com bought bankrupt company's intellectual property and has decided to change its own name to Bed Bath & Beyond. But why? Overstock.com CEO Jonathan Johnson told Cheddar News, "We've morphed over the last couple years to be 100% home company. The name Overstock, I think, was creating some headwind as people associated us with liquidation goods or something else. This I think will be a better name to truly represent what we are: we're an online home furnishings and furniture company and Bed Bath & Beyond says just that." Overstock stock ended the week up a whopping 35 percent.
For the second week in a row, Tesla stock faced downgrades from Wall Street bigwigs. On Monday, Goldman Sachs said it expects the EV leader to start falling from its pedestal as competitors step up their electric game…and at much lower prices. Still, the automaker stayed strong and pulled off a recovery on Wall Street by the end of the week, landing up about 5 percent (and 26 percent over the last month).
SAVERS VALUE VILLAGE
The IPO craze has been on ice since the pandemic, but that didn't stop discount chain Savers Value Village from shooting its shot on Wall Street. And boy, did it work out for them. The stock opened Thursday 38 percent higher than its IPO price, landing the company a $4 billion market cap. From the floor of NYSE, CEO Mark Walsh told Cheddar News the raise will largely go to paying off debt, noting the business has strong cash flow that it will use to grow.
AIRLINES FLYING HIGH
Airlines stocks had a good week as we hit the summer travel season in earnest. Fuel prices are low, ticket sales are high, and this is spelling big money. The good news for investors comes even as some airlines race to hit a July 1 deadline to make all planes 5G compliant or risk the chance that non-compliant planes will no longer be allowed to land in risky weather. Since the beginning of the year, United is up 47 percent, Delta is up 45 percent, American is up 40 percent, JetBlue is up 36 percent…need I go on?