Southwest Airlines, Facebook, Pfizer: the stocks that defined the week
Southwest Airlines Co.
Unvaccinated airline employees will not be allowed to take off. Southwest, American Airlines Group Inc.,
Alaska Air Group Inc.
and other carriers have ordered their employees to get vaccinated against Covid-19 as airlines began to comply with new rules for companies doing business with the federal government. Southwest told employees they should be vaccinated by Dec. 8, the deadline set by the Biden administration for federal contractors. Southwestern stocks gained 1.3% on Monday.
Amplify energy Corp.
A major oil spill in California has created troubled waters for a Houston energy company. Amplify Energy informed the Coast Guard on October 2 of the spill of approximately 126,000 gallons from an oil processing rig off the coast of Orange County, California. The oil and gas company has shut down all of its production and pipeline operations. in the area as a precaution. Amplify’s chief executive said on Monday that the oil spill off the coast of Southern California may have been caused by a boat anchor hitting an undersea pipeline and causing it to rupture. Amplify shares lost almost half of their value on Monday, falling 44%.
Facebook had a bad case on Mondays. The social media company’s WhatsApp, Instagram and Facebook platforms suffered a major outage on the first day of the work week, with users and businesses around the world receiving error messages when trying to access the sites . Services were offline until six a.m. on Monday, a disruption that cut small businesses off customers and slowed e-commerce in many countries. The widespread effects of the shutdown have underscored just how central Facebook is to daily life around the world. Meanwhile, Twitter has been inundated with comments, jokes and complaints from users of Facebook’s services. Facebook shares fell 4.9% on Monday.
Hertz Global Holdings Inc.
A new driver takes the wheel at Hertz. The car rental company formerly named Ford Motor Co.
CEO Mark Fields as Interim CEO and has moved CEO Paul Stone to President and COO. Hertz is resetting after coming out of bankruptcy under a new owner and demand for rental cars has picked up from the early days of the pandemic. The new owners of Hertz, an investor group led by Certares and Knighthead Capital Management LLC, are trying to overhaul the century-old company by implementing new software to improve inventory management and better forecast customer demand. Hertz stock jumped 9.9% on Tuesday.
Barry Diller adds a magazine giant to his media empire. Mr Diller’s IAC has struck a roughly $ 2.7 billion deal to buy publisher Meredith Corp.
, a bet on the online edition that would bring together brands such as People, Better Homes & Gardens and Investopedia. Meredith would merge with Dotdash, the digital publishing division of IAC, to create a company called Dotdash Meredith. The deal would also increase IAC’s website portfolio after the company’s decision to part ways with online dating company Match Group. Inc.
and the Vimeo video hosting and sharing platform Inc.
IAC stock rose 7.8% on Thursday.
General Motors Co.
General Motors wants to overtake Tesla Inc.
in the electric car market. The Detroit-based automaker told investors on Wednesday it aimed to more than double its revenues by 2030 with an influx of new battery-electric models and auto-related services. GM has directly challenged Tesla, saying it plans to take the lead in electric vehicle sales in the United States. The announcement was one of its most ambitious financial goals the automaker has set for itself in years. GM shares fell 0.8% on Wednesday.
Kids might find something else in their Halloween baskets this year: a vaccine against Covid-19. Pfizer and BioNTech BNTX -0.25%
SE said Thursday it has asked U.S. health regulators to approve their injection for children 5 to 11 years old, and the Food and Drug Administration may allow use in the population before November. The vaccine appeared to safely generate a strong immune response in young subjects in an advanced-stage trial, according to the companies. Young children are among the last groups in the United States to wait for FDA-cleared Covid-19 vaccines. Pfizer stock rose 1.7% on Thursday.
Write to Francesca Fontana at [email protected]
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