Don’t bank on it: Bank of America fell 4 percent to $27.01 Friday amid a broad sell-off of banking stocks as investors feared the decline in bond yields threatened the profitability of banks because it forces them to charge lower interest rates on loans.
Failed delivery: FedEx fell 5.3 percent to $171.99 Wednesday after the company told investors that weak economic growth and higher costs will continue to cut into profits and revenue. The package delivery company’s third-quarter profit fell more than expected. Revenue also fell short of forecasts. Shares closed Friday at $173.99.
Product bounce: Apple rose 3.2 percent to $194.15 Thursday following several product announcements. Apple also has an event scheduled Monday where presumably more announcements will be made. Shares closed the week at $191.05.
Nice pants: Levi Strauss & Co. shares rose 31 percent to $22.90 in their first day of trading Thursday. The initial public offering was priced at $17, above an originally expected range of $14 to $16. Shares closed the week at $22.12.
Game on: Sony shares dropped 5.2 percent to $43.17 Wednesday after Google jumped into the video game arena, potentially competing with Sony’s PlayStation. Google’s Stadia platform streams games on existing platforms, such as laptops and phones. Sony shares closed the week at $42.03.
Social tedium: Facebook shares fell 3.3 percent to $160.47 Monday amid regulatory concerns and a downgrade by Needham & Co., which cited an executive exodus as the company shifts to private messaging platforms. The stock closed Friday at $164.34.