Bank rally: Wells Fargo shares rose 3.4 percent to $55.44 Friday as the Federal Reserve allowed Wells and all but three of 35 large banks to raise their quarterly dividends and buy back more stock, determining they can withstand a major downturn.
Week's stock roundup: Wells Fargo shares rise on news it will hike dividends
By News services
July 1, 2018 at 4:10AM
Changing the menu: Mexican food chain Chipotle lost 7.7 percent to $422.20 Thursday after saying it will restructure its business, closing some restaurants that are struggling and making changes to its menu. It expects up to $135 million in total costs. The shares closed the week at $431.37.
Sport spinoff: Madison Square Garden Co. shares rose 11 percent to $295.42 Thursday after the company said it will consider spinning off its sports division, which owns the NBA's New York Knicks and the NHL's Rangers, into a separate publicly traded company. The stock closed the week at $310.19.
Chips ahoy: Micron Technology, which gets half its revenue from China, lost 4 percent to $53.16 Monday amid reports the Trump administration will limit technology exports to China as well as investment by China. The shares closed Friday at $52.44.
Filling up: Conagra Brands dropped 6.6 percent to $35.71 on news that it's buying Pinnacle Foods in a deal valued at more than $8 billion. Conagra shares finished the week at $35.73.
Well-built: Lennar Corp. shares rose 5 percent to $51.70 on Tuesday after the homebuilder reported a better-than-expected quarterly profit as housing demand got a boost from a strengthening economy and job growth. Orders were up 62 percent from a year ago. The shares closed Friday at $52.50.
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Power companies say grants and tax credits will help them bring down the cost of a shift away from fossil fuels for customers. There is some GOP support for the Inflation Reduction Act as it pours money into politically conservative areas.
