Snap, VMware, Macy’s: Stocks that define the week

A giant chip maker that wants to be a powerhouse in the world of enterprise software.

Broadcom Inc.

plan buys software company VMware for $61 billion in cash and stock, the companies said Thursday after The Wall Street Journal reported on the talks earlier this week. This deal is one of the biggest of the year and will push Broadcom deeper into an arena occupied by

International Business Machines Corp.

and

Oracle Corp.

It will nearly triple the size of Broadcom’s software division and account for nearly 49% of the company’s revenue. VMware shares added 3.2% on Thursday after gaining 25% on Monday.

A large manufacturer of infant formula sorry for the fact that baby formula is hard to find these days. In a Washington Post opinion piece published May 21, Abbott CEO Robert Ford said, “We apologize to every family we’ve let down,” and promised output would rebound. in June. For months, supply chain problems made baby formula harder to find, but shortages worsened after Abbott Some products are recalled and closed a factory in Michigan because of reports of bacterial contamination. President Biden invoked the Defense Production Act on May 18 to boost production and launch a program of sourcing supplies from abroad. On Tuesday, Abbott said it would released about 300,000 cans of a special formula for children in urgent medical need. Abbott shares rose 1.6 percent on Monday.

Zoom wants to create a new connection. CEO Eric Yuan said the company is shifting to a number of products that promote hybrid work setups as many workers split their time between in-person and remote work. Companies have sought to return to physical workspaces after switching to remote or hybrid formats for much of the pandemic, but employers face obstacles such as a data response. bouncing from unions and increase in Covid-19 cases that was not well reflected in the reported calculations. The video conferencing company raised its profit outlook on Monday while reported slowest growth rate on record when demand decreases and employees are called back to the office. Zoom stock rose 5.6% on Tuesday.

Lyft is slowing spending. The ride-hailing company will slow recruitment, reduce the budget of some departments and granted new stock options to some employees to offset falling stock prices, Chairman John Zimmer said in an employee memo Tuesday. Lyft joins the competition

Uber Technologies Inc.

in outlining cuts as investor optimism cools in tech stocks. Companies are also facing year-long driver shortages push ticket prices to record highs. Higher prices have helped boost revenue for both companies but contributed to fewer passenger trips compared to pre-pandemic levels. Lyft stock lost 0.4% Wednesday.

Apple’s battle for talent will account for a larger share of its spending. The manufacturer of the iPhone is salary increase for workers amid rising inflation, a tightening labor market and a union push among hourly store employees. The company told employees in an email Wednesday that it is increasing its overall compensation budget. Starting wages for hourly workers in the US will rise to at least $22 an hour, up 45% from 2018, and starting wages are also expected to increase. Apple’s plans follow similar moves as companies seek to retain talent.

Microsoft Corp.

recently told workers it would nearly double the global budget for performance-based pay raises. Shares of Apple added 2.3% on Thursday.

Macy’s shoppers are showing some resilience. Retailers Strong sales reports and increased profit outlookprevent the trend towards lower spending in the face of inflation reported by

Walmart Inc.,

Target Corp.

and other chains. Macy’s says its customers spend more on work clothes and special occasions, and shoppers with middle and higher incomes are less affected by inflation compared to lower-income consumers. But it’s unclear how long this trend will last, as Macy’s chief financial officer said he expected inflation to outpace wage growth and hit consumer health. Shares of Macy’s were up 19% on Thursday.

Write letter for Francesca Fontana at [email protected]