Last Week’s Stock Market Share Overview

One of AMC’s leads has left the company. According to the entertainment firm, Chief Executive Christina Spade resigned less than three months after taking the position. The search for a successor to AMC’s board is nearing completion. In addition, the firm announced plans to dismiss around 20% of its U.S. workers. A sign of more turmoil is the staff’s absence. AMC, famed for its popular TV series such as Mad Men and Breaking Bad, is making the change to compensate for the continuing fall in cable viewership. AMC shares were down 5.3% on Tuesday.

DoorDash, a food delivery firm, announced on Wednesday that it was cutting roughly 1,250 workers or 6% of its workforce. After a pandemic-fueled growth spurt, Chief Executive Tony Xu said in a memo to employees that the firm is attempting to rein in expenses. DoorDash joins a chorus of tech CEOs with increasing interest rates and economic instability in cutting employees. Xu expressed his remorse for the rapid growth in headcount. DoorDash reported a bigger-than-projected loss for the third quarter in November, owing to rising expenditures. On Wednesday, DoorDash stock rose by 9.2%.

Clouds are on the horizon for Salesforce. On Wednesday, the company behind cloud computing issued a fourth-quarter sales outlook lower than anticipated. It also announced the resignation of co-chief executive Bret Taylor. Chairman Marc Benioff will continue leading Salesforce as its only CEO. With the tech business suffering in sectors like cloud-computing software that thrived during the pandemic, this announcement is a surprise. Thursday, Salesforce shares fell 8.3%

What Catalyzed the Bigger-Than-Average Moves?

John R. Tyson is the company’s Chief Financial Officer. On Thursday, Tyson entered a not-guilty plea to allegations of criminal trespass and public intoxication. Tyson will have a trial on the charges on Feb. 15. The company’s board of directors is investigating the episode. Following a broader reshuffling of some senior leadership posts at Tyson, the CFO has faced legal difficulties. Thursday, Tyson’s share fell 1.2%.

Financial giants are reimbursing Zelle recipients. The Wall Street Journal reported Monday that the owners of the payment network, including JPMorgan Chase and Wells Fargo, are developing a scheme to compensate fraud victims. With the rising number and sophistication of peer-to-peer frauds, legislators have pressured banks to do more to assist consumers. Scammers often attempt to entice customers into giving them money under the guise of customer help. The Journal reported that the plan’s specifics are still being sorted out by seven of Zelle operator Early Warning Services LLC’s owner banks. Monday saw a 1.8% drop in JPMorgan’s stock.