Below are comments related to problem with Outlook.com that originated this thread, 2) new problem with Windows 10 Calendar mentioned in AJ's post on 6/11/2018, and 3)
Microsoft's recent Update to Windows 10.
OUTLOOK.COM
As workaround, I am currently using Windows 10 Calendar (instead of Outlook for Desktop) to create calendar items on my laptop and I use Outlook for iOS to edit or create them on my iPhone and
iPad. My workaround is somewhat different from following note posted on May 2, 2017 to
Microsoft's Support Page for Office:
Currently, you can't use Outlook on Windows to edit calendars that are shared with your Outlook.com account, even if you've reconnected your Outlook.com account to Outlook. We're working to make it possible to edit shared
calendars in Outlook 2016 for Windows. To edit a shared calendar, go online to your own Outlook.com calendar, open Calendar for Windows
10, or use a mobile device. Read how to Add your Outlook.com account to another
mail app.
WINDOWS 10 CALENDAR
I don't have the "appearance" problem, but that might result from my limiting use of Windows 10 Calendar to my Outlook.com account (not for my Gmail or
iCloud accounts). When I move items on Windows 10 Calendar, appearance will lighten if the item is moved to a date that has already passed.
Suggest you submit Feedback to Microsoft if appearance of moved items continues to lighten even when date hasn't passed. To submit Feedback,
type "Feedback" in Windows search box to open Windows Feedback Hub.
WINDOWS 10 UPDATE
If you haven't yet done so, use Windows "Check for Updates" Tool to install the May 2018 update Windows 10, version 1803. Although it doesn't fix Outlook.com's Calendar issue, it does
add improvements and makes other fixes for Windows.