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Stock futures fall on Friday, Adidas stock tanks, Lyft falls, Oil prices rise as Russia to cut production, Disney may sell Hulu stake as Disney+ loses 2.4 million subscribers
All the major indexes were down on Friday, with the Dow and NASDAQ sliding significantly in a downbeat into the week on Wall Street, Yahoo Finance reported.
Dow Jones industrial futures plummeted 168 points or -0.50%, while S&P 500 futures fell 27.25 points or -0.67% and NASDAQ futures tumbled 129 points or -1.04%.
The benchmark 10-Year Treasury was up +0.011 for a yield of 3.694%, while the 2-Year Treasury was down -0.013 to yield 4.498% as of 8:25 AM EST.
Adidas shares were down 11% at one point on Friday morning after the company announced it could lose $1.3 billion in revenue in 2023 if it is unable to sell its existing Yeezy stock. The company scrapped its partnership with rapper Ye, formerly known as Kanye West, after he made a series of controversial comments, CNBC reports.
Shares of Lyft plummeted by 30% after the company issued weak guidance in its earnings report, CNBC reported. Lyft said it expects to make roughly $975 million in revenue in the fiscal first quarter of 2023, lower than the $1.09 billion analysts anticipated.
In oil futures on Friday, WTI crude was up +1.1% and trading at $78.73 per barrel, while Brent crude was up +1.22% and trading at $85.53 a barrel as of 8:26 AM ET.
As sanctions began to bite, Russia announced it will cut its crude oil production by half a million barrels a day, roughly 5%, starting in March, CNN reported. Oil prices rose 2% on the announcement by Russia.
“We will not sell oil to those who directly or indirectly adhere to the principles of the price ceiling,” said Russian Deputy Prime Minister Alexander Novak in a statement. “In relation to this, Russia will voluntarily reduce production by 500,000 barrels per day in March. This will contribute to the restoration of market relations.”
Disney CEO Bob Iger said, “everything is on the table” when asked in a CNBC interview if the company was open to selling its 66% stake in Hulu (Comcast owns the rest).
“We are intent on reducing our debt,” Iger said.
Iger told investors Disney will lay off 7,000 global staff and plans to cut $3 billion from its content budget.
Disney Plus released its first quarter 2023 results on Wednesday, which revealed the company had barely gained any subscribers in North America after losing 2.4 million subscribers at the end of last year, the first time the service has lost subscribers since 2019, Gizmodo reported.
