Stock futures are falling after disappointing earnings reports from some popular technology stocks. Here’s what we’re watching at the end of a rough week on Wall Street:
- Bitcoin’s price fell below $40,000, and crypto stocks were dragged down with it.
Coinbase
COIN 0.97%
dropped 5.6% ahead of the bell, and bitcoin miners
Marathon Digital
MARA -0.08%
and
Riot Blockchain
RIOT -0.11%
slid 7.8% and 8.7% respectively.
Netflix
NFLX -1.48%
plunged 19% premarket. The streaming giant said it expects to add a much smaller number of subscribers this quarter than it did a year ago as it adjusts to growing competition and lasting disruptions from the coronavirus pandemic. The bad news seemed to rub off on streaming-device maker Roku, which shed 4% premarket.
Peloton
PTON -23.93%
powered 5.5% higher premarket, but that only makes up a bit of Thursday’s 24% drop. The company is reviewing the size of its workforce and resetting production levels as it adapts to more seasonal demand for its exercise equipment.
A Peloton stationary bike at one of the fitness company’s studios in New York, Dec. 4, 2019.
Photo:
Scott Heins/Getty Images
Intel
INTC -2.95%
nudged down 0.2%. The company plans to invest at least $20 billion in new chip-making capacity in Ohio.
CSX
CSX -0.03%
fell 3.2%, though the railroad operator is projecting that shipping volume will rise faster than GDP this year and reported a slight earnings beat.
Ally Financial
ALLY -0.02%
shares slipped 2.4% premarket after it reported lower earnings per share during the recent quarter from a year prior.
Huntington Bancshares
HBAN -2.51%
ticked down 4.5% after it also reported a slight drop in earnings per share.
Chart of the Day
- Europe’s tech scene has struggled to emerge from the shadows of giants in the U.S. and Asia, but friendly local policies and a global overflow of investment capital are now giving the region a gusher of cash.
Write to James Willhite at james.willhite@wsj.com
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