Bob Iger, chief executive officer of Walt Disney. The company announced it would be cutting 7,000 jobs.
Photograph by Qilai Shen/Bloomberg
Stock futures pointed higher Thursday after Wall Street slumped in the previous session following hawkish comments from Federal Reserve officials.
These stocks were poised to make moves Thursday:
Walt Disney (DIS) gained 6.3% after the entertainment giant said it planned to cut 7,000 jobs. The company’s restructuring plan would lead to cost savings of $5.5 billion. Disney also said it was reinstating its dividend after fiscal first-quarter earnings beat analysts’ estimates.
Robinhood Markets
(HOOD), the investing platform, gained 5.5% in premarket trading after its board approved plans to buy back 55 million shares originally purchased last year by Emergent Fidelity Technologies, a firm tied to Sam Bankman-Fried, the co-founder and ex-CEO of bankrupt cryptocurrency exchange FTX. Robinhood posted a fourth-quarter loss of 19 cents a share, wider than analysts’ calls for a loss of 15 cents.
Affirm Holdings
(AFRM) said it would cut 19% of its staff after the buy-now-pay-later company reported a wider-than-expected quarterly loss and issued an outlook shy of forecasts. The stock slumped 18.2%.
Applovin
(APP) reported better-than-expected fourth-quarter revenue and said it expects the mobile ad market remaining “relatively stable” in the first quarter. The stock was soaring 28.4%.
Sonos
(SONO), the smart speaker company, surged 15.2% after posting record revenue in its fiscal first quarter and beating analysts’ earnings expectations.
Mattel
(MAT) was down 10.1% after fourth-quarter profit and sales at the toymaker missed analysts’ estimates. The company also guided for flat sales in 2023.
MGM Resorts
(MGM) was rising 6.2%. The casino company reported fourth-quarter revenue that topped expectations and announced a stock buyback program of $2 billion. Fellow casino operator
Wynn Resorts
(WYNN) gained 5.4% after it also posted quarterly revenue that beat estimates.
AbbVie
(ABBV), the biopharmaceutical company, beverage and snack giant
PepsiCo
(PEP), and tobacco company
Philip Morris
(PM), are scheduled to report earnings before the stock markets opens Thursday.
Write to Joe Woelfel at joseph.woelfel@barrons.com
Credit: marketwatch.com