U.S. stock futures were lower Friday morning after a batch of disappointing quarterly reports, as Wall Street heads for a weekly loss.
Market Snapshot
At 7:55 a.m. ET, Dow e-minis were down 181 points, or 0.54%, S&P 500 e-minis were down 73 points, or 0.73%, and Nasdaq 100 e-minis were down 143 points, or 1.15%.
Pre-Market Movers
Tesla Motors -- It fell over 2% in premarket trading as it has increased the starting price of its Model Y crossovers by 0.8% to 261,900 yuan ($38,577.11) in China.
Lyft, Inc. -- It fell nearly 32% in premarket trading after saying it expects first-quarter revenue of $975 million. The company also said adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, in the fourth quarter was a loss of $248.3 million.
PayPal -- It rose slightly in premarket trading after the fintech’s fourth-quarter adjusted earnings beat analysts’ estimates and the company announced Chief Executive Dan Schulman would be retiring by the end of the year. Schulman joined PayPal in 2014 after its separation from eBay. PayPal’s market capitalization nearly tripled during his tenure.
Expedia --The stock fell over 2% in premarket trading. Expedia said its fourth-quarter results “were negatively impacted by severe weather” but that “demand was otherwise strong and accelerating, and has been markedly stronger since the start of the year.”
Cloudflare, Inc. -- It rose over 8% after the cybersecurity company issued a first-quarter earnings forecast that was slightly above analysts’ estimates. The company also said it expects first-quarter revenue of $290 million to $291 million vs. estimates of $250.6 million.
Yelp -- It expects net revenue in 2023 of between $1.29 billion and $1.31 billion “as it continues executing on its strategic initiatives.” Analysts surveyed by FactSet were forecasting revenue of just under $1.29 billion. Revenue for 2022 was a record $1.2 billion. Stocks rose over 5% in premarket trading.
Bloom Energy Corp -- It rose over 6% in premarket trading as its fourth-quarter net loss widened to $47.17 million, or 23 cents a share, from a loss of $33.32 million, or 19 cents a share, in the year-ago quarter. Adjusted profit in the fourth quarter totaled 27 cents a share.
Grab Holdings --A Singapore lawmaker appointed to run its government relations department last week was abruptly moved to a different role within the company after a public backlash over potential conflicts of interest. Stocks fell nearly 2% in premarket trading.
Market News
The U.S. Federal Reserve on Thursday released the hypothetical economic strains they will use to test the strength of big bank finances in its 2023 stress test, and floated the possibility of using multiple scenarios in the future.
Tesla Motors has increased the starting price of its Model Y crossovers by 0.8% to 261,900 yuan ($38,577.11) in China after the company's aggressive price cuts at the beginning of the year ignited demand.
Meta Platforms, Inc. has restored former U.S. President Donald Trump's access to Facebook and Instagram, Meta spokesperson Andy Stone confirmed on Thursday, following a two-year suspension after the deadly Capitol Hill riot on Jan. 6, 2021.
Activist investor Nelson Peltz on Thursday ended his quest for a board seat at Walt Disney after Chief Executive Bob Iger laid out plans to fix the home of Mickey Mouse, cheering investors.
Micron Technology is cutting executives salaries by as much as 20% and suspending bonuses as the chipmaker copes with an industrywide slump.
Lucid Group Inc said on Thursday that customers will get a $7,500 credit on buying certain variants of the Air luxury electric car, revving up a price war started by market leader Tesla Inc.
Lyft, Inc. reported revenue of $1.2 billion, up 21% from the year-earlier quarter, adjusted Ebitda was a loss of $248.3 million. For the first quarter, it sees revenue of $975 million, falling shy of the Street consensus at $1.09 billion.
For the quarter ended Dec. 31, 2022, PayPal earnings rose 12% from a year earlier to $1.24, revenue climbed 7% to $7.4 billion,Chief Executive Dan Schulman will retire as of Dec. 31, 2023.
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