Futures tracking the Nasdaq 100 index slipped on Friday after a weak forecast from Netflix sent its shares along with other streaming companies spiraling lower, with Wall Street's main indexes headed for another week of losses.
At 7:50 a.m. ET, Dow e-minis were down 109 points, or 0.31%, S&P 500 e-minis were down 25.50 points, or 0.57%, and Nasdaq 100 e-minis were down 136.25 points, or 0.92%.
Netflix Inc plunged 19.8% in premarket trading after the streaming giant fell short of market forecasts for new subscribers at the end of last year and offered a downbeat outlook for early 2022.
Shares of technology and media companies including Walt Disney Co, ViacomCBS, Roku, Discovery and FuboTV that have invested heavily in streaming also fell between 1.9% and 4.6%.
Stocks making the biggest moves premarket:
Netflix(NFLX) – Netflix plunged 19.8% in premarket trading, after predicting slower subscriber growth for this quarter than analysts were anticipating. The streaming service cited growing competition among the factors hitting its growth numbers. Netflix did report a better-than-expected profit and revenue for its latest quarter.
Peloton(PTON) – Peloton said it is reviewing its production levels as well as the size of its workforce in response to a CNBC report that it was temporarily halting production of bikes and treadmills to deal with waning demand. Peloton bounced back 4.5% in premarket action after plunging 24% Thursday.
Schlumberger(SLB) – The oilfield services company's stock rose 1% in the premarket after it beat top and bottom-line estimates for the fourth quarter. Schlumberger earned an adjusted 41 cents per share, 2 cents above estimates, as higher oil prices spurred demand for drilling services.
CSX(CSX) – CSX beat estimates by 1 cent with a quarterly profit of 42 cents per share, and the railroad operator’s revenue also beat Street forecasts. CSX said sales grew across all of its business lines as customers sought to deal with supply chain challenges. However, the stock fell 1% in the premarket as the company noted a surge in expenses.
Intuitive Surgical(ISRG) – Intuitive Surgical reported adjusted quarterly earnings of $1.30 per share, 2 cents above estimates, with the surgical equipment maker’s revenue topping estimates as well. However, the stock is being pressured after the company noted a decline in procedures using its Da Vinci surgical system. Intuitive Surgical slumped 6.2% in premarket trading.
PPG Industries(PPG) – PPG is seeing its shares fall in premarket trading despite beating Wall Street forecasts on the top and bottom lines for its latest quarter. The paint and coatings maker is seeing demand take a hit from declining airplanes and automobiles production. The stock lost 2.9% in the premarket.
Intel(INTC) – Intel announced plans to invest $20 billion in new manufacturing facilities outside Columbus, Ohio. The plants will produce advanced semiconductors, as chipmakers accelerate efforts to meet growing demand.
Rio Tinto(RIO) – Rio Tinto shares lost 1.4% in premarket trading after Serbia revoked the mining company’s lithium exploration licenses, citing environmental concerns. Rio had aimed to become one of the top producers of lithium, a key component in batteries.
Under Armour(UAA) – The athletic apparel maker's stock rose 1.9% in the premarket after Citi upgraded the stock to "buy" from "neutral," saying Under Armour is emerging from the pandemic in a very strong position in North America.