Wall Street stock indexes opened lower 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, including Coinbase and bitcoin miners Marathon Digital and Riot Blockchain.
- Netflix 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.
- Peloton inched up in morning trading, but not enough to account for 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 plans to invest at least $20 billion in new chip-making capacity in Ohio.
- CSX is projecting that shipping volume will rise faster than GDP this year and reported a slight earnings beat.
- Ally Financial reported lower earnings per share during the recent quarter from a year prior.
- Huntington Bancshares 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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