BY THE NUMBERS
U.S. stock futures dropped Friday, with the Nasdaq again tracking for the biggest decline at Wall Street's open as Netflix (NFLX) shares plunged in the premarket on slowing subscriber growth. The Nasdaq fell for a third straight session, ending Thursday nearly 12% below its latest record close in November. (CNBC)
The S&P 500 also dropped for three days in a row, finishing 6.5% under its record close earlier this month. The Dow Jones Industrial Average fell for five straight sessions, ending more than 5.6% below its early January record close. All three stock benchmarks were on pace for big weekly losses. (CNBC)
The 10-year Treasury yield's dip below 1.8% on Friday did little to help beaten-up tech stocks. Cryptocurrencies, which have followed the ups and downs in the tech sector, sank Friday. Bitcoin and ether fell 9% and nearly 11%, respectively. (CNBC)
* Cramer says the stock market is getting closer to forming a bottom (CNBC)
* Grantham says end of ‘bubble extravaganza’ coming, calls 45% stock drop (CNBC Pro)
* Fed releases long-awaited study on a digital dollar but doesn't take a position yet (CNBC)
IN THE NEWS TODAY
Shares of Netflix fell 20% in Friday's premarket, indicating an opening price of below $410 each, wiping out more than 20 months of gains and over 40% below its all-time high back in November. Investors punished the stock following Thursday's after-the-bell earnings report, which revealed a decline in global paid net subscriber additions in the fourth quarter and an even worse projection for the current first quarter. (CNBC)
* Netflix quietly admits streaming competition is eating into growth (CNBC)
* Netflix to eliminate supermajority requirement for board elections (CNBC)
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Peloton (PTON) said late Thursday its fiscal second-quarter revenue will be within its previously forecast range, as it takes actions to slash costs and improve profitability. However, the fitness equipment maker said it added fewer subscribers in the latest period, which ended Dec. 31, than it had previously expected. (CNBC)
Peloton stock bounced 8% in Friday's premarket, the morning after an almost 24% decline in the regular session following a CNBC report that the connected fitness equipment maker was temporarily halting production of its stationary bikes and treadmills as explosive demand earlier in the Covid pandemic waned. (CNBC)
* $2.5 billion wiped from Peloton's market value as shares tumble below IPO price (CNBC)
* Record IPO rush of 2021 led to historically dismal returns with no relief in sight (CNBC)
Intel (INTC) will invest $20 billion in two new plants in Ohio to make advanced chips, the company said Friday, the first step to a "mega-site" that can accommodate eight chip factories costing $100 billion. The planned investment includes 3,000 permanent jobs and 7,000 construction jobs on the 1,000-acre site just outside of Columbus. (Reuters)
* Twitter shakes up its security team as new CEO reorganizes (NY Times)
The U.S. and Russia are trying to avoid another conflict in Europe. However, the top diplomats from both nations warned Friday that no breakthrough was imminent as fears rise that Moscow is planning to invade Ukraine. In 2014, Russia seized control of Ukraine's Crimean Peninsula. (AP)
STOCKS TO WATCH
CSX (CSX) beat estimates by 1 cent with a quarterly profit of 42 cents per share. The railroad operator's revenue also beat forecasts. However, the stock fell 1.4% in the premarket as the company noted a surge in expenses.
Intuitive Surgical (ISRG) 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 6.4% in premarket trading.
PPG Industries (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.
Schlumberger (SLB) rose 1% in the premarket after it beat top and bottom-line estimates for the fourth quarter. The oilfield services company earned an adjusted 41 cents per share, 2 cents above estimates, as higher oil prices spurred demand for drilling services.
Rio Tinto (RIO) lost 1.6% 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) rose 1.4% 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.
Adele apologized to fans in a teary video Thursday, announcing she's postponing her anticipated Las Vegas residency due to Covid. Half her team and crew have come down with the virus, she added. The residency was scheduled to begin Friday at the Colosseum of Las Vegas' Caesars Palace Hotel. (NBC News)
Meat Loaf, the singer and actor whose "Bat Out of Hell" album became one of the best-selling of all time, has died at the age of 74. Born Marvin Lee Aday, the rock musician's career spanned six decades across the music and film industries. (NBC News)