5 Things to Know Before Markets Open

News of the day for May 11, 2023

By
Terry Lane
Terry Lane
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Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina.
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Published May 11, 2023
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Disney (DIS) shares drop after reporting record streaming subscriber losses, and the Labor Department prepares to release its latest update on wholesale inflation. Here’s what investors need to know today.

1. Disney Shares Drop After Reporting Loss of 4 Million Streaming Subscribers

Shares of Walt Disney (DIS) fell more than 4% in pre-market trading after its earnings showed a loss of 4 million streaming subscribers. The media giant reduced the operating loss of its Disney+ streaming service by $400 million from the prior quarter, while it met analysts expectations on revenue, and its earnings per share were up to $0.69, up from $0.26 in the 2022 first quarter.

2. Labor Department Set to Report on Wholesale Inflation

At 8:30 a.m. ET, the Labor Department will release its latest Producer Price Index (PPI), tracking inflation from the standpoint of manufacturers and wholesalers. Producer prices are projected to have risen 0.3% last month, rebounding off an unexpected 0.5% decline in March. Year-over-year, they were likely up 2.4% at the slowest pace since January 2021, decelerating from 2.7% in March.

3. BoE Raises UK Interest Rates to Highest Level Since 2008

The Bank of England raised its bank interest rate by a quarter of a percentage point to 4.5%, its highest level since 2008. The U.K.’s annual rate of consumer inflation rose to 10.1% in March.

4. Robinhood Posts Jump in Revenue, Plans to Offer 24-Hour Trading Options

Online brokerage Robinhood (HOOD) said it would offer 24-hour weekday trading on stocks and ETFs to its users by as early as next month. Shares of Robinhood were 3% higher in pre-market trading after it reported a 47% year-over-year jump in revenue, despite posting its seventh consecutive quarterly loss.

5. SoftBank Posts Quarterly Gain, Losses in Startup Fund

Japanese technology investment firm SoftBank posted a $4 billion quarterly gain on investments despite its startup investment fund, the Vision Funds, losing $2.3 billion on investments in the period between January and March. For the full fiscal year ending on March 31, the fund’s losses were $7.2 billion, lower than the $15. 6 billion in losses from a year earlier.

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  1. Reuters.  “Disney shares slip as streaming losses narrow but some subscribers leave.”

  2. AP. “Bank of England raises UK interest rates to highest level since 2008.”

  3. Wall Street Journal. “Robinhood to Launch 24-Hour Trading on Weekdays in Stocks and ETFs.”

  4. Wall Street Journal. “SoftBank Trims Overall Loss After Topsy-Turvy Fiscal Year.”

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