Coronavirus Crash, Dow's Dive, Disneyland, Broadcom, Adobe - 5 Things You Must Know Friday

Stock futures rise but the gains aren't enough to recoup Wall Street's massive losses this week; Disney World and Disneyland close and New York City declares state of emergency amid coronavirus pandemic; virus deaths across the globe rise to above 4,700.

Here are five things you must know for Friday, March 13:

1. -- Stock Futures Move Higher

Stock futures moved higher Friday but the gains weren't enough to recouping Wall Street's sharp losses from Thursday and from the week brought about by fears of the economic fallout from the coronavirus pandemic.

Contracts tied to the Dow Jones Industrial Average rose 1,110 points, S&P 500 futures gained 126 points and Nasdaq futures were rising 407 points.

The S&P 500 fell 9.5% on Thursday and has dropped 26.7% from its all-time high, which was set just last month. The S&P 500 entered a bear market, a day after the Dow did the same.

The Dow plummeted 10% on Thursday, or 2,352 points, for its worst day since a nearly 23% drop on Oct. 19, 1987.

“We’re starting to get a sense of how dire the impact on the economy is going to be," said Liz Ann Sonders, chief investment strategist at Charles Schwab. "Each day the news doesn’t get better, it gets worse. It now has hit Main Street to a more significant degree.”

“This is bad. The worst and fastest stock market correction in our career,” said Chris Rupkey, chief financial economist at MUFG Union. “The economy is doomed to recession if the country stops working and takes the next 30 days off. The stock market knows it.”

Global equities were headed for their worst week since 2008 as markets remained unsure of whether emergency financial measures from governments will be enough to prevent a recession.

Even the Federal Reserve's announcement that it would step in to ease “highly unusual disruptions” in the Treasury market and pump in at least $1.5 trillion couldn't stop Wall Street from reeling Thursday.

Analysts at Goldman Sachs now expect the Fed to slash interest rates by 100 basis points - back to zero - when the central bank meets next week.

2. -- Coronavirus - The Latest

The number of confirmed global cases of the coronavirus has risen to 128,343, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 4,720.

The U.S. has 1,663 cases of the virus and deaths have climbed to 41.

Walt Disney  (DIS) - Get Report said Friday it would close Walt Disney World Resort in Florida and Disneyland Paris Resort starting March 16 through to the end of the month.

The entertainment giant announced Thursday the temporary closure of the Disneyland Resort and the Disney California Adventure Park in Anaheim, Calif., in response to the threat posed by the coronavirus pandemic.

San Francisco said it would close all public schools for three weeks starting March 16. Maryland schools will be shut for two weeks and in Ohio they will be closed for three.

New York City declared a state of emergency and banned gatherings of 500 or more people. Broadway shows went dark Thursday evening until April 13.

“All of our large venues will no longer have gatherings,” the mayor said. “I suspect it will be a number of months.”

Canadian Prime Minister Justin Trudeau’s wife, Sophie Gregoire Trudeau, tested positive for the new coronavirus. She is feeling well, said Trudeau’s office, and will remain in isolation. The prime minister also will be in isolation for 14 days.

Major League Baseball delayed the start of its season by at least two weeks because of the coronavirus outbreak and suspended the rest of  spring training. The National Hockey League suspended its season, a day after the National Basketball Association did the same. Major League Soccer suspended its season.

The NCAA called off its men’s and women’s March Madness basketball tournaments, canceling play after first saying games would be played without fans in attendance.

3. -- Broadcom Misses Estimates and Pulls Fiscal-Year Guidance

Chipmaker Broadcom  (AVGO) - Get Report posted fiscal first-quarter results that missed analysts' estimates and pulled its fiscal-year guidance due to the impact of the Covid-19 coronavirus outbreak.

Broadcom pulled its annual revenue guidance of $24.5 billion to $25.5 billion but said it expects fiscal second-quarter revenue of $5.55 billion to $5.85 billion. Analysts were forecasting second-quarter revenue of $5.94 billion. 

The stock was down 2.24% to $213.88 in premarket trading Friday.

First-quarter earnings were $5.25 a share on revenue of $5.85 billion. Analysts were expecting the company to report earnings of $5.33 a share on revenue of $6 billion.

"The fundamental semiconductor backdrop has been improving, and we did not see any material impact on our businesses due to Covid-19 in our first quarter," said CEO Hock Tan in a statement. "However, visibility in our global markets is lacking and demand uncertainty is intensifying. As a result, we believe it prudent to withdraw our annual guidance until visibility returns to pre Covid-19 levels."

"Yes, it was a rare top-and-bottom line miss for such a well-run company, and we are in an unforgiving market. But the numbers were not that far off from where analysts estimated, said Jim Cramer and the Action Alerts PLUS team, which holds Broadcom in its portfolio. "Plus, it is no secret a material slowdown is coming and nearly every company in the S&P 500 will experience a hit to earnings, so perhaps Broadcom has the unfortunate timing of reporting in an awful tape where visibility is low."

4. -- Adobe Beats Profit Estimates, Sees Some Coronavirus Impact

Adobe  (ADBE) - Get Report posted fiscal first-quarter adjusted earnings ahead of analysts' estimates but warned the coronavirus pandemic would have an impact on booking decisions, consulting services and marketing spending by its customers.

Adobe reported non-GAAP earnings of $2.27 a share on revenue of $3.09 billion. Analysts had expected Adobe to earn $2.23 a share in the quarter on revenue of $3 billion.

For the current fiscal second quarter, Adobe forecast non-GAAP earnings of $2.35 a share on revenue of $3.175 billion.

Analysts had been calling for adjusted earnings of $2.33 a share on revenue of $3.22 billion.

The company said it had factored in "the expected impact of the global uncertainty caused by the Covid-19 situation based on the latest data and information available."

The stock rose 4.91% to $299 in premarket trading.

5. -- Import and Export Prices, Consumer Sentiment on Friday's Calendar

The economic calendar in the U.S. Friday includes Import and Export Prices for February at 8:30 a.m. ET and Consumer Sentiment for March at 10 a.m. 

Earnings reports are expected Friday from Jail  (JBL) - Get Report,  (OSTK) - Get Report and JinkoSolar  (JKS) - Get Report.