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Disney, Dogecoin, Coinbase, Retail Sales - 5 Things You Must Know Friday

Stock futures rise as commodities prices dip, helping to ease worries about higher inflation; Disney falls after missing subscriber estimates; Coinbase's earnings surge; Dogecoin rallies after a tweet from Elon Musk.

Here are five things you must know for Friday, May 14:

1. -- Stock Futures Rise as Commodities Prices Dip

Stock futures rose Friday as commodities prices dipped, helping to ease worries about higher inflation.

Contracts linked to the Dow Jones Industrial Average gained 150 points, S&P 500 futures were up 26 points and Nasdaq futures jumped 141 points.

Technology stocks led Wall Street sharply higher Thursday and equities rose for the first time in four sessions as a fall in weekly jobless claims improved sentiment that was dented earlier in the week by a sharp spike in consumer prices.

Despite Thursday's gains, stocks were on track for sharp weekly losses.

Oil prices in the U.S. edged higher Friday after slumping 3.4% on Thursday as Colonial Pipeline, the biggest U.S. pipeline, returned to service following a cyberattack at the end of last week. 

Iron ore fell from record highs on efforts by
China to clamp down on surging prices. The metal was set for
the biggest two-day plunge since 2019, according to Bloomberg.

Bitcoin traded above $50,000 after being dinged by comments from Tesla  (TSLA) - Get Tesla Inc Report CEO Elon Musk a day earlier. Musk called its energy usage trend "insane."

2. -- Friday's Calendar: Retail Sales, Consumer Sentiment

The U.S. economic calendar Friday includes Retail Sales for April at 8:30 a.m., Import and Export Prices for April at 8:30 a.m., Industrial Production for April at 9:15 a.m. and Consumer Sentiment for May at 10 a.m.

Economists surveyed by FactSet expect retail sales in April to rise 0.8%. They surged 9.8% in March as stimulus payments received by most Americans played into the surprisingly large increase.

3. -- Disney Falls After Missing Subscriber Estimates

Walt Disney  (DIS) - Get Walt Disney Company Report was falling in premarket trading Friday after the entertainment giant added fewer-than-expected streaming customers in its fiscal second quarter.

The company said its Disney+ streaming service ended the quarter with 103.6 million customers, below analysts' estimates of 109.3 million.

The stock fell 3.89% to $171.40 in premarket trading Friday.

According to Jim Cramer and the Action Alerts PLUS team, which holds Disney in its portfolio, it appeared that streaming estimates were too optimistic when considering a great deal of demand was pulled forward by the pandemic, similar to what Netflix  (NFLX) - Get Netflix, Inc. (NFLX) Report experienced in its quarter. 

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Despite the miss, Disney backed its guidance for 230 million to 260 million subscribers by the end of fiscal 2024.

Adjusted earnings of 79 cents a share in the second quarter topped analysts' forecasts of 26 cents. Sales of $15.61 billion missed estimates of $15.86 billion.

4. -- Coinbase's First-Quarter Earnings and Revenue Surge

Coinbase  (COIN)  was rising more than 3% in premarket trading Friday after the cryptocurrency exchange, in its first earnings report as a public company, posted a surge in profit and revenue as Bitcoin prices rallied.

Coinbase earned $771 million, or $3.05 a share, in the first quarter, up from $32 million a year earlier. Revenue rose to $1.8 billion from $191 million.

The stock jumped 3.33% to $273.93 in premarket trading Friday.

The company said it plans to offer meme-based cryptocurrency Dogecoin in the next six to eight weeks. Coinbase currently offers trading in Bitcoin and Ethereum but has been slow to add tokens that have been growing in popularity.

CEO Brian Armstrong said on a conference call that Coinbase
would accelerate the time it takes to add new coins, Bloomberg reported.

Alesia Haas, chief financial officer of Coinbase, appeared on Jim Cramer's "Mad Money" program Thursday evening. 

Haas said cryptocurrencies have quickly become an appealing asset class for all investors. While Bitcoin is the oldest and most well-known, Haas noted there's a long tail of other currencies and Coinbase aims to become a platform to trade all assets that meet their listing standards. 

5.-- Dogecoin Rallies as Musk Tweets About the Token

Speaking of Dogecoin, the cryptocurrency surged after Tesla CEO Elon Musk tweeted he was working to develop more efficient transactions for the token.

Dogecoin has risen 31.52% to 53.12 cents over the past 24 hours, according to CoinDesk.

Musk's tweet came just 24 hours after he said Tesla won’t accept Bitcoin for payments anymore because of environmental concerns.

Late Thursday, Musk tweeted that there had been “potentially promising” progress on Dogecoin, but he offered no further details. Earlier in the day he offered up a supportive tweet for cryptocurrencies in general. 

“I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal,” Musk tweeted.