Here are five things you must know for Friday, April 12:
1. -- Stock Futures Rise as Banks Kick Off Earnings Season
U.S. stock futures were rising Friday as Wall Street awaited earnings reports from several big U.S. banks, signifying the start of earnings season, and digested a mega-merger in the energy sector.
Contracts tied to the Dow Jones Industrial Average jumped 168 points, futures for the S&P 500 rose 13.25 points, and Nasdaq futures gained 32.25 points. Stocks finished mostly lower on Thursday, with the Dow losing 0.05% to close at 26,143.
The stock rose 2.5% to $108.85 in premarket trading.
Chevron said it will pay $65 a share to Anadarko shareholders, who will receive 0.3869 a share of Chevron and $16.25 in cash for each Anadarko share.
Anadarko shares jumped 31% to $61.25 in premarket trading.
The economic calendar in the U.S. Friday includes Import and Export Prices for March at 8:30 a.m. ET, and Consumer Sentiment for April at 10 a.m.
2. -- Walt Disney Unveils Streaming Service, CEO Iger to Retire in 2021
Rounding out Disney's existing portfolio of direct-to-consumer services - which includes ESPN+ and Hulu, as well as Hotstar in India - Disney+ is a "family-friendly" offering that brings together content from various Disney-owned brands, including National Geographic, Marvel, Pixar, Star Wars, the Disney Channel, as well as The Simpsons and other select programming from Fox.
Disney+ will launch on Nov. 12, 2019, and will be priced at $6.99 a month, or $69.99 a year. Kevin Mayer, head of Disney's direct-to-consumer and international segments, said the company "might" offer bundling with ESPN+ and Hulu at a discounted rate.
Disney+ programming, in its first year, will include more than 35 original series, movies or specials, more than 100 recently released movies and more than 400 library titles. It will also include about 7,500 episodes of past series. By its fifth year, that will increase to more than 10,000 episodes, more than 60 originals, and more than 500 library titles.
The streaming service will launch first in North America this fall, followed by a rollout in Europe in fall 2019 through winter 2020. It will also roll out in Asia-Pacific in fall 2019 through fall 2020, and lastly in Latin America in fall 2020.
Separately, Disney CEO Bob Iger said he plans to step down at the end of 2021 when his current contract ends.
Iger made the announcement near the conclusion of Disney's investor day presentation devoted to unveiling Disney+.
Iger has been CEO of Disney since 2005.
Disney shares rose 2.9% in premarket trading Friday to $120.
3. -- Uber Discloses It May Never Be Profitable
on Thursday and the filing showed increasing revenue for the ride-hailing giant, at $11.27 billion in 2018, compared with $7.93 billion in 2017 and $3.85 billion in 2016. But it also disclosed it may never be profitable.
The company reported shrinking but still substantial losses of $1.847 billion in 2018, compared with $2.642 billion in 2017 and $2.517 billion in 2016. But it added that it expects its operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability."
TheStreet's Eric Jhonsa noted that Uber still has a lot of work left to do to improve its cost structure and margin profile.
While its depreciation and amortization expenses fell 9% to $109 million in the fourth quarter, Uber's cost of revenue rose 34% to $1.62 billion, its sales and marketing spending rose 43% to $974 million, its R&D spending rose 14% to $366 million and its operations and support spending rose 13% to $408 million.
Uber's initial public offering is shaping up to be the largest public offering of the year, with the company seeking to raise $10 billion at a valuation of about $100 billion, according to a recent report from Reuters. U.S. rival Lyft (LYFT) - Get Report went public on March 29, but has seen its share price sink 23% since then.
Uber plans to list on the New York Stock Exchange under symbol "UBER."
4. -- Herman Cain Expected to Withdraw From Fed Consideration
Herman Cain is expected to withdraw his name from consideration for the Federal Reserve's Board of Governors after four Republican senators came out against his potential appointment, according to reports.
ABC News reported that Sens. Mitt Romney of Utah, Lisa Murkowski of Alaska, Cory Gardner of Colorado and Kevin Cramer of North Dakota all said they would not support Cain, sinking any chance he would be confirmed by the Senate.
Senators were concerned over Cain's position on interest rates and the possibility of scrutiny over past sexual misconduct allegations, reports said.
Cain is the former head of the Godfather's Pizza chain and made a bid for the 2012 GOP presidential nomination but dropped out of the race after sexual harassment allegations were made against him, which he has denied.
Cain served on the Kansas City Federal Reserve between 1989 and 1996.
5. -- KushCo's Quarterly Revenue Jumps 240%
KushCo Holdings (KSHB) posted revenue in its fiscal second quarter that more than tripled but a loss in the period that widened from a year earlier.
The cannabis packaging company reported a loss of $8.9 million, or 10 cents a share, compared with a year-earlier loss of $7.6 million, or 12 cents. Revenue jumped nearly 240% to $35.2 million from $10.4 million. Analysts had expected revenue of $25.5 million.
KushCo also raised its full-year revenue guidance to $140 million to $150 million from previous guidance of $110 million to $120 million.
CEO Nick Kovacevich said KushCo raised guidance expectations in part because of "the signing of a number of long-term supply arrangements-in-principle with several new large, well-known customers."
KushCo said earlier this week it would have to restate earnings in 2018 and 2017 because of accounting errors.