Stocks Slip as Oil Falls; Foot Locker Surges on Earnings

U.S. stocks moved lower Friday as oil prices lost steam after a week-long rally. Oil rose $4 this week and trades just over $48 a barrel. 'Oil doesn't have to go meaningfully higher, but we can't support a bull market in stocks or anything without oil at least stabilizing,' said David Nelson, chief strategist at Belpointe Asset Management. Viacom's (VIAB) - Get Report board has reached an agreement on the ouster of CEO Philippe Dauman, sources tell TheStreet. He is expected to score a severance package worth $72 million. COO Tom Dooley is expected to be take the role as interim CEO. Shares gained 2.1 percent. Foot Locker (FL) - Get Report posted second quarter earnings of $0.94 a share, beating estimates by $0.04. Revenue rose 5 percent year-over-year to $1.78 billion, slightly ahead of the $1.76 billion analysts had expected. Same store sales rose 4.7 percent. The stock is up 5 percent. Estee Lauder (EL) - Get Report reported earnings of $0.43 a share, beating estimates of $0.40. Sales gained 5 percent year-over-year to $2.65 billion, largely in-line with estimates. Shares slipped almost 4 percent. TheStreet's Scott Gamm reports from Wall Street.