Futures mixed, Michael Bloomberg, Disney earnings, Gap CEO, and more

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existing tariffs

Wall Street set to open mixed

U.S. stock futures are pointing to a mixed open this morning, after Reuters reported that an agreement between the Trump administration and Beijing to roll back existing tariffs as part of a phase one trade deal is facing fierce opposition in the White House.

Reuters said sources told it that the idea of a tariff rollback was not part of the original October “handshake” deal between President Trump and China’s Vice Premier Liu He.

As of 6:25 a.m. ET, the blue-chip Dow futures were up 0.5 points to 27,667.5. The S&P 500 futures declined 0.88 points, or around 0.03% to 3,085.12 while Nasdaq 100 futures indicated a loss of 6.75 points, or roughly 0.08% to 8,223.75.

Michael Bloomberg reportedly considering to join 2020 presidential race

Billionaire Michael Bloomberg is considering entering the 2020 race for the Democratic presidential nomination, multiple news outlets reported Thursday.

The Wall Street Journal, citing an adviser for the former New York City mayor, said he is preparing to submit candidate paperwork this week in at least one state with an early filing deadline.

Bloomberg is concerned that the current field of Democratic candidates is not capable of beating President Donald Trump, according to the adviser. The 77-year-old had prepared to enter the race earlier this year but later pulled back.

Disney stock pops after earnings beat

Walt Disney (NYSE: DIS) on Thursday reported fourth-quarter adjusted earnings of $1.07 per share, down 28% from the same period last year, but surpassed analyst estimates for $0.95 per share.

Revenue came in at $19.1 billion, up 34% from $14.3 billion in the prior-year period. Analysts polled by Refinitiv had predicted revenue of $19.04 billion.

The results come just days before the entertainment behemoth is set to launch its long-awaited streaming service called Disney+, which will cost $6.99 a month. It is expected to house content from Star Wars, Disney, Marvel, Pixar, and more.

Shares of Disney were up 5.11% to $139.75 during premarket trading Friday.

Gap CEO Art Pecker steps down

Gap (NYSE: GPS) CEO Mark Parker is stepping down from his role as chief executive, the company announced Thursday.

Robert Fisher, a 35-year veteran of the clothing and accessories retailer, will serve as interim president and CEO after “brief transition period.” Parker’s resignation comes at a time when the company is grappling with declining sales.

The San Francisco-based retailer reported a 7% slump in comparable sales for its namesake brand, a 4% decline for Old Navy, and a 3% dip for Banana Republic in its fiscal 2019 third-quarter.

Shares of Gap traded 8.42% to $16.54 in premarket hours Friday.

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