BUZZ-U.S. Stocks on the Move-Abercrombie & Fitch, Sears, Mitek
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U.S. stocks fell slightly at the open on Friday, weighed by a large decline in Disney shares, despite data showing the U.S. unemployment rate fell to a six-year low of 5.8 percent which underscored the economy's resilience. Dow Jones industrial average futures were down 0.32 percent at 17,448, S&P 500 futures were down 0.27 percent at 2,022.5 and Nasdaq 100 futures were down 0.22 percent at 4,153.5.
** WALT DISNEY CO, $88.97, -3.29 pct
The media and theme park giant posted a quarterly profit that fell in line with Wall Street expectations as it rode the blockbuster performance of its movie box office hits "Maleficent" and "Guardians of the Galaxy."
But operating income at its sports behemoth ESPN fell due to higher contract rates for high-end National Football League and Major League Baseball games, which helped drag the company's cable networks unit down by 1 percent to $1.3 billion.
The drop at cable networks, the company's largest unit, likely drove Disney shares lower, said Gabelli & Company analyst Brett Harriss, who rates Disney a "hold."
** TRANSOCEAN LTD, $29.36, -1.87 pct
The rig contractor expects to incur impairment charges of $2.76 billion in the third quarter as it grapples with an oversupplied offshore drilling market, and said it would delay its quarterly results. Continued...