Friday was a difficult day for the stock market following data revealing that employers have added the least number of jobs in five years last month. The S&P 500 was down 0.3% Friday, while the Dow Jones Industrial Average dipped 0.2%.
Walt Disney Co (NYSE:DIS) had good news from the box office over the weekend, Microsoft Corporation (NASDAQ:MSFT) had a few announcements to share and Hercules Offshore, Inc. (NASDAQ:HERO) has some extremely disappointing news for shareholders.
Here’s what’s happening with these companies as we enter the new trading week.
Hercules Offshore, Inc. (HERO)
One bankruptcy filing is bad enough, but two?
That’s the fate of Hercules Offshore, Inc., which has just announced its second bankruptcy in as many years, sending already low-priced HERO stock into a 20% plunge in Monday’s premarket trading.
The drilling contractor’s first bankruptcy was filed last August, and six months ago, the company re-emerged. Now, after being unable to find a buyer for the business, it plans to sell off its assets and shut down the company, and it’s offering between $12.5 million and $41 million to shareholders if they help the company get the plan approved.
Walt Disney Co (DIS)
DIS continues to enjoy good things from Zootopia, which is surpassing box office estimates by netting $1 billion around the globe.
The film is the second highest-earning Disney title since Frozen, which was released in 2013. Zootopia also is one of just two Disney flicks to make $1 billion in the box office, joining Captain America: Civil War.
The flip side, of course, is that Disney has had a few box office flops, too — including the Alice in Wonderland sequel. That, as well as weakness in its ESPN unit, has resulted in a 6% year-to-date drop for DIS shares amid an up year for the broader market.
Microsoft Corporation (MSFT)
Microsoft had plenty to share this weekend, including news on the virtual reality front.
The company is sharing its Windows Holographic Platform to developers, offering them the opportunity to use Microsoft’s technology for augmented reality and VR hardware.
The tech giant also announced that Microsoft Band 2 will now come equipped with voice assistant Cortana.
Satya Nadella & Co. aren’t pulling any punches in the smartphone industry as Microsoft and Xiaomi Corp. recently have partnered up to develop a $400 phone that they hope will cut into iPhone sales.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.