STOCK MARKET NEWS: Disney job cuts, Musk responds to Twitter outage, Toyota profit

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Disney shares rise on job cuts and earnings beat. Twitter suffers outage. PepsiCo earnings on tap. Affirm Holdings shares plunge. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.

The price of gasoline continued to tick lower on Thursday.The average price of a gallon of gasoline on Wednesday was $3.445.One week ago, a gallon of gasoline cost $3.498. A month ago, that same gallon of gasoline cost $3.280.per gallon at $4.593, but that is still far from the $3.854 of a year ago.Mattel logo on Wednesday, joining rival Hasbro Inc in feeling the brunt of persistently high inflation that has hit demand for its action figures and Barbie dolls.

While the toy industry has historically been more resilient to economic downturns than other discretionary sectors, Mattel said demand dropped off suddenly and sharply in October and November, leading to more profit-margin denting clearance sales to get rid of excess inventory.between $1.10 and $1.20 per share for the full year, below analysts' expectations of $1.66, according to Refinitiv data.

The company's gross margin fell 630 basis points to 43% in the fourth quarter ended Dec. 31. Excluding one-time items, Mattel earned 18 cents per share, below estimates of 29 cents. Overall gross billings for Barbie, Mattel's biggest brand, fell 33% in the quarter, while those of Hot Wheels rose 8%.Posted by Reuters

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Disney stock gains as Bob Iger's earnings return produces a beat despite Disney+ disappointmentDisney Chief Executive Bob Iger returned to the earnings stage Wednesday and delivered a big beat, largely thanks to improving financial results at $DIS’s theme parks, but Disney+ subscribers declined more than expected.
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Disney stock soars as Iger plans 7,000 job cuts in return to earnings stageBob Iger returned to Disney's earnings stage and delivered a big beat, largely thanks to theme parks, but Disney+ subscribers declined more than expected.
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