Shares of Disney closed down roughly three percent on Friday. Retail names such as Macy's and Best Buy also took a hit. Leah Duncan reports.
U.S. stocks ended the day little changed on Friday. Disney weighed on the Dow and S&P 500 after it said on Wednesday that its ESPN sports network lost three million subscribers in 2015. For the week, stocks were mixed. Recon Capital's Kevin Kelly: (SOUNDBITE) KEVIN KELLY, MANAGING PARTNER AND CIO, RECON CAPITAL PARTNERS (ENGLISH) SAYING: "This is a big overhang on the stock, especially when their leader ESPN is seeing that come down. Because live sports is really where the advertising is going in TV. So, when you see that come down, it really impacts the stock." Investors also fretted about disappointing reports on the holiday season. The annual Black Friday shopping event didn't lure the massive crowds as in previous years. Names such as Macy's, Best Buy and J.C. Penny ended the day lower. Target though saw its shares move higher. Light store traffic didn't mean consumers were doing less shopping. They spent close to $1 billion online between midnight and 11 a.m. eastern, according to the Adobe Digital Index. That's a 15 percent jump over last year. But the National Retail Federation said it's expecting holiday sales to rise just 3.7 percent, slower than the rate in 2014 due to stagnant wages and sluggish job growth. European equities ended the day lower after stocks slid in China.