A sign for Snap Inc., the parent company of Snapchat, decorates the facade of the New York Stock Exchange, March 2, 2017 in New York City.
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Check out the companies that make headlines in midday trading.
American Express Shares of the credit card company rose 2.9% as growth in travel and entertainment spending helped American Express beat Wall Street estimates. The company reported $2.57 in earnings per share on $13.40 billion in revenue for the second quarter. Analysts surveyed by Refinitiv raked in $2.41 per share on $12.50 billion in revenue.
Snap – Snap fell 39.1% after The company reported disappointing results for the second quarter. Parent company Snapchat, which also said it plans to slow hiring, cited Apple’s iOS changes and slowing demand for its online advertising platform as reasons for the hiring. miss profit from start and end. Snap has affected by the wave of Wall Street downgrades after the results.
Tech stocks – Shares of tech companies that depend on online advertising have tumbled following dismal results from Snap. Shares of Meta . Platform, Alphabet and Pinterest down 7.6%, 5.6% and 13.5% respectively due to concerns that slowing online ad sales could also affect these names.
Twitter Shares on social networks up nearly 1% even after the company posted disappointing results in the recent quarter. Twitter cited the turbulence of the broader ad market and uncertainty related to Elon Musk’s takeover among the reasons for the drop in revenue.
Verizon – Verizon shares fell 6.7% after the company cut its full-year forecast and said it added 12,000 net retail phone subscribers, much lower than the 144,000 estimated by StreetAccount. According to Refinitiv, adjusted quarterly earnings fell short of estimates.
Mattel – Its shares fell more than 7% even though the company reported a decline in profits and profits in its most recent quarter. American Girl sales fell nearly 20 percent, Mattel said.
Paramount Global – Shares of Paramount drops 2.9% after MoffettNathanson downgrades the company underperforms and cuts its stock price target. The company said its lower ratings were due to the potential for an upcoming recession, which would slow advertiser spending and put additional pressure on the company.
Capital One Financial – Capital One stock fell 4.7% after the financial services company skipped earnings and revenue estimates for the recent quarter. The company reported earnings per share of $4.96 on revenue of $8.23 billion.
Seagate Technology shares fell 8.1% after missing revenue and profit estimates for the recent quarter. Seagate reported earnings per share of $1.59 on revenue of $2.63 billion.
Intuitive surgery The medical device company’s stock fell 5.7% after missing recent quarter earnings and revenue estimates. Earnings per share were 5 cents below estimates, according to Refinitiv.
Schlumberger – Oilfield services shares rose 4.3% on quarterly results, beating earnings and profit expectations. Schlumberger also offered an outlook for the full year.
HCA Healthcare The hospital operator’s stock jumped about 11.4% after posting adjusted earnings of $4.21 per share on revenue of $14.82 billion. Analysts forecast earnings of $3.70 per share on $14.72 billion in revenue.
– CNBC’s Tanaya Macheel, Carmen Reinicke and Jesse Pound contributed reporting
