Signage for Snap Inc. Snapchat’s parent company, front of the New York Stock Exchange, March 2, 2017 in New York City.
Check out which companies are making the headlines in midday trading.
American Express – Shares of the credit card company rose 2.9% as growth in travel and leisure spending helped American Express beat Wall Street estimates. The company reported earnings of $2.57 per share and generated $13.40 billion in revenue in the second quarter. Analysts polled by Refinitiv had set $2.41 per share on $12.50 billion in revenue.
Snap Snap is down 38% after the company reported disappointing second-quarter results. Parent company Snapchat, which also said it plans to slow hiring, cited Apple iOS changes and slowing demand for its online advertising platform among the reasons for the failures in the top and bottom ranks. Snap was hit by a wave of cutbacks on Wall Street over the results.
Tech stocks – Tech stocks that rely on online advertising fell on the back of dismal results from Snap. Shares of Meta Platforms, Alphabet and Pinterest fell 7.6%, 6% and 14%, respectively, amid concerns that slowing online advertising sales may also affect these names.
Twitter — The social media stock is up nearly 1% even after the company posted disappointing results in the last quarter. Twitter cited broader ad market headwinds and uncertainty related to the Elon Musk acquisition deal among the reasons for the decline in revenue.
Verizon — Verizon shares fell more than 7% after the company cut its full-year forecast and said it had added 12,000 retail phone subscribers, well below the 144,000 according to StreetAccount. And according to Refinitiv, adjusted quarterly earnings were below estimates.
Mattel — The toy maker’s shares fell more than 6% even though the company reported a fourth-quarter profit outperformance. Mattel said sales of American Girl were down nearly 20%.
Paramount Global — Paramount shares fell more than 3% after Moffett Nathanson downgraded the company to an underperformer and lowered its target price for the stock. The company said its low rating is due to the possibility of an upcoming recession, which will slow advertiser spending and put additional pressure on the company.
Capital One Financial Shares of Capital One fell 5.7% after the financial services company missed earnings and revenue estimates in the last quarter. The company reported earnings per share of $4.96 on revenue of $8.23 billion.
Seagate — Technology stocks fell 9.1% after they missed estimates in the top and bottom lines in the last quarter. Seagate reported earnings per share of $1.59 on $2.63 billion in revenue.
Intuitive Surgical — The medical device company’s stock fell 5.7% after it missed earnings and revenue estimates for the last quarter. Earnings per share came in five cents lower than estimates, according to Refinitiv.
Schlumberger – Oilfield services inventory added 4.8% on the back of better-than-expected quarterly results in net profit. Schlumberger also raised its full-year forecast.
HCA Healthcare – Shares of the hospital operator rose about 12.2% after reporting adjusted earnings of $4.21 per share on revenue of $14.82 billion. Analysts had expected earnings of $3.70 per share on revenue of $14.72 billion.
– CNBC’s Tanaya Machel, Carmen Reinke and Jesse Pound contributed to this report.
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