Snap, Verizon, Boston Beer Fall Premarket; American Express Rises
2022.07.22 15:42
By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Friday, July 22nd. Please refresh for updates.
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Snap (NYSE:SNAP) stock slumped 30% after Snapchat owner posted a loss of $422 million for the quarter as well as its slowest ever growth in sales as a public company, adding it would “substantially” cut its hiring.
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Verizon (NYSE:VZ) stock fell 4.5% after the telecoms giant cut its annual adjusted profit forecast after adding fewer-than-expected monthly bill-paying phone subscribers in the second quarter, a sign that red-hot inflation has begun impacting its business.
- Twitter (NYSE:TWTR) stock fell 2.7% after the social media giant posted a surprise fall in revenue amid fierce competition in a weakening advertising market.
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Mattel (NASDAQ:MAT) stock fell 1.7% despite the toymaker beating quarterly results estimates as surging costs of raw materials, freight and labor resulted in its margins falling to 45% from last year’s 47.5%.
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Boston Beer (NYSE:SAM) stock fell 8.7% after the brewer issued disappointing full-year guidance with demand for its Truly Hard Seltzer brand seeing a further drop in demand.
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American Express (NYSE:AXP) stock rose 4.5% after the credit card giant posted record cardholder spending, overshadowing a fall in quarterly profit on higher costs and an increase in reserves for potentially sour loans.
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Intuitive Surgical (NASDAQ:ISRG) stock fell 11% after the medical devices company reported disappointing second quarter results, saying it was unable to place fewer of its flagship robotic systems.
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Capital One (NYSE:COF) stock fell 5% after the credit card company disappointed with its quarterly results, increasing its provision for credit losses up to $1.1 billion.
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Schlumberger (NYSE:SLB) stock rose 2.8% after the oilfield services provider raised its annual revenue forecast, buoyed by higher demand for its services from producers looking to raise output as oil prices surged.
