Midday Movers: Snap, Twitter, Verizon and More
2022.07.22 20:14
By Liz Moyer
Investing.com — U.S. stocks fell on Friday on a weakening in the tech sector brought on by social media stocks. Here are the midday movers for July 22:
-
Snap Inc (NYSE:SNAP) shares sank 40% after it missed expectations for the quarter and wouldn’t offer a forecast. It’s going to slow hiring amid slowing demand for online advertising and competition from other social media sites such as TikTok.
-
Twitter Inc (NYSE:TWTR) shares eked out a 0.4% gain after the company disappointed with revenue, profit and user growth during the quarter, blaming some of its turbulent performance on its battle with Elon Musk over his $44 billion takeover, which he wants to abandon but the company is suing to uphold.
- Verizon Communications Inc (NYSE:VZ) shares fell 7% after it cut its full year forecast as higher prices cut into phone subscriber growth.
-
American Express Company (NYSE:AXP) shares jumped nearly 3% after the card company said travel and entertainment spending had jumped.
-
GameStop Corp (NYSE:GME) shares fell 7% after the meme stock favorite split 4-for-1, bringing its share price to around $38. Stock splits don’t usually mean much for shareholders but can attract new investors because the split lowers the entry price for ownership.
