Snap, Twitter, Verizon Fall Premarket; CSX, Schlumberger Rise
By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, October 21st. Please refresh for updates.
Snap (NYSE: SNAP) stock slumped 28% after the owner of photo messaging app Snapchat forecast zero revenue growth for the current quarter, facing strong competition for advertising spending.
Twitter (NYSE: TWTR) stock fell 4.7% after Bloomberg reported that the Biden administration is considering subjecting Elon Musk's takeover bid to a national security review, potentially scuppering the deal.
- Verizon (NYSE: VZ) stock fell 3.7% after the telecoms giant posted a 23% slide in third-quarter profit and missed market estimates for wireless subscriber additions, as several customers opted for cheaper plans from rivals.
Pinterest (NYSE: PINS) stock fell 8.5%, Meta Platforms (NASDAQ: META) stock fell 4.9%, and Alphabet (NASDAQ: GOOGL) stock fell 2% after Snap’s results triggered a slide in other social media stocks dependent on advertising revenue.
American Express (NYSE: AXP) stock fell 4.7% after the credit card company built provisions to $778 million in the reported quarter to prepare for potential defaults, even as it said its third-quarter profit had modestly improved.
CSX (NASDAQ: CSX) stock rose 3.6% after the railroad operator reported strong quarterly results, beating expectations on both the top and bottom lines.
Whirlpool (NYSE: WHR) stock fell 4.8% after the household appliances manufacturer company reported weak third-quarter net sales, while its bottom line was hurt by short-term headwinds.
Robert Half (NYSE: RHI) stock dropped 12.3% after the employment agency reported disappointing quarterly earnings, as the previous high demand for temporary and part-time staffing slowed.
Schlumberger (NYSE: SLB) stock rose 1.3% after the oil services provider reported a 65% jump in third-quarter profit as a surge in oil prices encouraged drilling activity.
Juniper Networks (NYSE: JNPR) stock rose 2.7% after Raymond James upgraded its stance on the networking products provider to ‘strong buy’ from ‘outperform’, saying it can rally 30%.
- SVB Financial (NASDAQ: SIVB) stock slumped 18% after the commercial bank lowered its 2022 outlook for deposits, net interest income, and net income margin, citing a “challenging environment.”