Midday Movers: Snap, American Express, Adidas and More
By Liz Moyer
Investing.com -- Stocks jumped on Friday on a glimmer of hope the Federal Reserve could start easing back on its interest rate hikes after its November meeting. Here are the midday movers for Oct. 21:
Snap Inc (NYSE: SNAP) shares tumbled 30% after it warned fourth-quarter revenue would likely be flat from last year because of an anticipated slowdown in digital advertising. Other ad-dependent companies had weakness in their shares, including Meta Platforms Inc (NASDAQ: META), down 2.6%, and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), down 0.2%.
American Express Company (NYSE: AXP) shares fell 3.5% despite beating third-quarter expectations. The card issuer raised its provision for credit losses to $778 million in anticipation of a weaker economy.
Adidas AG (ETR: ADSGN) stock fell 5% after the athletic apparel maker reported disappointing third-quarter results and cut its outlook for the full year on weaker business in China and lower demand.
Verizon Communications Inc (NYSE: VZ) stock fell 4.6% after subscriber growth in its wireless plans failed to meet expectations, despite the third quarter overall beating analyst estimates. It maintained its guidance for the full year.
Schlumberger NV (NYSE: SLB) stock rose 9.5% as the oil services company is benefitting from an increase in drilling activity, pushing third-quarter profit and revenue higher than expected. Management said it expects multiple years of growth.