Stocks making the biggest moves midday: Snap, American Express, Verizon, Twitter and more
Snap — Shares of the Snapchat parent company cratered 30% after it missed revenue estimates and saw its slowest sales growth since going public as advertising spending slows. The results from Snap hit other ad-reliant stocks, sending shares of Pinterest and Meta Platforms down about 7.7% and 2.6%, respectively.
Twitter — The social media stock sank more than 4% Friday amid a slew of media reports on Twitter and Elon Musk. The Washington Post reported on Thursday that the Tesla CEO told some potential investors that he would slash nearly three-quarters of Twitter’s workforce in his deal to buy the company. Bloomberg reported that the Biden administration is weighing whether it should subject some of Musk’s ventures to national security reviews.
American Express – Shares of American Express fell about 3.5% even after the bank reported quarterly earnings and revenue that beat analysts’ expectations. The bank also raised its full-year forecast and increased the amount of money it set aside for potential defaults. That signals higher interest rates could hurt customers in the future.
Verizon — Shares of the telecom giant slid 5%. Though the company beat consensus estimates for earnings per share and revenue in the third quarter, it reported smaller growth in postpaid net phone lines than expected, citing impacts from price increases. The company has struggled to continue to grow customers paying monthly coming out of the pandemic.
Huntington Bancshares — Shares gained 8% after the bank operator topped earnings estimates for the third quarter and upped its net interest income outlook for 2022.
AT&T — Shares of the telecom giant gained 1%, boosted by a rare upgrade from Truist to a buy from hold after the company’s strong quarterly results. AT&T’s stock is on pace to gain nearly 13% this week.
Pfizer – The big pharma stock surged 4%. Shares were helped by a Reuters report that a Pfizer executive said on Thursday the company is planning to raise the price of its Covid-19 vaccine to as much as $130 a dose, up from the roughly $30 a dose the U.S. government currently pays, according to FactSet.
Schlumberger — The oil field services provider jumped more than 9% as pretax operating income and well construction and production systems revenue all topped estimates, according to StreetAccount.
Juniper Networks — Shares of the provider of internet routers gained 3% after Raymond James upgraded the stock to a strong buy from an outperform rating and said Juniper Networks’ stock could rally more than 30%.
Robert Half International — The human resources consultant’s shares slumped more than 8% after forecasting fourth-quarter earnings and revenue below analysts’ estimates, according to StreetAccount.
Boston Beer — The Samuel Adams’ beer brewer jumped 17% after third-quarter net revenue topped Wall Street analysts’ estimates, according to StreetAccount.
Tenet Healthcare — Shares of the hospital operator plummeted 29% after sharing a weaker-than-anticipated outlook for the current quarter. Tenet Health also announced a $1 billion share buyback plan and said it is attempting to overcome a cyberattack that occurred this year.
SVB Financial Group – Shares of the commercial bank slid 20% on Friday after Janney Montgomery Scott downgraded the stock to neutral from buy. The analyst at the firm also cut his price target on the stock to $280 from $500.
HCA Healthcare – The health-care company saw its shares tumble 8% following its mixed third-quarter results. HCA reported revenue of $14.97 billion, compared to StreetAccount estimates of $15 billion.
Veris Residential — The real estate investment trust’s stock jumped 22% following a Wall Street Journal report that Kushner Cos. is offering to buy Veris Residential. The deal would reportedly value the company at $4.3 billion including debt, or $16 a share.
CSX — The rail stock rose about 1% after the company posted third-quarter results that surpassed Wall Street’s estimates on the top and bottom lines. CSX had adjusted earnings of 52 cents a share on revenues of $3.9 billion.
— CNBC’s Alex Harring and Michelle Fox contributed reporting