During Market hours yesterday — (Tuesday – 24.05.2022)
- The Dow (Symbol: DIA) went up 0.17%. The S&P 500 (Symbol: SPY) lost 0.76%. and the Nasdaq (Symbol: QQQ) fell 2.13%.
- Snapchat (Symbol: SNAP) — Shares of Snapchat’s parent company plummeted 43.1% after Snap said it’s unlikely to meet revenue and earnings estimates in the current quarter and plans to slow hiring to tame expenses. The social media company cited inflation, supply chain shortages and uncertainties surrounding Apple’s privacy changes among the reasons for the warning.
- Tech stocks fell Tuesday following a warning from Snapchat that it’s likely to miss its own earnings and revenue targets for the current quarter. Shares of Apple (Symbol: AAPL), Alphabet (Symbol: GOOG), Twitter (Symbol: TWTR), Meta Platforms (Symbol: FB), Roku (Symbol: ROKU) and Pinterest (Symbol: PINS) fell 1.9%, 5%, 5.6%, 7.6%. 13.7% and 23.6%, respectively.
- Abercrombie & Fitch (Symbol: ANF) — Shares of the apparel retailer tumbled 28.6% after the company reported that freight and product costs weighed on sales for the fiscal first quarter. The company also slashed its sales outlook for fiscal 2022, adding that economic headwinds could remain through at least the end of the year.
- Omnicom Group (Symbol: OMC) — The advertising stock dropped 8.4% after a revenue warning from Snap caused concerned about the digital ad market. An Omnicom executive said at a JPMorgan conference on Tuesday that the environment for advertising was “challenging,” according to a transcript from FactSet.
- AutoZone (Symbol: AZO) — Shares gained 5.8% following an earnings beat from the auto parts retailer. AutoZone earned $29.03 per share in its most recent quarter, more than the $26.05 per share expected by analysts polled by Refinitiv. Revenue also beat estimates.
- Zoom (Symbol: ZM) — Shares jumped 5.6% after the videoconferencing company surpassed earnings expectations and raised its outlook. Zoom said it is working on products to service a hybrid workplace. The company posted earnings of $1.03 per share compared with a Refinitiv consensus estimate of 87 cents per share.
During Premarket hours today — (Wednesday – 25.05.2022)
- Express (Symbol: EXPR) – The apparel retailer’s shares jumped 11.8% in premarket trading after reporting quarterly results that were better than expected. Express lost an adjusted 10 cents per share, narrower than the 15-cent loss anticipated by analysts, and revenue topped forecasts as well. Express also raised its full-year outlook for comparable-store sales.
- Wendy’s (Symbol: WEN) – Wendy’s rallied 8.8% in premarket action after long-time shareholder Trian Fund Management said it was exploring an acquisition or other potential deal for the restaurant chain. Trian is the company’s largest shareholder, with a 19.4% stake.
- Dell Technologies (Symbol: DELL) – Dell added 1% in premarket trading after Evercore added the information technology company to its “Tactical Outperform” list. Evercore believes IT demand trends remain strong enough to lead to an earnings beat and a raised outlook when Dell reports quarterly earnings Thursday.
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