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Snap, American Express, Verizon, Twitter and more

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Try the businesses making headlines in midday trading.

Snap — Shares of the Snapchat parent company cratered 28.1% after it missed revenue estimates and saw its slowest sales growth since going public as promoting spending slows. The outcomes from Snap hit other ad-reliant stocks, sending shares of Pinterest and Meta Platforms down about 6.4% and 1.2%, respectively.

Twitter — The social media stock sank greater than 4.9% 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 purchase the corporate. Bloomberg reported that the Biden administration is weighing whether it should subject a few of Musk’s ventures to national security reviews.

American Express – Shares of American Express fell about 1.7% 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 cash it put aside for potential defaults. That signals higher rates of interest could hurt customers in the longer term.

Verizon — Shares of the telecom giant slid 4.5%. Though the corporate beat consensus estimates for earnings per share and revenue within the third quarter, it reported smaller growth in postpaid net phone lines than expected, citing impacts from price increases. The corporate has struggled to proceed to grow customers paying monthly coming out of the pandemic.

Huntington Bancshares — Shares gained 9.5% after the bank operator topped earnings estimates for the third quarter and upped its net interest income outlook for 2022.

Moderna — Moderna’s stock rose 8.4% as SVB Securities upgraded the biotech company to market perform and raised its price goal following an extended period of underperformance.

AT&T — Shares of the telecom giant gained 2.1%, boosted by a rare upgrade from Truist to a buy from hold after the corporate’s strong quarterly results. AT&T’s stock is on pace to achieve nearly 13% this week.

Pfizer – The large pharma stock surged 4.8%. Shares were helped by a Reuters report that a Pfizer executive said on Thursday the corporate is planning to boost the value 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, in response to FactSet.

Schlumberger — The oil field services provider jumped greater than 10.3% as pretax operating income and well construction and production systems revenue all topped estimates, in response to StreetAccount.

Juniper Networks — Shares of the provider of web routers gained 4.2% after Raymond James upgraded the stock to a powerful buy from an outperform rating and said Juniper Networks’ stock could rally greater than 30%.

Robert Half International — The human resources consultant’s shares slumped 8.5% after forecasting fourth-quarter earnings and revenue below analysts’ estimates, in response to StreetAccount.

Boston Beer — The Samuel Adams’ beer brewer jumped 19.7% after third-quarter net revenue topped Wall Street analysts’ estimates, in response to StreetAccount.

Tenet Healthcare — Shares of the hospital operator plummeted 31% after sharing a weaker-than-anticipated outlook for the present quarter. Tenet Health also announced a $1 billion share buyback plan and said it’s attempting to beat a cyberattack that occurred this yr.

SVB Financial Group – Shares of the industrial bank slid 24% on Friday after Janney Montgomery Scott downgraded the stock to neutral from buy. The analyst on the firm also cut his price goal on the stock to $280 from $500.

HCA Healthcare – The health-care company saw its shares tumble 5.7% following its mixed third-quarter results. HCA reported revenue of $14.97 billion, in comparison with StreetAccount estimates of $15 billion.

Veris Residential — The actual estate investment trust’s stock jumped 23.3% following a Wall Street Journal report that Kushner Cos. is offering to purchase Veris Residential. The deal would reportedly value the corporate at $4.3 billion including debt, or $16 a share.

CSX — The rail stock rose 1.7% after the corporate posted third-quarter results that surpassed Wall Street’s estimates on the highest and bottom lines. CSX had adjusted earnings of 52 cents a share on revenues of $3.9 billion.

— CNBC’s Alex Harring, Michelle Fox, Scott Schnipper, Carmen Reinicke and Tanaya Macheel contributed reporting

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