Check out the companies making headlines in midday trading.
snap – Shares of Snapchat’s parent company plunged 28.1% after missing revenue estimates and posting the slowest revenue growth since its IPO as advertising spending eased. Snap’s results hit other ad-dependent stocks, sending shares of Pinterest and meta platforms by about 6.4% and 1.2% respectively.
Twitter – The social media stock fell more than 4.9% on Friday amid a flurry of media reports from Twitter and Elon Musk. The Washington Post reported Thursday that the Tesla CEO told some potential investors that he would shed nearly three-quarters of the Twitter workforce in his deal to buy the company. Bloomberg reported that the Biden administration is considering subjecting some of Musk’s operations to national security reviews.
American Express – American Express shares fell about 1.7% even after the bank reported quarterly earnings and earnings that beat analysts’ expectations. The bank also raised its full-year guidance and increased the amount of money it set aside for potential defaults. This signals that higher interest rates could hurt customers in the future.
Verizon — Shares of the telecom giant fell 4.5%. Although the company beat consensus estimates for earnings per share and revenue in the third quarter, it reported lower-than-expected growth in postpaid phone lines, citing the impact of price increases. The company is struggling to keep attracting monthly-paying customers post-pandemic.
Huntington Bank Stocks — Shares gained 9.5% after the bank operator beat third-quarter earnings estimates and raised its net interest income forecast for 2022.
Modern — Moderna’s stock rose 8.4% as SVB Securities upgraded the biotech to market performance and raised its price target after a long period of underperformance.
AT&T — Shares of the telecom giant rose 2.1%, boosted by a rare upgrade from Truist to buy from hold following the company’s strong quarterly results. AT&T stock is set to gain nearly 13% this week.
Pfizer – Big Pharma stock rose 4.8%. The shares were supported by a Reuters report that a Pfizer executive said on Thursday the company plans to increase the price of its Covid-19 vaccine to as much as $130 per dose, up from around $30 Dollars per dose that the US government currently pays to FactSet.
Schlumberger — The oilfield services provider rose more than 10.3% as pretax operating income and revenues from well construction and production systems beat all estimates, according to StreetAccount.
Juniper Networks – Shares of the Internet router maker rose 4.2% after Raymond James upgraded the stock to a strong buy from an outperform rating and said Juniper Networks stock could rise more than 30%.
Robert Half International — Shares of the executive search firm fell 8.5% after forecasting fourth-quarter earnings and revenue that came in below analysts’ estimates, according to StreetAccount.
Boston beer – The Samuel Adams brewer rose 19.7%, according to StreetAccount after third-quarter net sales beat Wall Street analysts’ estimates.
teaching healthcare — Shares of the hospital operator plunged 31% after releasing a weaker-than-expected outlook for the current quarter. Tenet Health also announced a $1 billion share buyback plan and said it was trying to weather a cyberattack that took place this year.
SVB Finance Group – Shares of the commercial bank fell 24% on Friday after Janney Montgomery Scott downgraded the stock to neutral from a buy. The firm’s analyst also lowered his price target on the stock to $280 from $500.
HCA healthcare – Shares of the healthcare company fell 5.7% after mixed third-quarter results. HCA reported revenue of $14.97 billion, compared to StreetAccount’s estimate of $15 billion.
spring living — Real estate investment trust stock rose 23.3% after the Wall Street Journal reported that Kushner Cos. offers to buy Veris Residential. The deal would reportedly value the company at $4.3 billion including debt, or $16 per share.
CSX — Rail stock rose 1.7% after the company released third-quarter results that beat Wall Street estimates for revenue and earnings. CSX had adjusted earnings of 52 cents a share on sales of $3.9 billion.
– CNBC’s Alex Harring, Michelle Fox, Scott Schnipper, Carmen Reinicke and Tanaya Macheel contributed coverage
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