A sign of Snap Inc., the parent company of Snapchat, adorns the facade of the New York Stock Exchange on March 2, 2017 in New York City.
Check out the companies that make headlines in the afternoon trade.
American Express – Shares of the credit card company rose 2.9% as rising travel and entertainment spending helped American Express outperform Wall Street estimates. The company reported earnings of $2.57 per share on revenue of $13.40 billion in the second quarter. Analysts polled by Refinitiv recorded $2.41 per share on $12.50 billion in revenue.
Snap — Snap fell 39.1% after the company reported disappointing second-quarter results. Snapchat’s parent company, which also said it plans to slow down hiring, cited changes to Apple’s iOS and declining demand for its online advertising platform among the reasons for its absence from the top and bottom lines. Amid the results, Snap was hit by a wave of Wall Street downgrades.
Shares of technology companies. Shares of tech companies that depend on online advertising fell amid dismal Snap results. Shares of Meta Platforms, Alphabet and Pinterest fell 7.6%, 5.6% and 13.5%, respectively, on fears that slowdown in online advertising sales could also hit those companies.
Twitter. Social media shares are up almost 1% even after the company posted disappointing results for the latest quarter. Twitter cited broader headwinds in the ad market and uncertainty surrounding an Elon Musk takeover deal as among the reasons for the drop in revenue.
Verizon. Verizon’s shares fell 6.7% after the company cut its full-year guidance and said it added 12,000 retail subscribers, well short of StreetAccount’s 144,000. Adjusted quarterly earnings fell short of estimates, according to Refinitiv.
Mattel – Shares in the toy maker are down more than 7% despite the company reporting higher revenue and earnings for the latest quarter. According to Mattel, sales of American Girl have dropped nearly 20%.
Paramount Global – Paramount shares fell 2.9% after MoffettNathanson downgraded the company to underperforming and cut its share price target. The firm said its lower rating was due to the likelihood of an upcoming recession that would slow down advertiser spending and put additional pressure on the company.
Capital One Financial – Shares of Capital One fell 4.7% after the financial services company failed to evaluate earnings and revenue in the latest quarter. The company reported earnings per share of $4.96 on revenue of $8.23 billion.
Seagate — Technology stocks fell 8.1% after missing top and bottom line estimates in the most recent quarter. Seagate reported earnings per share of $1.59 on revenue of $2.63 billion.
Intuitive Surgical – Shares of the medical device company fell 5.7% due to a lack of earnings and earnings estimates in the latest quarter. Earnings per share were 5 cents below estimates, according to Refinitiv data.
Schlumberger – Oilfield services stocks added 4.3% on quarterly results that beat expectations on revenue and net income. Schlumberger also raised its forecast for the full year.
HCA Healthcare – Shares of the hospital operator rose approximately 11.4% after posting adjusted earnings of $4.21 a share on revenue of $14.82 billion. Analysts were expecting earnings of $3.70 per share on revenue of $14.72 billion.
– CNBC’s Tanaya Machiel, Carmen Reinike and Jesse Pound contributed reporting.