Snap, American Express, Verizon, Twitter and more

Find out which companies are making headlines in the midday business.

Instantaneous – Shares of Snapchat’s parent company cratered 28.1% after missing revenue estimates and seeing its slowest sales growth since its IPO as ad spending slowed. Snap’s results impacted other ad-dependent stocks, sending stocks from pinterest and Metaplatforms down about 6.4% and 1.2%, respectively.

Twitter – The social media stock fell more than 4.9% on Friday amid a slew of Twitter and Elon Musk reports. The Washington Post reported on Thursday that the CEO of Tesla told some potential investors that he cut nearly three-quarters of Twitter’s workforce in its agreement to buy the company. Bloomberg reported that the Biden administration is assessing whether it should subject some of Musk’s businesses to national security reviews.

American Express – American Express shares fell about 1.7% even after the bank reported quarterly earnings and revenue that beat analysts’ expectations. The bank also raised its forecast for the full year and increased the amount of money it has set aside for possible defaults. This signals that higher interest rates could hurt customers in the future.

Verizon — Shares of the telecommunications giant slid 4.5%. Although the company beat consensus estimates for earnings per share and revenue in the third quarter, it reported weaker-than-expected postpaid net phone line growth, citing the impacts of price increases. The company struggled to continue growing the number of monthly paying customers coming out of the pandemic.

Huntington Bancactions – Shares gained 9.5% after the banking operator beat third-quarter earnings estimates and raised its outlook for net interest income for 2022.

Modern – Moderna’s stock rose 8.4% as SVB Securities upgraded the biotechnology company to perform well in the market and raised its price target after a long period of underperformance.

AT&T — Shares of the telecom giant gained 2.1%, boosted by a rare upgrade from Truist to a pending purchase after the company’s strong quarterly results. AT&T stock is on track to gain nearly 13% this week.

Pfizer – Shares of big pharma jumped 4.8%. Shares were helped by a Reuters report that a Pfizer executive said on Thursday the company plans to raise the price of its Covid-19 vaccine to as much as $130 a dose, up from around $30 a dose the US government is currently paying, according to FactSet.

Schlumberger — The oilfield service provider jumped more than 10.3% as pretax operating profit and revenue from well construction and production systems all beat estimates, according to StreetAccount.

Juniper Networks — Internet router provider actions gained 4.2% after Raymond James updated the stock to a solid buy from an outperform rating and said Juniper Networks stock could rebound more than 30%.

Robert Half International – Shares of the human resources consultant fell 8.5% after forecasting fourth-quarter earnings and revenue below analysts’ estimates, according to StreetAccount.

boston beer – Beer brewer Samuel Adams jumped 19.7% after third-quarter net revenue beat Wall Street analysts’ estimates, according to StreetAccount.

Health care principle – Shares of the hospital operator fell 31% after sharing a weaker-than-expected outlook for the current quarter. Tenet Health also announced a billion-dollar stock buyback plan and said it was trying to overcome a cyberattack that occurred this year.

SVB Financial Group – Commercial bank shares fell 24% on Friday after Janney Montgomery Scott downgraded the stock to neutral long. The firm’s analyst also cut his price target on the stock to $280 from $500.

Health HCA – The healthcare company saw its shares fall 5.7% after its mixed third-quarter results. HCA reported $14.97 billion in revenue, compared to $15 billion for StreetAccount.

Spring Residential — Shares of the real estate investment trust jumped 23.3% following a the wall street journal report that Kushner Cos. offers to buy Veris Residential. The deal would value the company at $4.3 billion including debt, or $16 per share.

CSX — Rail’s stock rose 1.7% after the company reported third-quarter results that beat Wall Street’s top and bottom estimates. CSX had adjusted earnings of 52 cents per share on revenue of $3.9 billion.

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

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