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Midday Movers: Snap, Twitter, Verizon and More

Stock Markets Jul 22, 2022 13:08
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By Liz Moyer

Investing.com -- U.S. stocks fell on Friday on a weakening in the tech sector brought on by social media stocks. Here are the midday movers for July 22:

  • Snap Inc (NYSE:SNAP) shares sank 40% after it missed expectations for the quarter and wouldn't offer a forecast. It's going to slow hiring amid slowing demand for online advertising and competition from other social media sites such as TikTok.

  • Twitter Inc (NYSE:TWTR) shares eked out a 0.4% gain after the company disappointed with revenue, profit and user growth during the quarter, blaming some of its turbulent performance on its battle with Elon Musk over his $44 billion takeover, which he wants to abandon but the company is suing to uphold.

  • Verizon Communications Inc (NYSE:VZ) shares fell 7% after it cut its full year forecast as higher prices cut into phone subscriber growth.
  • American Express Company (NYSE:AXP) shares jumped nearly 3% after the card company said travel and entertainment spending had jumped.

  • GameStop Corp (NYSE:GME) shares fell 7% after the meme stock favorite split 4-for-1, bringing its share price to around $38. Stock splits don't usually mean much for shareholders but can attract new investors because the split lowers the entry price for ownership.

Midday Movers: Snap, Twitter, Verizon and More
 

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