Stock Groups

Snap, Abercrombie & Fitch, Roblox and more

[ad_1]

Snap Inc.’s banner is photographed on the New York Stock Exchange façade by a man. This was March 2, 2017.

Brendan McDermid | Reuters

See which companies are making the headlines Tuesday afternoon trading.

Snap — Shares of Snapchat’s parent company plummeted 41.2%Snap declared it was unlikely to meet revenue and earnings estimatesIn the current quarter, plans are to reduce hiring in order to manage expenses. Social media firm cited inflation, shortages in supply chains and uncertainty surrounding Apple’s privacy change as reasons why they were advising caution.

Roblox — Shares of Roblox plunged 8.4% after Atlantic Equities downgraded the online gaming platform’s stock to neutralWeakening user engagement, app downloads and other factors were cited as reasons.

Meta, Alphabet, Apple — Tech stocks fell Tuesday following a warning from Snapchat that it’s likely to miss its own earnings and revenue targets for the current quarter. Alphabet and Meta Platforms shares fell by 6%, 3.6% and 8.6%. 16.00% and 24.4%, respectively.

Abercrombie & Fitch — Shares of the apparel retailer tumbled more than 30% after the company reported that freight and product costs weighed on sales for the fiscal first quarter. The company also reduced its outlook for fiscal 2022 sales, stating that the economic headwinds may continue through at least the end.

Omnicom Group — The advertising stock dropped more than 11% after a revenue warning from Snap caused concerned about the digital ad market. A transcript of FactSet shows that an Omnicom executive told a JPMorgan conference Tuesday that the advertising environment is “challenging.”

AutoZone — Shares gained 4% following an earnings beat from the auto parts retailer. AutoZone’s most recent quarter saw a profit of $29.03 per share, which is more than what analysts expected to see (record $26.05 per share). The revenue also exceeded estimates.

Zoom — Shares jumped 8% after the videoconferencing company surpassed earnings expectationsIt has also raised its outlook. Zoom indicated that they are working on products that will help a hybrid workforce. Zoom posted earnings at $1.03 per Share, compared to a Refinitiv consensus estimate that it would earn 87c per share.

Petco – Shares of the pet products retailer popped 1.4% after a better-than-expected quarterly report. Petco earned 17 cents per shares on revenue of $1.48billion for an adjusted first quarter profit. Refinitiv reports that analysts expected earnings to be 15 cents on $1.46 billion revenue. Wall Street also saw the company surpass expectations in terms of comparable store sales.

Snowflake — Shares of the cloud data company dropped nearly 5% ahead of its quarterly earnings report this week. Even after Rosenblatt Securities analysts said that Snowflake was down, the stock can surge 84%.

— CNBC’s Tanaya Macheel, Hannah Miao, Jesse Pound and Samantha Subin contributed to this report.

[ad_2]