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Pre-Bell | S&P 500, Nasdaq Futures Fall; Snap Plunges 30%

Tiger Newspress2022-07-22

S&P 500 and Nasdaq futures fell on Friday, with social media firms and companies that sell online ads leading declines after Snap Inc missed quarterly revenue targets.

The Snapchat owner's shares plunged 30.7% in premarket trading as it declined to make a forecast and said record-high inflation and increasing competition hurt advertising demand.

Nasdaq futures fell the most among its peers, with Meta Platforms Inc and Alphabet Inc involved in online ad tech dropping 4.5% and 3%, respectively.

Twitter Inc shed 2.3% after reporting its quarterly results, while Meta and Alphabet were set to post their earnings next week along with other Big Tech firms including Apple Inc, Microsoft Corp and Amazon.com Inc.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were down 48 points, or 0.15%, S&P 500 e-minis were down 6.5 points, or 0.16%, and Nasdaq 100 e-minis were down 40.25 points, or 0.32%.

Pre-Market Movers

Snap (SNAP) – Snap tumbled 30.7% in the premarket after the Snapchat parent reported a wider-than-expected quarterly loss and its slowest sales growth since going public. It also said current quarter sales are on pace for a flat performance, compared with a year ago, amid tougher economic conditions and growing competition for digital ad dollars.

American Express (AXP) – American Express rallied 4.1% in the premarket after beating top and bottom line estimates for the second quarter. Card members registered record spending, driven by a rebound in travel and entertainment.

Verizon (VZ) – Verizon fell 5% in the premarket after adjusted quarterly earnings fell short of estimates and the company cut its full-year forecast. Verizon is seeing its phone subscriber growth impacted by higher prices.

Schlumberger (SLB) – The oilfield services company reported better-than-expected profit and revenue for the second quarter and raised its full-year outlook. Schlumberger is benefiting from increased demand for its services amid higher oil prices. Its stock added 2.3% in premarket trading.

HCA Healthcare (HCA) – HCA surged 12.7% in the premarket after beating top and bottom line estimates for its latest quarter. The hospital operator’s better-than-expected results came despite labor market and inflation challenges.

Cleveland-Cliffs (CLF) – The mining company’s stock slid 2.5% in premarket action after its latest quarterly earnings fell short of Street forecasts, though revenue beat consensus estimates. Cleveland-Cliffs noted its exposure to the auto sector, where supply chain issues have constrained production, and said it expects to benefit as those issues resolve.

Mattel (MAT) – Mattel fell 2.6% in premarket trading despite a better-than-expected quarterly performance and strong sales of movie-themed toys. However, sales of its American Girl brand slid nearly 20% during the quarter.

Seagate Technology (STX) – Seagate Technology slumped 10.5% in premarket action trading after the disk drive maker missed quarterly estimates on both the top and bottom lines. It also issued a weaker-than-expected forecast as demand wanes for products like personal computers.

Tenet Healthcare (THC) – The hospital operator nearly doubled the 82-cent consensus estimate with an adjusted quarterly profit of $1.50 per share. Tenet said it was able to navigate through challenging market conditions as well as a cyber attack. Its stock surged 13.2% in the premarket.

Intuitive Surgical (ISRG) – Intuitive Surgical missed estimates on both the top and bottom lines for its latest quarter, as placements of its Da Vinci robotic surgical systems fell. The company said Covid resurgences are impacting the number of procedures performed with the system, and its shares tumbled 11.1% in premarket trading.

Boston Beer (SAM) – Boston Beer took a 9.3% premarket hit after reporting lower-than-expected earnings for its latest quarter and cutting its full-year forecast. Waning demand for its Truly hard seltzer brand continues to impact overall performance for the brewer of Sam Adams beer.

Market News

Russia, Ukraine Expected to Sign Deal to Unblock Grain Exports

Officials from Russia, Ukraine and the United Nations planned to sign a deal to resume exports of Ukrainian grain via the Black Sea on Friday, Turkish and U.N. officials said, in an announcement that raised hopes of freeing food supplies trapped by the war.

U.N. Secretary-General António Guterres landed in Istanbul on Thursday evening, a U.N. official said, adding that the parties involved had come to an agreement but cautioned that last-minute problems could still arise before they sign off on the deal, expected on Friday.

BofA Says Stock Outflows Are Catching Up to Market Despair

Fund flows are starting to add evidence that investors are throwing in the towel on stocks, according to Bank of America Corp strategists.

Investors have pulled cash from global equity-focused mutual funds for at least five weeks, yanking $4.5 billion in the most recent period, according to the bank, which relies on EPFR Global data.

Coinbase Blasts SEC Over Insider Trading Case, Insists It Does Not List Securities

Coinbase pushed back on claims from the Securities and Exchange Commission that it offers unregistered securities, following fraud charges against a former employee at the company.

An ex-Coinbase product manager was charged Thursday, along with two other individuals, with wire fraud in connection with an insider trading scheme involving cryptocurrencies. The case is the first of its kind.

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Comment34

  • 苏纪来福
    ·2022-07-28
    標準普爾500指數和納斯達克期貨☞(週五)下跌,社交媒體公司和銷售在線廣告的公司領跌,此前SNAP公司未能實現季度收入目標。老大今天是週五還是週四?難道還是我還沒有睡醒嗎?
    Reply
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  • Rocketupup
    ·2022-07-23
    Like like
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  • Looyusooi
    ·2022-07-22
    Ok 
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  • iisterry
    ·2022-07-22
    X
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  • Arnoldy
    ·2022-07-22
    L
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    • Tchwee56
      Like
      2022-07-22
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    • JessFeng
      o
      2022-07-22
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  • OngCK
    ·2022-07-22
    Like and comment pls 
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    • Arnoldy
      L
      2022-07-22
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  • huathuatking
    ·2022-07-22
    Ok
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  • DKim
    ·2022-07-22
    Great
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  • lawteoh777
    ·2022-07-22
    Like
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    • OngCK
      Ok
      2022-07-22
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      Ok
      2022-07-22
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  • Jess321
    ·2022-07-22
    Ok
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    View more 1 comments
  • KPTan
    ·2022-07-22
    Tq for sharing 
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    • nancy88
      Hi
      2022-07-22
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    • Kfccc
      😯
      2022-07-22
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  • 来人
    ·2022-07-22
    Ok
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  • S土豪熊貓G
    ·2022-07-22
    Tiger Long!
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  • KopiLim
    ·2022-07-22
    Ok
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  • AsherA
    ·2022-07-22
    Like pls
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    • Alexiss
      K
      2022-07-22
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  • Bodoh
    ·2022-07-22
    And Twitter ?
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  • Derrick0359
    ·2022-07-22
    Pls comment 
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    • AsherA
      eh
      2022-07-22
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  • jimmychoo
    ·2022-07-22
    Like me pls! 
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    • Bodoh
      Ok
      2022-07-22
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  • FunnyFun
    ·2022-07-22
    LIKE
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  • Art123
    ·2022-07-22
    Ok
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