Midday Movers: Snap, American Express, Adidas and More

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Midday Movers: Snap, American Express, Adidas and More
Credit: © Reuters.

By Liz Moyer

Investing.com -- Stocks jumped on Friday on a glimmer of hope the Federal Reserve could start easing back on its interest rate hikes after its November meeting. Here are the midday movers for Oct. 21:

  • Snap Inc (NYSE: SNAP ) shares tumbled 30% after it warned fourth-quarter revenue would likely be flat from last year because of an anticipated slowdown in digital advertising. Other ad-dependent companies had weakness in their shares, including Meta Platforms Inc (NASDAQ: META ), down 2.6%, and Alphabet (NASDAQ: GOOGL ) (NASDAQ: GOOG ), down 0.2%.

  • American Express Company (NYSE: AXP ) shares fell 3.5% despite beating third-quarter expectations. The card issuer raised its provision for credit losses to $778 million in anticipation of a weaker economy.

  • Adidas AG (ETR: ADSGN ) stock fell 5% after the athletic apparel maker reported disappointing third-quarter results and cut its outlook for the full year on weaker business in China and lower demand.

  • Verizon Communications Inc (NYSE: VZ ) stock fell 4.6% after subscriber growth in its wireless plans failed to meet expectations, despite the third quarter overall beating analyst estimates. It maintained its guidance for the full year.

  • Schlumberger NV (NYSE: SLB ) stock rose 9.5% as the oil services company is benefitting from an increase in drilling activity, pushing third-quarter profit and revenue higher than expected. Management said it expects multiple years of growth.

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