By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Friday, July 22nd. Please refresh for updates.
Snap (NYSE: SNAP ) stock slumped 30% after Snapchat owner posted a loss of $422 million for the quarter as well as its slowest ever growth in sales as a public company, adding it would “substantially” cut its hiring.
Verizon (NYSE: VZ ) stock fell 4.5% after the telecoms giant cut its annual adjusted profit forecast after adding fewer-than-expected monthly bill-paying phone subscribers in the second quarter, a sign that red-hot inflation has begun impacting its business.
Mattel (NASDAQ: MAT ) stock fell 1.7% despite the toymaker beating quarterly results estimates as surging costs of raw materials, freight and labor resulted in its margins falling to 45% from last year's 47.5%.
Boston Beer (NYSE: SAM ) stock fell 8.7% after the brewer issued disappointing full-year guidance with demand for its Truly Hard Seltzer brand seeing a further drop in demand.
American Express (NYSE: AXP ) stock rose 4.5% after the credit card giant posted record cardholder spending, overshadowing a fall in quarterly profit on higher costs and an increase in reserves for potentially sour loans.
Intuitive Surgical (NASDAQ: ISRG ) stock fell 11% after the medical devices company reported disappointing second quarter results, saying it was unable to place fewer of its flagship robotic systems.
Schlumberger (NYSE: SLB ) stock rose 2.8% after the oilfield services provider raised its annual revenue forecast, buoyed by higher demand for its services from producers looking to raise output as oil prices surged.
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