Stocks making the biggest moves midday: Snap, Abercrombie & Fitch, Roblox and more

1 month ago

A antheral photographs a banner for Snap Inc. connected the facade of the New York Stock Exchange connected the greeting of the company's IPO successful New York City, March 2, 2017.

Brendan McDermid | Reuters

Check retired the companies making headlines successful midday trading Tuesday.

Snap — Shares of Snapchat's genitor institution plummeted 41.2% aft Snap said it's unlikely to conscionable gross and net estimates successful the existent 4th and plans to dilatory hiring to tame expenses. The societal media institution cited inflation, proviso concatenation shortages and uncertainties surrounding Apple's privateness changes among the reasons for the warning.

Roblox — Shares of Roblox plunged 8.4% aft Atlantic Equities downgraded the online gaming platform's banal to neutral, citing weakening idiosyncratic engagement and app downloads.

Meta, Alphabet, Apple — Tech stocks fell Tuesday pursuing a informing from Snapchat that it's apt to miss its ain net and gross targets for the existent quarter. Shares of Alphabet, Twitter, Meta Platforms, Roku and Pinterest fell 6%, 3.6%, 8.6%. 16.4% and 24.4%, respectively.

Abercrombie & Fitch — Shares of the apparel retailer tumbled much than 30% aft the institution reported that freight and merchandise costs weighed connected income for the fiscal archetypal quarter. The institution besides slashed its income outlook for fiscal 2022, adding that economical headwinds could stay done astatine slightest the extremity of the year.

Omnicom Group — The advertizing banal dropped much than 11% aft a gross informing from Snap caused acrophobic astir the integer advertisement market. An Omnicom enforcement said astatine a JPMorgan league connected Tuesday that the situation for advertizing was "challenging," according to a transcript from FactSet.

AutoZone — Shares gained 4% pursuing an net bushed from the car parts retailer. AutoZone earned $29.03 per stock successful its astir caller quarter, much than the $26.05 per stock expected by analysts polled by Refinitiv. Revenue besides bushed estimates.

Zoom — Shares jumped 8% aft the videoconferencing institution surpassed net expectations and raised its outlook. Zoom said it is moving connected products to work a hybrid workplace. The institution posted net of $1.03 per stock compared with a Refinitiv statement estimation of 87 cents per share.

Petco – Shares of the favored products retailer popped 1.4% aft a better-than-expected quarterly report. Petco reported an adjusted first-quarter nett of 17 cents per stock connected gross of $1.48 billion. Analysts had expected net of 15 cents per stock connected gross of $1.46 billion, according to Refinitiv. The institution besides bushed Wall Street expectations for comparable-store sales.

Snowflake — Shares of the unreality information institution dropped astir 5% up of its quarterly net study this week. Snowflake fell adjacent aft analysts astatine Rosenblatt Securities said the banal tin surge 84%.

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