Snap plunge, GameStop split and more: Friday's 5 things to know
Investors will be waiting for the latest results from heavyweights American Express and Verizon, while GameStop shares trade on a post-split basis
Snap 'brutally honest' with investors when nobody else was: Greenfield
LightShed Ventures partner Rich Greenfield discusses expectations for Snaps Q2 earnings and if the results will rattle social media stocks on 'The Claman Countdown.'
Here are the key events taking place on Friday that could impact trading.
SNAP INC.: Shares are plunging 28% in premarket trading after the company posted its weakest-ever quarterly sales growth as a public company.
The parent company of Snapchat reported revenue of $1.11 billion, narrowly missing scaled-back Wall Street expectations and said sales in the current period were roughly flat from a year ago. Snap posted a $422 million net loss for the second quarter. Other social media-related shares are also down. Meta Platforms down 4%, Alphabet off 2% and Twitter down 2%.
This illustration shows the Snapchat logo in front of the silhouette of a hand holding a smartphone. (Photo via Getty Images / Getty Images)
MATTEL: Hot Wheels helped the toymaker's sales rise 20%, topping expectations. Excluding items, the company earned 18 cents per share, beating estimates of 6 cents. However, surging costs of raw materials, freight and labor cut into margins. Shares are down more than 1% in premarket trading.
MATTEL TURNING OLD BARBIES, MATCHBOX CARS AND MEGA BLOKS INTO NEW TOYS
Mattel is bringing a new digital aspect to the classic Hot Wheels toy. (Mattel)
EARNINGS: Wrapping up the week will be results from American Express, Twitter, Cleveland-Cliffs, HCA Healthcare, NextEra Energy, Regions Financial, Roper Technologies, Schlumberger and Verizon before the market open.
GAMESTOP: Shares of the video game retailer will trade for the first time following a 4-for-1 stock split. Stockholders of record at the close of business on July 18, will receive a dividend of three additional shares of GameStop's class A common stock for each share they own.
GAMESTOP, LIKE TESLA, TO SEEK STOCK SPLIT APPROVAL
A GameStop store on 14th Street at Union Square, New York City. (AP Photo/John Minchillo / AP Newsroom)
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FEDEX CORP: The company is cutting back on Sunday deliveries in some low-density, rural U.S. markets. The suspension of service will go into effect Aug. 15, according to Reuters. The company started Sunday deliveries after the COVID-19 pandemic hit causing a jump in demand as people placed orders while staying home. The specific markets that would be affected have not been revealed yet.