A few big premarket downside movers are Twitter (TWTR 38.52, -1.00, -2.5%) and Verizon (VZ 45.50, -2.16, -4.5%).
Both companies reported worse-than-expected earnings this morning
Snap (SNAP 11.33, -5.02, -30.7%): beats by $0.01, misses on revs; doesn’t provide Q3 guidance due to uncertainties related to operating environment; authorizes $500 mln stock repurchase progra
Seagate Tech (STX 74.115, -9.46, -11.3%): misses by $0.30, misses on revs; guides SepQ EPS and revs below consensus; macro-related challenges continuing into SepQ; co is reducing its production plans…stock currently halted; downgraded to Hold from Buy at Summit Insights
Schlumberger (SLB 34.50, +0.87, +2.6%): beats by $0.10, beats on revs; guides FY22 revs above consensus
HCA (HCA 203.10, +21.79, +12.0%): beats by $0.50, reports revs in-line
Boston Beer Co (SAM 306.79, -29.39, -8.7%): misses by $0.31, reports revs in-line; guides FY22 EPS below consensus; expects FY22 depletions and shipments decrease of between 2% and 8%
American Express (AXP 157.00, +6.82, +4.5%): beats by $0.16, beats on revs
Verizon (VZ 45.50, -2.16, -4.5%): misses by $0.01, reports revs in-line; lowers FY22 EPS guidance