Stocks - Bears in Control of Snap in Midday Trading

Aug 08, 2018

Snap was among the most active stocks midday and shares were weaker as investors fretted over a drop in users.

Snap stock fell about 6% at 12:10 PM ET (16:10 GMT).

The stock has been on a roller coaster ride since it reported quarterly results after the bell yesterday. Initially, shares jumped in extended-hours trading after the Snapchat operator reported a narrower-than-expected loss and above-consensus revenue.

But the bears took over, focusing on average daily users, which missed expectations and fell from the previous quarter. Shares started trading today in the red.

Snapchat joins bigger rivals Facebook (NASDAQ:FB) and Twitter (NYSE:TWTR) in disappointing Wall Street this earnings season.

Auto sale and rental stocks were also active. (NYSE:CARS) fell about 1.75% after reporting quarterly sales that missed Wall Street Expectations.

But CarGurus (NASDAQ:CARG) jumped about 22% on its results, with investors applauding above-consensus revenue guidance. And Avis Budget Group (NASDAQ:CAR) tumbled about 13%. Its quarterly profit met expectations, but sales came in light.