Snap Inc. The U.S. management team did not say anything on 23 May, saying that “the macroeconomic environment is deteriorating faster and faster than anticipated.” That prompted the company to say it would miss the low end of its month-old guidance for second-quarter revenue.
Those words sent Snap’s SNAP,
Shares fall – They were down 41% in morning trading on May 24.
Snap’s warning also helped lead the decline for 90% of the S&P 500 SPX,
(The S&P Dow Jones Index excludes Snap from its stock index because of its multiple-share-class structure.)
Snap stock falls after company says it will miss estimates due to deteriorating economy
Of the 11 sectors of the S&P 500, communications services performed the worst, down 5.6%, while the absolute index was down 2.2%.
Another sign of investors’ flight to safety was buying volume that pushed yields on the 10-year US Treasury note TMUBMUSD10Y,
fell 13 basis points to 2.74%.
Here are 15 of the worst-performing stocks among the S&P 500 in early May 24 trading:
| company | anchor | Price Change – May 24 | Price Change – 2022 | Fall from 52-week high | 52-week intraday high date |
Omnicom Group Inc. | OMC, | -10% | -6.7% | -25.4% | 02/10/2022 |
Meta Platform Inc. class A | fb, | -10% | -47.3% | -53.9% | 09/01/2021 |
Interpublic Group of Companies Inc. | IPG, | -10% | -24.6% | -29.4% | 02/09/2022 |
Carnival Corp. | CCL, | -9% | -40.7% | -62.2% | 06/08/2021 |
Caesars Entertainment Inc. | CZR, | -9% | -52.9% | -63.3% | 10/01/2021 |
Dexcom Inc. | DXCM, | -8% | -44.7% | -55.0% | 11/18/2021 |
Norwegian Cruise Line Holdings Ltd. | NCLH, | -8% | -33.0% | -59.1% | 06/09/2021 |
Warner Bros. Discovery Inc. Series A | wbd, | -8% | -28.3% | -48.5% | 05/27/2021 |
Penn National Gaming Inc. | pen, | -8% | -44.4% | -66.6% | 09/08/2021 |
Alphabet Inc. class A | Google, | -8% | -28.8% | -32.0% | 02/02/2022 |
Royal Caribbean Group | RCL, | -7% | -33.3% | -47.8% | 11/08/2021 |
Generic Holdings Inc. | GNRC, | -7% | -39.3% | -59.2% | 11/02/2021 |
ETC Inc. | ETSY, | -7% | -67.7% | -77.0% | 11/26/2021 |
Modern Inc. | mRNA, | -7% | -49.6% | -74.3% | 08/10/2021 |
MGM Resorts International | mgm, | -7% | -30.1% | -38.7% | 11/08/2021 |
Source: FactSet | |||||
More about Snap’s warnings and aftershocks:
Credit: www.marketwatch.com /