$SNAP

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Sector Update: Tech Stocks Advance Wednesday Afternoon

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.2%.The Philadelphia Semiconductor index fell 1.4%.In corporate news, Snap (SNAP) plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs. Snap shares jumped past 6%.Broadcom (AVGO) shares rose 3.1% after the chipmaker expanded its partnership with Meta Platforms (META) to support the technology giant's AI compute infrastructure. Meta shares were up 1.8%.CoreWeave (CRWV) will receive about $6 billion from Jane Street in exchange for use of its AI cloud platform, the companies said Wednesday. CoreWeave shares added 0.8%.

$AVGO$CRWV$META$SNAP

Sectors61d ago

Sector Update: Tech

Tech stocks were mixed Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) decreasing 0.3%.The Philadelphia Semiconductor index fell 1.4%.In corporate news, Snap (SNAP) plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs. Snap shares jumped past 5%.

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Wire61d ago

Top Midday Stories: Allbirds to Pivot to AI From Shoes, Stock Soars; Morgan Stanley, Bank of America Q1 Earnings Top Estimates

The S&P 500 and Nasdaq Composite were up, while the Dow Jones Industrial Average was down in late-morning trading Wednesday, as investors remained hopeful that war in Iran could end soon.In company news, Allbirds (BIRD) said Wednesday it has executed a definitive agreement with an institutional investor for a $50 million convertible financing facility that will enable it to pivot its business to artificial intelligence compute infrastructure. The long-term goal is for the company to become a fully integrated "GPU-as-a-Service" and AI-native cloud solutions provider under the new name of NewBird AI, Allbirds said. Shares of Allbirds were up 616.3% around midday.Morgan Stanley (MS) reported Q1 earnings Wednesday of $3.43 per diluted share, up from $2.60 a year earlier and above the FactSet consensus estimate of $3.00. First-quarter net revenue was $20.58 billion, up from $17.74 billion a year ago and above the FactSet consensus of $19.74 billion. Morgan Stanley shares were up over 5%.Bank of America (BAC) reported Q1 earnings Wednesday of $1.11 per diluted share, up from $0.89 a year earlier and above the FactSet consensus of $1.01. First-quarter net revenue was $30.27 billion, up from $28.25 billion a year ago and above the FactSet consensus of $29.95 billion. Bank of America shares were up 1.7%.Snap (SNAP) said Wednesday it's cutting its workforce by 16%, or roughly 1,000 jobs. The cuts are expected to generate $500 million in annualized cost savings, Snap said. The company also updated its Q1 revenue outlook to about $1.53 billion, above the FactSet consensus analyst estimate of $1.52 billion. Snap shares were up 8.5%.CoreWeave (CRWV) will receive about $6 billion from Jane Street in exchange for use of its AI cloud platform, the companies said Wednesday. Jane Street has also made an equity investment of $1 billion at $109 per share, the companies said. CoreWeave shares were slightly up.Broadcom (AVGO) and Meta Platforms (META) said late Tuesday they have entered into a multiyear, multi-generation strategic partnership to support Meta's rapidly scaling AI compute infrastructure. Under the expanded partnership, Broadcom will deliver technology supporting Meta Training and Inference Accelerator chips, with plans to extend the deal through 2029, the companies said. Broadcom shares were up 3%, while Meta shares were up 1.8%.Price: $17.84, Change: $+15.35, Percent Change: +616.27%

$AVGO$BAC$BIRD$CRWV$META$MS$SNAP

US Markets61d ago

Snap to Cut 16% of Global Workforce; Stock Gains

Snap (SNAP) plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.The job cuts are aimed to reallocate resources to high-priority initiatives, the social media company said in a Wednesday regulatory filing. In addition, the group is closing more than 300 open roles.Snap expects to reduce its annualized cost base by more than $500 million by the second half, "helping to establish a clearer path to net-income profitability," Spiegel said in a note to staff."While these changes are necessary to realize Snap's long-term potential, we believe that rapid advancements in artificial intelligence enable our teams to reduce repetitive work, increase velocity, and better support our community, partners, and advertisers," Spiegel said.The company estimates pretax charges of $95 million to $130 million from the workforce reductions, majority of which are expected to be incurred during the second quarter, the company said in the filing.Snap's shares rallied 6.3% in Wednesday trade. The stock has lost 26% so far this year.In 2024, the company disclosed plans to reduce its global headcount by about 10%, less than two years after it said it will lay off 20% of its workforce and discontinue certain projects.As a result of the latest job cuts, Snap expects adjusted operating expenses of roughly $2.75 billion for 2026, down from its previous guidance of about $3 billion, according to an investor presentation. The company reiterated its infrastructure cost outlook of $1.6 billion to $1.65 billion.For the first quarter, the Snapchat parent projects revenue of about $1.53 billion, representing annual growth of 12%, at the high end of its previously issued guidance range. The current consensus on FactSet is for sales of $1.52 billion.Price: $5.91, Change: $+0.31, Percent Change: +5.45%

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Sectors61d ago

Sector Update: Tech Stocks Mixed Premarket Wednesday

Technology stocks were mixed premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) slightly lower and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.5%.Snap (SNAP) shares were up more than 7% after the company said it will cut about 16% of its global workforce, roughly 1,000 employees, to generate over $500 million in annualized cost savings.ASML Holding (ASML) shares were down more than 2% after the company issued Q2 sales outlook below analysts' expectations.Uber Technologies (UBER) has committed more than $10 billion to purchasing autonomous vehicles and picking up stakes in their developers, the Financial Times reported. Uber Technologies stock was up more than 1% pre-bell.

$ASML$SNAP$UBER$XLK$XSD

Asia Markets61d ago

US Equity Futures Flat Pre-Bell as Traders Remain Optimistic About Potential US-Iran Deal

US equity futures were mostly unchanged pre-bell Wednesday as traders continue to be optimistic on the possibility of a US-Iran agreement being finalized soon.Dow Jones Industrial Average futures were up 0.1%, S&P 500 futures were flat, while Nasdaq futures were down 0.1%.Negotiations between the US and Iran could resume as early as this week, with the New York Post quoting President Donald Trump as saying it could happen "over the next two days."Traders digested earnings from Bank of America (BAC) and Morgan Stanley (MS), which posted higher Q1 earnings and revenue. Progressive (PGR) also reported higher Q1 net income and net premiums earned.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.6% at $95.39 per barrel and US West Texas Intermediate crude 0.4% higher at $91.64 per barrel.The April Empire State manufacturing index, released at 8:30 am ET, came in at 11.0, up from negative 0.2 in March and above estimates compiled by Bloomberg for a reading of 0.0.The March import price index, released at 8:30 am ET, showed a 0.8% month-over-month increase, falling short of estimates compiled by Bloomberg for a 2.3% gain. Export prices increased 1.6%, slightly higher than expectations for a 1.5% gain.The April US housing market index, slated for 10 am ET, is seen coming in at 37 versus 38 previously.In other world markets, Japan's Nikkei closed 0.4% higher, Hong Kong's Hang Seng ended 0.3% higher, and China's Shanghai Composite finished flat. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was also 0.1% higher in Europe's early afternoon session.In equities, Bank of America shares were up 1.6%, while Morgan Stanley stock was 2.8% higher. Snap (SNAP) shares were up 7.6% after the company said it planned to cut around 16% of its global workforce, or roughly 1,000 employees.On the losing side, Terawulf (WULF) shares were down 4.7% after the company said late Tuesday that it priced a public offering of 47.4 million shares at $19 each for gross proceeds of about $900 million. BRP (DOO) stock was 26% lower after the company overnight said it suspended its fiscal 2027 guidance following a recent amendment to US rules for tariffs on steel, aluminum, and copper imports.

Dow JonesNasdaq CompositeS&P 500$BAC$DOO$MS$PGR$SNAP$WULF

Sectors61d ago

Sector Update: Tech

Technology stocks were advancing premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) slightly higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.5%.Snap (SNAP) shares were up more than 7% after the company said it will cut about 16% of its global workforce, roughly 1,000 employees, to generate over $500 million in annualized cost savings.

$SNAP

Wire61d ago

Snap to Cut Workforce by 16%, Targets $500 Million in Annual Savings

Snap (SNAP) said Wednesday it is cutting its workforce by 16%, or about 1,000 jobs, in a move to boost annual cost savings.The company said the move is expected to generate more than $500 million in annualized cost savings. It also updated its first-quarter 2026 revenue outlook to approximately $1.53 billion.Analysts surveyed by FactSet expect Q1 revenue of $1.52 billion."Snap faces a crucible moment - squeezed between giants with enormous resources and nimble startups moving fast," the company said in a statement. "To meet this moment, we are pivoting toward profitable growth."Shares of Snap were up nearly 7% in Wednesday premarket trading.

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