Gap, Verizon Fall Premarket; Snap, Kimberly

© Reuters.

By Peter Nurse

-- Stocks in focus in premarket trade on Friday, April 22nd. Please refresh for updates.

• Snap(NYSE:SNAP) stock rose 1% after the social media company forecast second quarter daily active users at between 343 million and 345 million, above Wall Street estimates of 340 million, impressing even though it added supply chain disruptions and inflation will continue to hurt advertising demand.

• Gap(NYSE:GPS) stock slumped 16.9% after the clothes retailer slashed its forecast for quarterly sales, citing execution challenges at its Old Navy brand, adding the head of this brand, Nancy Green, was leaving the company.

• Verizon Communications (NYSE:VZ) stock fell 2.6% after the wireless carrier reported a loss of 36,000 monthly phone subscribers in the quarter.

• Kimberly-Clark(NYSE:KMB) stock rose 5% after the manufacturing company raised its full-year sales forecast, saying it was able to deal with a “volatile and inflationary” environment.

• Walt Disney (NYSE:DIS) stock rose 0.3% even after lawmakers in Florida voted to end its special tax status in the state.

• Anheuser-Busch InBev(NYSE:BUD) ADRs fell 1.9% after the world's largest brewer said it will take a hit of over $1 billion due to exiting its joint venture in Russia.

• American Express (NYSE:AXP) stock fell 1.5% after the credit card company beat estimates for first quarter profit as consumer appetite for travel and entertainment reached pre-pandemic levels.

• Dow(NYSE:DOW) stock rose 1.4% after Citigroup upgraded the chemicals maker to ‘buy’ from ‘neutral’, saying the company has a history of beating the market during times of high inflation.

• JetBlue Airways(NASDAQ:JBLU) stock fell 0.9% after Deutsche Bank downgraded its stance on the budget carrier to ‘hold’ from ‘buy’, saying the airline will struggle to post gains from this level.

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