Diamonds and Dogs
SNAP (SNAP) rising on bad news. The owner of Snapchat is up 8% after announcing layoffs of 20% of the working staff. The good news was Snap also provided an update on its revenue performance so far in Q3, saying that it's up 8% year over year. This means the growth rate is tracking ahead of analysts' consensus forecast for revenue during the period to be approximately flat compared to the year-ago quarter. The company also completed a share buyback plan of $500 million or 4% of their outstanding shares.
Verizon (VZ) drops to a seven year low. The once proud telecom giant has been on a steady decline for years now trading at a seven year low as rival T-Mobile has surpassed them in market cap as the largest US telecom firm. Income stock yields 6%, but that is little consolation with the stock down 20% for the year.
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