The Dow Jones reached a record high at the close yesterday, but closely followed tech firm Snap Inc (NYSE:SNAP) sure went the other direction.
Its shares plunged as much as 17% after the bell before recouping some ground to be 3.57% lower after the social media group posted its much flagged third quarter results.
Snap, based in Los Angeles, is losing market share to rival Instagram, especially since the launch of feature Stories in 2016.
In the pre-market session, it emerged that Chines group Tencent had bought a 10% stake. Shares in the day lost over 14%
China’s Tencent has acquired roughly 146 million of Snap’s shares in the public market https://t.co/FzIKfNiUGx
— Wall Street Journal (@WSJ) 8 November 2017
LendingClub Corp (NYSE:LC) was another loser last night, dropping over 18% to US$4.44 as the peer-to-peer group reported its three month earnings.
It reported revenue, which was below Wall Street expectations as well as a weak quarter four revenue guidance. Later in the session, it gained tp US$4.59.
Elsewhere, Match Group Inc (NASDAQ:MTCH) added over 7% to US$28.85 after the New York bell after the dating products specialist posted its third quarter earnings.
Revenue beat estimates due to better-than-expected performances by the website Match and the app Tinder. On Wednseday shares added 10% to US$29.59.
Luxury watch and fashion group Fossil Group Inc (NASDAQ:FOSL) saw shares plunge 8.76% in extended deals as the firm's third quarter earnings were lower than expected. Later shares lost 17.23% to US$5.67 each.
Meanwhile, Take-Two Interactive Software Inc (NASDAQ:TTWO), the video game distributor, saw the shares rise 10.64% to US$117.71 after it posted quarterly earnings with a very strong third quarter guidance helped by "Grand Theft Auto" and the recently launched basketball franchise game.Later, shares were not much moved from tahtg level - up 10.58%.