Stocks were mixed Friday after giving up gains, with Federal Reserve Chairman Jerome Powell cautioning that inflation pressures are likely to last well into next year.
Here are some of the laggards in the stock market on Friday.
1. Snap SNAP | Down 25%
Shares of Snap (SNAP) - Get Snap, Inc. Class A Report tumbled after Snapchat's parent said its ad business had been hampered by changes in Apple’s (AAPL) - Get Apple Inc. Report ad-tracking rules. A number of other tech stocks fell, including Facebook (FB) - Get Meta Platforms Inc. Class A Report by 5.6% and Twitter (TWTR) - Get Twitter, Inc. Report by 4.2%.
2. Beyond Meat BYND | Down 14%
Shares of Beyond Meat (BYND) - Get Beyond Meat, Inc. Report came under pressure Friday after the plant-based food company slashed its third-quarter-revenue forecast. The surprise update was linked to lower demand and the surge in Covid-delta-variant infections.
Beyond Meat now expects third-quarter net revenue of $106 million, compared with prior guidance of between $120 million and $140 million and the FactSet consensus of $133 million.
3. Intel INTC | Down 12%
Intel reported third-quarter earnings that topped expectations and weaker-than-expected sales.
4. Moderna MRNA | Down 4.6%
Papadakis said investors in the "concept stock" had already factored in Moderna's potential to disrupt dynamics in the viral infectious disease arena.
"Whilst execution has not been lacking, the strategic discipline to stay focused on mRNA is a virtue," he told investors.
"All that looks more than generously reflected in a valuation that looks detached from a problematic assessment of reality,” he wrote in a note.
"Moderna is a concept company that has ridden a wave of disruptive innovation, pandemic serendipity and management vision (plus a little public funding) to become a concept stock,” Papadakis added.
Deutsche Bank set a price target of $225 on the stock.
5. Honeywell HON | Down 2.5%
Shares of Honeywell (HON) - Get Honeywell International Inc. Report ticked lower after the company cut its full-year revenue guidance. The technolog company also reported quarterly revenue below analysts’ expectations for the third quarter. Earnings, however, topped forecasts.