On this episode of Stock Movers:
- Starbucks (SBUX) shares are lower after receiving a wave of downgrades from Wall Street. Bernstein, Stifel, and TD Securities lowered its price target on the stock. Starbucks' same-store sales declined 1% in the quarter ended March 30, below the average estimate compiled by Bloomberg.
- Snapchat (SNAP) slipped as much as 14% in early trading after signaling a massive headwind warning when it comes to ad sales. Snap beat analysts' estimates for first-quarter revenue but declined to issue a sales forecast for the current period due to macroeconomic "headwinds" affecting its advertising business.
- Super Micro Computer (SMCI) tumbled as much as 16% in premarket trading on Wednesday after the company reported preliminary third-quarter results that missed expectations. JPMorgan does not think that the magnitude of the revenue miss is representative of any industry-wide demand slowdown.
- Norwegian Cruise Lines (NCLH) broke with its cruise peers by warning that cruise demand, which has long defied worrying travel trends, is beginning to weaken. The stock is lower after the cruise operator saw “softening” in its 12-month forward bookings, though maintains ticket sales are within the “optimal range, even amid ongoing macroeconomic volatility,” according to a statement Wednesday. Despite that, the company maintained its full-year targets.
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