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Earnings continue to be the main driver of the markets today. However, a board of directors shake-up and merger and acquisition news are also moving the stocks on our list this morning.
Now that we know what's moving markets, here are the three top stocks to watch today…
Top Stocks to Watch Today: Snap Inc. (NYSE: SNAP)
Snap stock is down 21.5% after announcing its first quarterly earnings since its IPO.
The company lost $2.2 billion this quarter, or $2.31 per share. Adjusted EPS was -$0.20, while analysts expected the company to report -$0.19 per share.
The user growth rate has slowed as well. This quarter the user growth rate was 36.1%. Last year, the company saw user growth of 47.7% in Q4 and 62.8% in Q3.
Revenue was $149.6 million, well short of the expected $158 million.
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SNAP stock is currently trading at $22.98 for a loss of 6.1% so far this year.
Top Stocks to Watch Today: Whole Foods Market Inc. (Nasdaq: WFM)
Whole Foods stock is up 2.8% in early morning trading after announcing it will replace its chairman along with half of the members of its board of directors.
It appears the company is trying to appease activist investor Jana Partners. Jana Partners announced last month that it has an 8.8% stake in Whole Foods and wants to see a turnaround at the company.
Jana Partners also wants Whole Foods to put itself up for sale as the company trims its guidance for the year. Previously, the company expected revenue to grow 1.5% or more with EPS of at least $1.33. Now, Whole Foods is expecting revenue to grow 1% or more with EPS of at least $1.30.
WFM stock is trading at $36.25 for a gain of 17.9% year to date (YTD).
Top Stocks to Watch Today: Straight Path Communications Inc. (NYSEMKT: STRP)
Straight Path stock is down 20.4% in early morning trading now that it appears a winner has emerged from the bidding war.
As a result, Verizon will pay the $38 million termination fee for Straight Path.
In recent days, investors bid up Straight Path stock 44% in hopes of a bidding war. That bidding war never happened, so Verizon will purchase Straight Path for $184 a share.
STRP is currently trading at $223.76 for a gain of 560% YTD.
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