Reddit Plunges, Pinterest Falls, and nVent Drops After Earnings as AI Infra Names Slide
On this episode of Stock Movers: - Reddit (RDDT) shares plunge. Reddit Inc. had its biggest share drop since its initial public offering after saying it is planning to limit access to its online forums. The company plans to start testing different approaches in markets outside of the US throughout the fourth quarter to get users to register for accounts and deepen engagement. Reddit’s shares fell to $95 when trading opened in New York on Friday, after the company posted a revenue outlook that fell below analysts’ estimates. - Pinterest (PINS) shares fall. The social-media company reported revenue for the third quarter that missed the average analyst estimate. It also gave an outlook that is seen as weak. Baird also lowered the firm's price target on Pinterest to $22 from $26 and keeps a Neutral rating on the shares. - nVent (NVT) shares drop after the maker of power and cooling equipment reported earnings. Orders grew far more slowly than sales, suggesting that the company’s growth is at risk of slowing, according to Bloomberg Intelligence. The report comes during a sharp pullback in AI infrastructure stocks before the bell Friday, and after investors punished a series of reports by other industrial data-center suppliers. See omnystudio.com/listener for privacy information.