Snap Announces Job Cuts Before Earnings

Snap will report earnings after the close tomorrow, Feb. 6

Deputy Editor
Feb 5, 2024 at 2:39 PM
facebook X logo linkedin

Snap Inc (NYSE:SNAP) stock is moving lower today, down 3.1% to trade at $16.51, after the social media giant became the latest tech company to announce layoffs, cutting 10% of its workforce. This comes ahead of the Snap's latest earnings report, due out after the close tomorrow, Feb. 6.

Snap stock doesn't have the brightest post-earnings history, having closed its last six next-day sessions lower. Over the past two years, SNAP has averaged a large post-earnings swing of 21.8%, regardless of direction, which is still lower than the 31.5% move the options pits are pricing in this time around for Wednesday's trading.

Though call volume is outweighing put volume on an overall basis today, with 91,000 calls exchanged in comparison to 62,000 puts, puts are still running at double what's typically seen at this point. The weekly 2/9 22.50-strike call is the most popular, where new positions are being opened. 

Over the last 12 months, the stock is up roughly 50% and is not far off its Dec. 18 52-week high of $17.89. A post-earnings short squeeze could catch bearish bettors off guard, considering short interest represents 7.5% of the stock's available float. It would take shorts nearly four days to cover their bets, at SNAP's average pace of trading. 



Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI