Snap and Sleep Number shares are lower today
Snap Inc (NYSE:SNAP) is down a 23.9% to trade at $9.74 at last check, after the social media company's outlook for the fiscal third quarter came in dramatically short of analysts' expectations. This makes SNAP a contender for Schaeffer's Cheap Seats: Stocks Under $20 segment.
SNAP is on track for its worst single-day percentage drop since February, and hit its lowest level since October earlier. The shares also breached former support at the $10 level, which contained its April pullback. SNAP is down 41.8% for 2024, with the 20-day moving average guiding it lower.
Options traders are targeting SNAP today, with 59,000 calls and 93,000 puts traded so far, which is five times the intraday average volume. The most popular contract the weekly 8/2 10-stirke put, where positions are being opened.
Sleep Number Corp (NASDAQ:SNBR) is also another affordable stock to monitor, last seen down 14% to trade at $12.17, looking at its worst daily drop since November. Today's bear gap comes after the mattress company reported a second-quarter revenue miss on Wednesday and saw a price-target cut from Piper Sandler to $12 . Plus, the equity is contending with broader market headwinds.
SNBR rallied off its July 19, 14-year low of $8.13, but lost steam before reaching the $15 level. While shares are on track to snap their six-day win streak, they are far from erasing gains thanks to yesterday's 19.9% pop, with added support from their 20-day trendline.