Stocks making the biggest moves midday: Snap, Abercrombie & Fitch, Roblox and more

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Check out the companies making headlines in midday trading Tuesday.

Snap — Shares of Snapchat's parent company plummeted 41.2% after Snap said it's unlikely to meet revenue and earnings estimates in the current quarter and plans to slow hiring to tame expenses. The social media company cited inflation, supply chain shortages and uncertainties surrounding Apple's privacy changes among the reasons for the warning.

Roblox — Shares of Roblox plunged 8.4% after Atlantic Equities downgraded the online gaming platform's stock to neutral, citing weakening user engagement and app downloads.

Meta, Alphabet, Apple — Tech stocks fell Tuesday following a warning from Snapchat that it's likely to miss its own earnings and revenue targets for the current quarter. Shares of Alphabet, Twitter, Meta Platforms, Roku and Pinterest fell 6%, 3.6%, 8.6%. 16.4% and 24.4%, respectively.

Abercrombie & Fitch — Shares of the apparel retailer tumbled more than 30% after the company reported that freight and product costs weighed on sales for the fiscal first quarter. The company also slashed its sales outlook for fiscal 2022, adding that economic headwinds could remain through at least the end of the year.

Omnicom Group — The advertising stock dropped more than 11% after a revenue warning from Snap caused concerned about the digital ad market. An Omnicom executive said at a JPMorgan conference on Tuesday that the environment for advertising was «challenging,» according to a transcript from FactSet.

AutoZone — Shares gained 4% following an earnings beat from the auto parts retailer. AutoZone earned $29.03 per share in its most recent quarter, more than the $26.05 per share expected by analysts polled by Refinitiv. Revenue also beat