These 5 Stocks are Getting Hammered Today

2. Snap Inc. (NYSE:SNAP)

Number of Hedge Fund Holders: 44

Shares of Snap Inc. (NYSE:SNAP) hit a new 52-week low in pre-market trading Wednesday following reports that the camera and social media company intends to cut 20 percent of its workforce.

Snap Inc. (NYSE:SNAP) is struggling to boost its sales amid intensifying competition in the global ad market. Moreover, many businesses have been trimming their advertising budget due to an uncertain macroeconomic environment, hurting the growth of social media firms like Snap Inc. (NYSE:SNAP).

Meanwhile, Netflix Inc. recently confirmed that it hired two executives from Snap Inc. (NYSE:SNAP). The video-streaming giant has brought in Jeremi Gorman and Peter Naylor to lead its advertising department. The two executives were previously working in a similar capacity for Snap Inc. (NYSE:SNAP). The news was another reason behind a drop in Snap’s share price earlier today.