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Showing posts from July, 2017

Snapchat Slides as Facebook Climbs: SNAP, FB in Charts

Snapchat parent Snap Inc's stock ( SNAP ) is sliding after a downgrade from Morgan Stanley. The stock is set to close -9% on the day. As the updated price chart shows (see annotations), SNAP has been suffering since its first quarterly earnings report back in May 2017 .  Since then, the downtrend has accelerated. After a brief rebound above $21, SNAP has continued to trade at new lows. Today's gap down put the stock well below its IPO price of $17. From Fortune: " Snapchat's Biggest Underwriter Says It Was 'Wrong' About SNAP Stock " "...Morgan Stanley's downgrade is a particularly hard hit for the company as the bank was an underwriter for Snap's IPO, guiding the company through the process. Typically, such underwriters become cheerleaders of the company after it officially goes public, authoring "buy" or "hold" recommendations. And Morgan Stanley was no exception. Following Snap's IPO, Morgan S