Friday, 4 August 2017

Finance: Snap pops above $13 (SNAP)

The front of the New York Stock Exchange (NYSE) with a Snap Inc. logo hung on the front of it stands shortly before the company's IPO in New York

It's been a rollercoaster ride for Snap owners.

Snap is popping on Friday, up 3.48% at $13.38. The gains are a continuation of Thursday's advance that came following a report from Business Insider's Alex Heath stating that Google was interested in buying Snap for at least $30 billion last year.

The news has breathed some fresh life into Snap shares, which are now up about 6% since Heath's report. Shares were mired in a downward spiral since shortly after the company's March 1 initial public offering at $17. They hit a high of $27.09 on March 3 after opening for trading at $24.

But, Wall Street began to sour on the stock, with Snap's underwriters even growing downbeat on the name. And shares were pressed to a fresh low below $12 on Thursday as traders continued to sell the name after 400 million shares more became eligible for trading on Monday as early investors were able to lock in their gains for the first time.

Snap is down 27% since its IPO.



from pulse.ng - Nigeria's entertainment & lifestyle platform online

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