Snap’s Stock Tanks as Online Campaign Against Snapchat Redesign Spreads
Snap Inc. (SNAP) shares fell 8.3% on Tuesday as an online campaign against changes to its signature messaging app gathers momentum ahead of a key update signaled by the company’s founders later this month.
An online petition on the change.org website claims to have collected more than 1.2 million signatures urging Snap to revisit plans to change the look and feel of the Snapchat messaging app…
…a decision that founder and CEO Evan Spiegel unveiled late last year and defended at the Goldman Sachs Internet & Technology Conference last week in San Francisco, saying “it’ll take time for people to adjust.”
However, the backlash looks to be gaining traction and could threaten the group’s recent efforts to expand its daily and monthly active user base.
Snap Downgraded To ‘Sell’ Following 1.2M-Strong Petition To Kill Snapchat App Update
Citi Research downgraded Snap to “sell” today and offered a target price of $14 for the stock, which is currently near $20.
One of the key reasons? A massively popular user uprising against its latest app update.
An online petition against the most recent Snapchat app update has collected over 1.2 million signatures so far. It’s the first time I’ve seen an app update almost instantly get so many negative reviews that it has materially affected the financial future of its parent company.
Today's Trade of the Day | 2-21-18
DVMT not quite bearish order flow but downside momentum remains in play. Yesterday the stock traded into an inside day near resistance. Game planning a new short sale using a $69 sell stop for the entry trigger. Profit target comes in at $60.50. Stop loss on a close above $70.50.
Stocks to Trade | Wednesday Edition 2-21-18
Bullish Momentum: MOMO, QRVO, CF, WDC, AABA, MXIM, TAL, X
Bearish Momentum: wmt, ati, pbf, htz, lbtya, lb, khc, chd, len, mrk, hsic
Bullish Order Flow: TWTR, NFLX, NKTR, YNDX, X, AMZN, ABBV, MXIM, EA, HCA, NVDA, CTSH, STLD, MA, PNC, NKE
Bearish Order Flow: ups, dvmt, apa, cvx, scg, slb, khc, agn, jnj, mcd, pg, all, lly, cern, hcn, wba, ed
Double Normal Volume: WMT, NXPI, X, QCOM, MDT, KHC, SLCA, HSIC
Inside Days: csco, khc, hal, dvn, peg, aa, vfc, gsk, trip, bhge, cpb, nue, ip, cah, vmw, aet, wynn
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Bitcoin’s bouncing back, here are the next big catalysts for the cryptocurrency
Bitcoin is back.
The cryptocurrency surged Tuesday, closing in on the $12,000 level. One bitcoin bull says progress on the regulatory front could send it even higher.
According to CNBC “Fast Money” trader Brian Kelly, Tuesday’s rally is the result of more crypto-friendly attitudes by government regulators.
Not only did Wyoming on Monday pass a bill relaxing securities law for some tokens, the South Korean government, which had previously vowed to crack down on cryptocurrency trading, said it would “support” and even “encourage” crypto operations so long as they were “normal” transactions.
Tape Reading the SPY ETF
Next time somebody scares you with a dire market prediction, look at this chart
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