The daily business briefing: March 17, 2017

Snap shares dive on latest "sell" rating, Republicans vow major changes to Trump's budget, and more

Snapchat
(Image credit: Carl Court/Getty Images)

1. Snap shares plunge after another analyst gives 'sell' rating

Snap shares fell by 4 percent on Thursday, dropping below $20 for the first time since the Snapchat parent company's high-profile initial public offering of stock this month. The stock soared for two days after the IPO raised $3.4 billion. The share price topped $29 before starting a steady decline as investors fretted over the lofty valuation and Snap's inability to make a profit. This week's tumble came after MoffettNathanson analyst Michael Nathanson became the latest to give Snap a "sell" rating, warning that "the market has priced Snap for perfection."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.