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."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us