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Snapchat LONG

by SignalFactory   ·  July 9, 2020 | 09:06:54 UTC  

Snapchat LONG

by SignalFactory   ·  July 9, 2020 | 09:06:54 UTC  

Snap Inc. shares jumped on Wednesday after President Donald Trump said his administration was considering a ban of TikTok, the latest indication the U.S. government might take steps against the short-video app.

The app has become enormously popular, especially with younger users, and analysts said banning it could reduce the competitive risk it poses to other social media platforms. Rosenblatt Securities wrote that peer companies may breathe “a big sigh of relief” in the event it gets banned.

Analyst Mark Zgutowicz wrote that while TikTok’s ad platform “hasn’t been too competitive given scale limitations, escalating time spent on the app has infringed on other Gen Z social platforms,” notably Snapchat, Facebook’s Instagram and YouTube, owned by Google-parent Alphabet Inc.

Snap climbed as much as 6.5% on Wednesday in its third straight daily advance. The stock is trading at its highest level in more than three years, having more than tripled off a March low. The rally has been fueled by a recent developer conference, where it announced several new products and features.

At the same time, battered by hundreds of advertisers boycotting content on its platform this month, Facebook Inc.’s FB, +1.12% apparent losses have led to stock gains for rival social media companies. Shares of Snap Inc. SNAP, +6.44% were up 5% in late-morning trading Wednesday and is up 56% in 2020. Twitter Inc. TWTR, +7.33% shares, meanwhile, have advanced 6%, pushing it up 10% this year. Twitter shares also received a boost after the company listed a job posting that it was launching a subscription platform with the code name Gryphon.

Snapchat LONG (Buy)

ENTER AT: 26.76

T.P_1: 29.47

T.P_2: 32.72

T.P_3: 34.60

S.L: 23.43

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