Why Snap’s Stock Is Trading Higher Today – Benzinga
Category: Social Networking
Snap Inc. (NYSE: SNAP) shares are trading higher after Secretary of State Mike Pompeo suggested the U.S. might ban the Chinese social media app TikTok.
TikTok, operated by tech giant ByteDance, allows users to create short videos and overlay voices or music and has surged in popularity over the past year.
"The banning of TikTok could provide some competitive relief to social media platforms, such as Snapchat and Facebook Morgan Stanleys Sales team wrote Tuesday morning," according to CNBC.
Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
Snap's stock was trading up 8.01% at $25.29 per share on Tuesday at the time of publication. The company has a 52-week high of $25.58 and a 52-week low of $7.89.
2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Why Snap's Stock Is Trading Higher Today - Benzinga
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