Stock Market Today, April 8: Snap Eases After Health Advertising Push Sparks Investor Caution
Snap (NYSE:SNAP), a consumer technology and social platform, closed at $4.73 on Wednesday, down 1.46%. The stock is easing after earlier gains tied to a new health-focused advertising push. Investors are watching whether healthcare and pharmaceutical budgets can become a durable growth driver. Trading volume reached 59.3 million shares, nearly 12% above the three-month average of 52.9 million shares. Snap IPO'd in 2017 and has fallen 81% since going public.
How the markets moved today
The S&P 500 added 2.52% to finish Wednesday at 6,783, while the Nasdaq Composite climbed 2.80% to close at 22,635. Industry peers moved unevenly, as Meta Platforms closed at $612.42 (+6.50%), while Pinterest finished at $18.10 (-0.55%).
What this means for investors
Snap opened roughly 5% higher today as the company highlighted its health-focused advertising strategy, as users between the ages of 18 and 45 continue to turn to social media for health tips and information. However, the stock slid throughout the day and closed 1.5% down.
While this added advertising potential could help reinvigorate Snap’s stock, it has too many fires to put out to be a “buy” for me. The company is facing child-safety litigation, an EU probe into its child-safety practices, the potential for age bans in an increasing number of countries, and continued activist investor pressure.
Making matters worse, despite never reaching profitability, management has been handsomely rewarded over time. Stock-based compensation still equals 17% of sales, and Snap’s shares outstanding have risen by 4% annually over the last decade.
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Josh Kohn-Lindquist has positions in Pinterest. The Motley Fool has positions in and recommends Meta Platforms and Pinterest. The Motley Fool has a disclosure policy.
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