Yahoo Finance Today's Research Reports on Stocks to Watch: Snap and Facebook
NEW YORK, NY / ACCESSWIRE / October 30, 2017 / Thousands of Snap's Spectacles are sitting in warehouses according to a report last week. While there is cause for concern about the future of the company's $129.99 product, traders weren't showing it on Friday with the stock closing in the green up over 7%. Shares of Facebook also headed higher after the company said it would be making political ads more transparent. The social media giant will be attending hearings this week on Russian election interference.
RDI Initiates Coverage on:
Snap Inc.
https://rdinvesting.com/news/?ticker=SNAP
Facebook, Inc.
https://rdinvesting.com/news/?ticker=FB
Snap Inc. shares closed up 7.30% on nearly 24 million shares this past Friday. Despite the gains, the company didn't have any remarkable news that was favorable. It was reported that the company has thousands of Spectacles in storage at Chinese Warehouses by The Information magazine last week. According to Snap CEO Evan Spiegel, 150,000 have been sold so far. The concern is that demand may have wavered for the glasses that were once hot in demand, with people willing to spend 1,000 for a pair of sci-fi sunglasses. Snap's glasses are priced at just $129.99 however. Since the middle of August, shares of Snap have gained about 20% in a rally.
Access RDI's Snap Inc. Research Report at:
https://rdinvesting.com/news/?ticker=SNAP
Facebook, Inc. shares closed up 4.25% on Friday and hit a brand new high of $178.21. Trading volume for the stock was also roughly double than what it is on average for the stock. It was on Friday that Facebook, as well as Twitter Inc. and Google, agreed to attend the third Congressional hearing this week. It's been alleged that Russia exploited Facebook's network in the last election. It has not yet been revealed by the companies who will attend the Tuesday hearing before the Senate Judiciary Committee's crime and terrorism subcommittee. The hearing is being chaired by Lindsey Graham of South Carolina. Graham's spokesman Kevin Bishop said in an email that company officials are coming. General counsels for the three companies are expected to attend Senate and House intelligence committee hearings the following day. Facebook has announced that it will be moving to increase transparency for everyone who sees and buys political advertising on its site. Political ad buyers in federal elections will be required to reveal correct names and locations. Rob Goldman, Facebook's vice president in charge of ad products, said in an interview, "This is a good first step but it's not at all the last step, there's a lot to learn once we start testing."
Access RDI's Facebook, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=FB
Our Actionable Research on Snap Inc. (NYSE: SNAP) and Facebook, Inc. (NASDAQ: FB) can be downloaded free of charge at Research Driven Investing.
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