Dernières nouvelles pour Snap (NYSE:SNAP) Stock

Snap

Snap is a technology company best known for its marquis social media application Snapchat, a visual messaging application that has amassed hundreds of millions of users. The app was initially only used to communicate with family and friends through photographs and short videos (known as "Snaps"). Users can now enjoy augmented reality, or AR, lenses, content from famous creators and celebrities, updates about local events, and more. Although the app offers a paid subscription option with premium features, advertising sales produce most of the app's revenue. The firm also sells wearable devices called AR Spectacles, which can capture photos and videos overlayed with AR lenses, but these make up a small portion of Snap's overall sales.

Snap Inc

SNAP ONE HLDGS CORP COM

Snap-on Inc

Snap Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) has filed a motion to dismiss a lawsuit brought by New Mexico Attorney General Raúl Torrez. The lawsuit alleges that the company&#8217;s platform <a href="https://values.snap.com/news/new-mexico-motion-to-dismiss?lang=da-DK" target="_blank" rel="noreferrer noopener">facilitates child exploitation</a>. 
Snap argues that the lawsuit misrepresents its practices and is based on flawed interpretations of internal documents and investigatory actions.
The lawsuit claims that Snap violated state laws by promoting unsafe practices through features like disappearing messages, which allegedly enable the spread of exploitative material.
Also Read: <a href="https://www.benzinga.com/news/asset-sales/24/11/42117962/starbucks-eyes-stake-sale-in-china-amid-fierce-competition-and-falling-sales" target="_blank" rel="noreferrer noopener">Starbucks Eyes Stake Sale in China Amid Fierce Competition and Falling Sales</a>
However, Snap contends that the Attorney General&#8217;s office created a decoy account that proactively engaged with inappropriate accounts, contrary to the lawsuit&#8217;s claims, the Verge <a target="_blank" href="https://www.theverge.com/2024/11/21/24302767/snap-new-mexico-attorney-general-motion-dismiss-child-exploitation" rel="noreferrer noopener">reports</a>.
Snap insists the investigation&#8217;s findings are inaccurate and highlights that federal law prohibits storing child sexual abuse material (CSAM) on its servers. The company maintains that it reports such content to the National Center for Missing and Exploited Children, as required by law, and that the Attorney General&#8217;s framing of its practices is misleading.
The New Mexico Department of Justice criticized Snap&#8217;s motion to dismiss, accusing the company of deflecting attention from the harm caused to children on its platform. 
A spokesperson stated, &#8220;The evidence—including Snap&#8217;s internal documents—proves the company prioritizes profits over safety.&#8221; The department emphasized the urgent need for stricter safeguards to protect young users.
Snap argues that the lawsuit conflicts with federal protections under Section 230, which shields platforms from liability for user-generated content. The company also contends that proposed age-verification mandates could violate the First Amendment. Snap describes its safety-related statements as aspirational and not legally binding guarantees of risk elimination.
Social media companies — Meta Platforms Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook and Instagram, Snapchat, Elon Musk&#8217;s X, formerly Twitter and ByteDance-owned TikTok — face regulatory scrutiny <a href="https://www.benzinga.com/news/24/07/40028341/senate-set-to-approve-new-child-online-safety-bill-on-tuesday-what-it-means-for-elon-musks-x-meta-sn" target="_blank" rel="noreferrer noopener">over child safety concerns</a>.
Snap posted a <a href="https://www.benzinga.com/news/earnings/24/10/41612544/snap-q3-earnings-revenue-beat-eps-beat-500m-buyback-ai-update-and-more" target="_blank" rel="noreferrer noopener">third-quarter revenue</a> of $1.373 billion, exceeding the $1.358 billion consensus estimate. Adjusted earnings reached 8 cents per share, beating the 5-cent analyst estimate. Revenue increased 15%, while daily active users grew 9% to 443 million. The company reported $116 million in operating cash flow and $72 million in free cash flow. 
The quarter ended with $3.2 billion in liquidity. Snap forecasts fourth-quarter revenue of $1.51 billion—$1.56 billion, slightly below the $1.558 billion analyst estimate. The board approved a share buyback of up to $500 million.
Price Action: Snap stock is down 0.38% at $10.59 premarket at last check Friday.
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<li><a href="https://www.benzinga.com/24/11/42116366/taiwan-semiconductor-plans-new-factories-annually-boosting-domestic-chip-production" target="_blank" rel="noreferrer noopener">Taiwan Semiconductor Plans New Factories To Boost Domestic Chip Production</a></li>
</ul>
Image: Shutterstock

News

Legal

Media

SNAP

Snap Denies Child Exploitation Allegations, Wants Lawsuit Dismissed

Snap's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) short percent of float has risen 8.85% since its last report. The company recently reported that it has 80.00 million shares sold short, which is 8.61% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.15 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Snap Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731945617_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Snap has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Snap's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Snap's peer group average for short interest as a percentage of float is 7.51%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

Peering Into Snap's Recent Short Interest

<a href="https://newsroom.snap.com/snap-os-v558">https://newsroom.snap.com/snap-os-v558</a>
For developers, we believe that camera access unlocks the full potential of AR. Today, we're launching Snap OS v5.58, which includes new Lenses that showcase the power of the Spectacles camera and SnapML, as well as platform features and capabilities to help you better build and experiment with Spectacles Lenses.
Introducing Piano Tutor and Ball Games
&nbsp;
The Piano Tutor Lens puts a personal instructor and interactive courses at your fingertips. Powered by SnapML, the Lens uses a custom machine learning model to identify and track a variety of pianos, overlaying notes onto the keys in real-time. This helps you build awareness of the keyboard layout and coordinate your movement accordingly. Using another custom ML model, the Lens can detect how well you play and provide real-time feedback.
The Ball Game Lens is a game that transforms a physical ball into a controller, making it easy and fun to practice your skills through a set of different challenges. Using a custom ML tracking model, the Lens follows the ball's movements, allowing you to interact with physical and digital elements together and master the perfect kick.
New Platform Features and APIs
&nbsp;
To unlock the ability to experiment further in development, we're introducing new APIs that make it easy to use camera data and multi-modal Large Language Models (LLMs) hosted in the cloud. Using extended permissions developer settings and our new Fetch API, you can now build Lenses that directly interface with hosted multi-modal LLMs.
We're also introducing an Image Spatialization API, which leverages generative AI to convert common 2D image formats into 3D. Developers can now incorporate this API into their Lenses to create stunning 3D effects with such realistic depth you'll feel like you're truly in the moment.&nbsp;
Additional platform capabilities include:
Spatial Anchors: Anchor digital objects to specific locations within a Lens and return to them later
Basic Location: Get access to the GPS coordinates of your Spectacles to create more realistic outdoor experiences
Layout Mode: Import images from your phone using the Spectacles app and spatialize them for a captivating 3D experience
Web View: Drag and drop embed web pages directly into your Lenses
Lens Unlock: Unlock a Lens that has been submitted to Spectacles, but hasn't yet been added to a category or Lens Explorer, by simply sharing the URL&nbsp;
 To experience these Lenses and start building using the new features, update to the latest version of Snap OS and the Spectacles App using <a href="https://support.spectacles.com/hc/en-us/articles/30214953982740-Updating?lang=en-US">these instructions</a>. We can't wait to see what you create!

'Snap Introducing New Lenses, Platform Features, And Capabilities For Spectacles' - Snap Newsroom

Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) plans to challenge recent court decisions that allow several states and hundreds of school districts across the United States to proceed with lawsuits.
These legal actions accuse Meta's <a target="_blank" href="https://www.benzinga.com/news/24/10/41349398/mark-zuckerbergs-meta-to-face-lawsuits-over-teen-social-media-addiction-judge-rejects-dismissal-moti" rel="noreferrer noopener">social media platforms</a>, including Facebook and Instagram, of contributing to a mental health crisis among young users.
The company filed appeals late Thursday, seeking a review by the U.S. Ninth Circuit Court of Appeals.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/24/11/41981957/meta-hit-with-841-million-eu-fine-over-antitrust-violations-tied-to-facebook-marketplace" rel="noreferrer noopener">Meta Hit With $841 Million EU Fine Over Antitrust Violations Tied To Facebook Marketplace</a>
The appeals follow separate rulings by a federal judge in California last month, which rejected Meta's requests to dismiss the lawsuits, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-15/meta-to-appeal-orders-letting-schools-states-sue-over-addiction?srnd=homepage-Americas&amp;sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
U.S. District Judge Yvonne Gonzalez Rogers ruled in favor of 34 state attorneys general who argued that Meta's social media platforms, Facebook and Instagram, have had detrimental effects on youth mental health, leading to claims of negligence and public harm.
However, Judge Rogers largely denied motions to dismiss negligence claims but limited specific allegations, referencing Section 230 of the Communications Decency Act.
Alongside Meta, other tech giants such as Snap Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) were also named in lawsuits filed by various school districts.
TikTok&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41243023/tiktok-gets-sued-13-states-and-dc-accuse-chinese-platform-of-boosting-corporate-profits-via-social-m" rel="noreferrer noopener">faces regulatory action</a> from&nbsp;13 U.S. states and the&nbsp;District of Columbia for allegedly harming the youth.
Meta's legal team is moving forward with the appeal. The company argues that its platforms are not directly responsible for the alleged mental health issues, citing protections under existing internet laws.
Meta, Snap, and TikTok jointly launched Thrive to <a target="_blank" href="https://www.benzinga.com/news/24/09/40846628/meta-snap-and-tiktok-come-together-to-combat-suicide-and-self-harm-content-online-will-share-signals" rel="noreferrer noopener">tackle the spread</a> of harmful content related to self-harm and suicide on their platforms.
The program enables these social media companies to share alerts about graphic content, enhancing efforts to limit its reach.
The Mental Health Coalition collaborates with companies to help address concerns and reduce the stigma around mental health issues online.
Meta reported removing over 12 million posts related to suicide and self-harm on Facebook and Instagram between April and June this year.
Recently, <a target="_blank" href="https://www.benzinga.com/general/social-media/24/11/41862616/meta-ceo-mark-zuckerberg-dodges-personal-liability-in-child-social-media-addiction-lawsuits-federal-judge-cites-lack-of-evidence" rel="noreferrer noopener">Rogers ruled</a> that Meta CEO Mark Zuckerberg is not personally liable in 25 lawsuits alleging social media addiction among children.
Judge Yvonne Gonzalez Rogers dismissed claims suggesting Zuckerberg ignored internal warnings about mental health risks on Facebook and Instagram.
The plaintiffs argued that Zuckerberg downplayed the dangers, but the judge cited insufficient evidence of his direct involvement.
The ruling only applies to claims against Zuckerberg, while similar legal challenges against Meta remain unaffected.
Price Action: META stock is down 3.73% at $555.66 at the last check on Friday.
Also Read:
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<li><a href="https://www.benzinga.com/tech/24/11/41978712/asml-projects-revenue-surge-to-63-billion-by-2030-eyes-ai-and-chip-market-boom" target="_blank" rel="noreferrer noopener">ASML Projects Revenue Surge to $63 Billion by 2030, Eyes AI and Chip Market Boom</a></li>
</ul>
Image via Shutterstock

Government

Regulations

Tech

GOOGL

Meta Wants To Fight Back Order Allowing States and Schools To Sue Over Social Media Addiction

Snap Inc&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat is introducing a new real-time location sharing feature designed for family members, allowing users to share their live<a href="https://www.benzinga.com/topic/consumer-tech"> locations with others. </a>
The update will roll out in the coming weeks, alongside new privacy and location tools. This feature is aimed at improving user safety, especially for parents tracking their teens' whereabouts, the company <a href="https://parents.snapchat.com/parental-controls">announced. </a>
See Also: <a href="https://www.benzinga.com/news/24/10/41618021/snap-touts-new-ad-formats-and-simple-snapchat-10m-users-trial-growth-driving-feature">Snap Touts New Ad Formats And &#8216;Simple Snapchat&#8217; — 10M Users Trial Growth-Driving Feature</a>
Once available, the Family Center will include an option for parents to request their child&#8217;s location, and vice versa. The platform will also allow users to view and adjust location-sharing settings, alongside other privacy controls. 
Additionally, Snapchat will enable automatic travel notifications, alerting family members when someone arrives at or leaves specific locations, such as home or school.
<h3 class="wp-block-heading">Snapchat&#8217;s Privacy And Safety Concerns</h3>
While the new features have practical uses, their timing has sparked debate.<a href="https://parents.snapchat.com/parental-controls"> According </a>to The Verge, the app is currently involved in a lawsuit filed by New Mexico&#8217;s attorney general, Raúl Torrez, who claims Snapchat failed to act on warnings about the platform being used to target minors for "sextortion" and other forms of exploitation. 
Torrez has also criticized the app's design, which automatically deletes messages, photos, and videos after a set time, arguing that it complicates efforts to keep users safe.
The company's decision to roll out location sharing in the midst of these legal challenges may lead to additional scrutiny, especially as it relates to the platform's ability to protect its users' privacy. 
In response to these concerns, Snapchat is making location-sharing an opt-in feature, available only to friends and family. Users will also receive prompts to review their privacy settings when adding new connections.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/02/37306324/instagram-is-working-on-a-snapchat-like-friends-map-feature-heres-how-it-works">Instagram Is Working On A Snapchat-like &#8216;Friends Map&#8217; Feature: Here&#8217;s How It Works</a></li>
</ul>
Photo: Diego Thomazini/Shutterstock.com

Social Media

Snapchat Puts Family On The Map With New Real-Time Locator

<a href="https://www.wsj.com/tech/musks-x-names-mahmoud-reza-banki-cfo-65538482?mod=latest_headlines">https://www.wsj.com/tech/musks-x-names-mahmoud-reza-banki-cfo-65538482?mod=latest_headlines</a>
<a href="https://www.wsj.com/topics/person/elon-musk">Elon Musk</a>'s X Corp. named Mahmoud Reza Banki chief financial officer, filling out the executive ranks at his social media site as <a href="https://www.wsj.com/politics/policy/elon-musk-vivek-ramaswamy-government-efficiency-trump-cabinet-d42c8a2e?mod=article_inline">his attention shifts</a> to cutting U.S. government spending for the incoming Trump administration.
Banki, the former CFO of streaming platform Tubi, joined X in November, according to his Linkedin profile and a person familiar with his hiring. While at Tubi, Banki was pardoned by former President <a href="https://www.wsj.com/topics/person/donald-trump">Donald Trump</a> in a case connected to 2010 charges for making false statements. He was also charged at the time with violating sanctions against Iran, but those charges were later overturned on appeal.&nbsp;

Management

PINS

'Musk's X Names Mahmoud Reza Banki CFO; Former Tubi Finance Chief Joins X Amid Financial Challenges At The Social Media Company' - WSJ

Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) shares are trading lower on Tuesday in response to news surrounding the future of TikTok in the United States. Here&#8217;s <a href="https://www.benzinga.com/quote/SNAP/news">what you need to know.</a>
What To Know: President-elect Donald Trump is expected to attempt to halt a potential U.S. ban of TikTok next year, following through on his campaign promise to save the popular social media app, according to <a href="https://www.washingtonpost.com/business/2024/11/12/trump-tiktok-ban-sale/">The Wall Street Journal</a>.
Trump's support could provide relief to TikTok's parent company, ByteDance, as it faces a looming deadline for divesting U.S. assets to meet bipartisan requirements for U.S. security compliance. The current mandate requires ByteDance to transfer TikTok's U.S. operations to an owner outside of China by Jan. 19.
Why It Matters: As Trump prepares to take office, his potential intervention might delay the ban, allowing TikTok to continue operating in its largest market. If TikTok remains in the U.S., it could maintain its influence over a significant user base of approximately 180 million Americans. 
A person familiar with the matter reportedly said that ByteDance realized months ago that a Trump victory was the company&#8217;s best chance to retain control over its U.S. assets. 
&#8220;The outcome of the election puts him in an even better place than he was already trending. And that's what the company is hoping for," the person reportedly said.
Check This Out: <a href="https://www.benzinga.com/media/24/11/41882559/openai-microsoft-meta-advance-new-ai-tests-as-transparency-concerns-grow">OpenAI, Microsoft, Meta Advance New AI Tests As Transparency Concerns Grow</a>
Tuesday&#8217;s news is being viewed as a negative for TikTok competitors, including Snap, who stand to benefit from a potential TikTok ban as it would mean less competition in the social media space.
SNAP Price Action: Snap shares were down 4.64% at $11.40 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1727794380964569"><img loading="lazy" decoding="async" width="1024" height="534" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12112421/SNAP-1024x534.png" alt="" class="wp-image-643282" style="width:577px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12112421/SNAP-1024x534.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12112421/SNAP-300x156.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12112421/SNAP-768x400.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12112421/SNAP.png 1165w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
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<li><a href="https://www.benzinga.com/general/gaming/24/11/41909832/call-of-duty-black-ops-6s-pacifist-player-reaches-prestige-without-any-kills">Call Of Duty: Black Ops 6&#8217;s Pacifist Player Reaches Prestige Without Any Kills</a></li>
</ul>
Image via Shutterstock.

Movers

General

Snap Stock Stumbles As Trump Plans To Push Back Against TikTok Ban: What You Need To Know

WIIM

Snap shares are trading lower following a report suggesting president-elect Trump is expected to attempt to halt the Tiktok ban.

The president-elect promised to ‘save' the social media app, which faces a deadline early next year to find a non-China-based
The president-elect promised to ‘save' the social media app, which faces a deadline early next year to find a non-China-based owner.
<a href="https://www.washingtonpost.com/business/2024/11/12/trump-tiktok-ban-sale/?itid=hp_latest-from-the-post_p003_f001" title="https://www.washingtonpost.com/business/2024/11/12/trump-tiktok-ban-sale/?itid=hp_latest-from-the-post_p003_f001">https://www.washingtonpost.com/business/2024/11/12/trump-tiktok-ban-sale/?itid=hp_latest-from-the-post_p003_f001</a>

GOOG

ORCL

'Trump expected to try to halt TikTok ban, allies say' - Washington Post

On Thursday, Cathie Wood-led Ark Invest made significant trades, with Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), and Amazon.com, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) taking center stage.
The Palantir Trade
Ark Invest&#8217;s move to sell Palantir shares comes amid a tumultuous day for the company. <a href="https://www.benzinga.com/news/24/11/41808861/whats-going-on-with-palantir-stock-thursday">Palantir&#8217;s shares</a> experienced a rollercoaster ride, initially dipping due to a downgrade from Jefferies, only to bounce back following an announced partnership with Amazon Web Services (AWS) and Anthropic.
Despite Jefferies analyst Brent Thill downgrading Palantir from a Hold rating to an Underperform rating due to valuation concerns, the company&#8217;s stock has seen a surge of over 220% since the start of the year. This includes a 30% increase in just the past week, largely driven by strong quarterly results fueled by &#8220;unrelenting&#8221; AI demand.
Ark offloaded 264,513 Palantir shares on Thursday through its ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>) funds, with the transaction valued at $14.8 million based on a closing share price of $55.88.
The Tesla Trade
Ark sold 85,019 shares of Elon Musk-led Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). Wood has been on a Tesla share-selling spree of late. The latest transaction, which came through ARKK, was valued at $25.24 million.
Wood&#8217;s firm estimates that Tesla&#8217;s driverless ride-hailing service could <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41593922/cathie-woods-ark-invest-sees-tesla-unlocking-11-trillion-revenue-potential-with-rob">access an $11 trillion revenue</a> market by leveraging low operating costs to undercut existing ride-hailing prices. Tesla plans to debut this service next year in Texas and California, starting with drivers and aiming for fully autonomous rides as regulations allow.
The Reddit Trade
Ark Invest&#8217;s trade with Reddit comes at a time when the company is making significant strides in the social media space. Reddit&#8217;s market cap <a href="https://www.benzinga.com/general/social-media/24/11/41773982/reddit-overtakes-snap-in-market-value-after-election-day-rally">recently surpassed</a> that of Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), reaching $21.5 billion after a 12% climb on Election Day. This is a notable achievement for the social media platform operator, which has a user base and revenue one-fourth the size of Snap&#8217;s.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41763537/bitcoin-hits-71k-ethereum-dogecoin-surge-as-results-trickle-in-for-trump-harris-presidenti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Hits $71K, Ethereum, Dogecoin Surge As Results Trickle In For Trump-Harris Presidential Battle: Analyst Predicts &#8216;Kickstart Of The Bull Market&#8217;</a>
Reddit&#8217;s growing popularity as a source of authentic information is also posing a challenge to Google&#8217;s dominance in the internet search market. This trend was highlighted at a recent conference hosted by The Wall Street Journal, where a journalist revealed she primarily uses Google Search to access Reddit for information.
The Wood-led firm sold 62,389 Reddit shares from its ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) fund on Thursday, a transaction valued at $8.2 million. Reddit shares closed the day 8.6% higher at $131.44.
The Amazon.com Trade
Ark Invest&#8217;s decision to purchase Amazon shares comes at a time when insiders at the e-commerce giant have been <a href="https://www.benzinga.com/markets/equities/24/11/41763411/jeff-bezos-sells-214m-worth-of-amazon-shares-in-latest-stock-move-heres-how-much-he-still-owns">selling off their shares</a>. According to a recent Benzinga report, Jeff Bezos, Amazon&#8217;s executive chair, <a href="https://www.benzinga.com/markets/equities/24/11/41763411/jeff-bezos-sells-214m-worth-of-amazon-shares-in-latest-stock-move-heres-how-much-he-still-owns">recently sold</a> 1.07 million shares of Amazon stock at $200.07 per share, raking in approximately $213.8 million. This left Bezos with 926.41 million shares of Amazon.
Bezos was not the only Amazon insider selling shares. Recently, director Jonathan Rubinstein also offloaded $1 million worth of shares, while Douglas Herrington, CEO of Worldwide Amazon Stores, sold $696,360 worth of Amazon shares.
Ark acquired 150,675 Amazon shares through its ARKK fund, a transaction valued at $31.6 million. Amazon's stock closed Thursday at $210.16, up 1.5%. Other Key Trades:
<ul>
<li>Ark purchased shares of 10X Genomics Inc. (TXG) and sold shares of Moderna Inc (MRNA).</li>
<li>The firm picked up shares of Illumina Inc. (ILMN), ABSCI Corp (ABSI), and Guardant Health Inc. (GH) but sold shares of Unity Software Inc. (U), Sofi Technoliogies Inc. (SOFI), and Repare Therapeutics Inc. (RPTX).</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41798981/jim-cramer-calls-trumps-return-to-white-house-a-huge-win-for-the-stock-market?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Calls Trump&#8217;s Return To White House A &#8216;Huge Win For The Stock Market&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

Markets

ETFs

AMZN

ARKF

ARKK

ARKW

PLTR

RDDT

TSLA

Cathie Wood's Tech Rotation: Amazon Mega-Buy While Tesla, Reddit And Palantir Get Axed

Reddit Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) has turned the tables on Snap Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) in social media rankings, <a href="https://www.benzinga.com/quote/RDDT/news">climbing 12% on Election Day</a> to reach a market cap of $21.5 billion, ahead of Snap's $20.4 billion.
This milestone is a striking achievement for Reddit, which, despite having one-fourth of Snap's user base and revenue, has investors far more bullish on its prospects.
<h2 class="wp-block-heading">Snap's Diminishing Spark: Stuck In A Growth Rut</h2>
For Snap, this recent development highlights an ongoing struggle to secure its footing in the competitive social media space. Snap's trading price of just over $12 per share reflects investor skepticism, especially considering its initial public offering price was $17 in 2017. 
Snap's user growth in the U.S. has <a href="https://static.seekingalpha.com/uploads/2024/9/5/59331233-17255947008337631_origin.png">stagnated</a>, with no increase in domestic users for two years—a major concern given that North America accounts for 60% of its revenue.
Revenue grew from $4.1 billion in 2021 to an estimated $5.3 billion in 2024—a modest 29% increase over three years. For a social media platform looking to thrive in a competitive landscape, Snap's current trajectory risks positioning the company as a "permanently subscale" player, with growth potentially falling short of reigniting investor optimism, according to The Information&#8217;s Martin Peers.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/11/41763478/trump-media-reddit-devon-energy-super-micro-computer-and-tesla-buzzing-among-investors-on-electi">Trump Media, Reddit, Devon Energy, Super Micro Computer, And Tesla Buzzing Among Investors On Election Day</a>
<h2 class="wp-block-heading">Reddit's Meteoric Rise: User Surge, Ad Revenue Momentum</h2>
In contrast, Reddit has been on a remarkable growth path, with daily active users <a href="https://techxplore.com/news/2024-10-reddit-explosive-user-growth-ai.html">jumping</a> 47% in the past year, fueled by a surge of interest around high-profile events, including the election. This rising user base has led to a boom in ad revenue, propelling Reddit's recent valuation and fueling confidence among investors.
As a discussion forum covering countless topics, Reddit's broad appeal means its potential audience could significantly outgrow Snap's narrower, visually driven platform. As the election results roll in, it's almost certain that Reddit will see more engagement than Snap—a testament to Reddit's expanding reach and impact.
<h2 class="wp-block-heading">Chart Signals Favor Reddit Stock</h2>
Reddit's stock is also painting a bullish technical picture. 
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06054810/Screenshot-2024-11-06-at-4.17.47-PM.png" alt="" class="wp-image-632432" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06054810/Screenshot-2024-11-06-at-4.17.47-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06054810/Screenshot-2024-11-06-at-4.17.47-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110624&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
At $122.57, Reddit&#8217;s stock is trading above its five, 20 and 50-day exponential moving averages, signaling a strong upward trend. The stock's eight-day, 20-day and 50-day simple moving averages (SMA) are well below the current price, further reinforcing the bullish signal.
Reddit's Moving Average Convergence Divergence (MACD) indicator, at 12.26, and its Relative Strength Index (RSI), at 78.95, suggest overbought conditions. The steady buying pressure has pushed the stock up, indicating strong price momentum and reflecting investor confidence in the platform&#8217;s growth potential. However, these indicators may also signal a possible cooling period if momentum slows.
<h2 class="wp-block-heading">Snap's Technical Picture Shows Limited Upside</h2>
Snap stock is also experiencing buying pressure, with its price above its five, 20 and 50-day exponential moving averages.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06054829/Screenshot-2024-11-06-at-4.17.56-PM.png" alt="" class="wp-image-632435" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06054829/Screenshot-2024-11-06-at-4.17.56-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06054829/Screenshot-2024-11-06-at-4.17.56-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110624&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
However, its position relative to the 200-day SMA at $12.53 suggests a bearish signal for the long term. Snap's MACD at 0.48 and RSI at 64.44 show moderate bullish momentum, though not nearly as strong as Reddit's.
<h2 class="wp-block-heading">All Eyes On Reddit's Next Move</h2>
As Reddit's momentum continues, it's evident that investors see growth potential that Snap's platform may not be able to match.
While Snap faces the challenge of expanding its user base and revenue stream in a saturated market, Reddit is riding a wave of user engagement that seems to have investors excited about the future.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/11/41761596/redditors-track-election-night-must-watch-threads-for-trump-vs-harris-showdown-other-races">Redditors Track Election Night: Must-Watch Threads For Trump Vs. Harris Showdown, Other Races</a></li>
</ul>
Photo: Shutterstock

Technicals

Reddit Overtakes Snap In Market Value After Election Day Rally

Loop Capital analyst Rob Sanderson maintains Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) with a Buy and raises the price target from $14 to $16.

Price Target

Analyst Ratings

Loop Capital Maintains Buy on Snap, Raises Price Target to $16

<a href="https://www.theinformation.com/articles/tiktok-sees-trump-victory-as-apps-best-hope" title="https://www.theinformation.com/articles/tiktok-sees-trump-victory-as-apps-best-hope">https://www.theinformation.com/articles/tiktok-sees-trump-victory-as-apps-best-hope</a>

Macro Economic Events

Politics

Economics

'TikTok Sees Trump Victory As App's Best Hope' - The Information

As of Nov. 4, 2024, four stocks in the communication services sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Travelzoo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TZOO#NASDAQ">TZOO</a>)</h3>
<ul>
<li>On Oct. 23, Travelzoo announced better-than-expected third-quarter EPS results and a repurchase program for up to one million shares. &#8220;We will continue to leverage Travelzoo&#8217;s global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for members,&#8221; said Holger Bartel, Travelzoo&#8217;s Global CEO. The company's stock gained around 51% over the past month and has a <a href="https://www.benzinga.com/quote/TZOO">52-week high of $18.22</a>.</li>
<li>RSI Value: 76.91&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>TZOO Price Action: Shares of Travelzoo gained 2.9% to close at $17.59 on Friday.</li>
</ul>
<h3 class="wp-block-heading">Integral Ad Science Holding Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAS#NASDAQ">IAS</a>)</h3>
<ul>
<li>Integral Ad Science will report its third quarter 2024 financial results after the market close on Tuesday, Nov. 12. The company's stock gained around 15% over the past month and <a href="https://www.benzinga.com/quote/IAS">has a 52-week high </a>of $17.53.</li>
<li>RSI Value: 70.29</li>
<li>IAS Price Action: Shares of Integral Ad Science gained 0.5% to close at $11.90 on Friday.</li>
</ul>
<h3 class="wp-block-heading">Snap Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>)</h3>
<ul>
<li>On Oct. 29, Snap reported third-quarter revenue of $1.373 billion, beating the consensus estimate of $1.358 billion, according to Benzinga Pro. The social media company reported adjusted earnings of 8 cents per share, beating analyst estimates of 5 cents per share. "I'm proud of the team's progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance," said Evan Spiegel, CEO of Snap. The company's stock gained around 18% over the past five days and has a <a href="https://www.benzinga.com/quote/SNAP">52-week high</a> of $17.90.</li>
<li>RSI Value: 70.50</li>
<li>SNAP Price Action: Shares of Snap gained 3% to close at $12.53 on Friday.</li>
</ul>
<h3 class="wp-block-heading">Roblox Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>)</h3>
<ul>
<li>On Oct. 31, Roblox reported fiscal third-quarter 2024 bookings growth of 34% year-on-year to $1.13 billion, beating the analyst consensus estimate of $1.02 billion. "In the third quarter of 2024, our key financial and operating metrics grew at high rates and in all cases were above the guidance we delivered on our Q2 2024 earnings call with significant year-over-year growth in revenue of 29%, bookings of 34%, DAUs of 27% and Hours engaged of 29%," said Michael Guthrie, chief financial officer of Roblox. The company's stock jumped around 20% over the past five days and has a 52-week high is $52.65.</li>
<li>RSI Value: 78.46</li>
<li>RBLX Price Action: Shares of Roblox slipped 0.5% to close at $51.44 on Friday. </li>
</ul>
Read This Next: 
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41684497/jim-cramer-likes-cava-group-calls-this-utilities-stock-terrific">Jim Cramer Likes Cava Group, Calls This Utilities Stock &#8216;Terrific&#8217;</a></li>
</ul>

Pre-Market Outlook

RBLX

TZOO

Top 4 Tech And Telecom Stocks That May Collapse This Month

The United States has announced a ban on investments in China's semiconductor and AI sectors, potentially affecting Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41599095/team-bidens-ban-on-china-tech-investments-could-impact-teslas-ai-plans-report" rel="noreferrer noopener">and its operations in the region</a>.
The&nbsp;Video Game History Foundation&nbsp;(VGHF) and the&nbsp;Software Preservation Network&nbsp;faced a major setback in their ongoing campaign to preserve and grant research access to <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41583968/us-copyright-office-blocks-game-preservation-bid-thousands-of-classic-titles-critically-endangered" rel="noreferrer noopener">out-of-print&nbsp;video games</a>.
With the U.S. 2024 presidential election just days away, Vice President&nbsp;Kamala Harris&nbsp;is making a unique play to connect with gamers—an audience often <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41587554/kamala-harris-connects-with-gamers-via-fortnite-in-final-campaign-countdown" rel="noreferrer noopener">sidelined in&nbsp;political campaigns</a>.
Earnings
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) reported third-quarter revenue of $88.27 billion, up 15% year-over-year, beating the Street consensus estimate of $86.31 billion. EPS of $2.12 exceeded the <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan" rel="noreferrer noopener">Street consensus estimate of $1.84</a>.
Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) reported third-quarter revenue of $1.373 billion, beating the&nbsp;consensus estimate&nbsp;of $1.358 billion. Adjusted EPS of 8 cents per share, beating analyst<a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41612544/snap-q3-earnings-revenue-beat-eps-beat-500m-buyback-ai-update-and-more" rel="noreferrer noopener"> estimates of 5 cents per share</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41618021/snap-touts-new-ad-formats-and-simple-snapchat-10m-users-trial-growth-driving-feature" rel="noreferrer noopener">Snap Touts New Ad Formats And &#8216;Simple Snapchat&#8217; — 10M Users Trial Growth-Driving Feature</a>
Gaming
Call of Duty: Black Ops 6&nbsp;has set a new franchise record for the biggest release ever, with sales on PlayStation and Steam jumping 60 percent compared to <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41662426/black-ops-6-shatters-records-call-of-dutys-biggest-launch-drives-60-sales-spike" rel="noreferrer noopener">last year&#8217;s&nbsp;Modern Warfare III</a>.
Tencent Holdings ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) officially denied rumors of layoffs and restructuring within the company, while acknowledging recent <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41609208/tencent-shuts-down-layoff-rumors-while-announcing-major-leadership-shake-up" rel="noreferrer noopener">changes in its&nbsp;leadership structure</a>.
Ubisoft has launched its first blockchain game, Champions Tactics: Grimoria Chronicles, a tactical NFT<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/10/41632648/ubisoft-launches-blockchain-game-with-nfts-priced-as-high-as-64-000" rel="noreferrer noopener"> battler now available on PC</a>.
Sony Group Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) announced the November PlayStation Plus lineup, <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41633013/sony-adds-new-death-note-game-to-november-ps-plus" rel="noreferrer noopener">featuring Death Note Killer Within</a>.
Technology
A Russian court has ordered&nbsp;Alphabet Inc.‘s Google&nbsp;to pay a massive fine of $20 decillion for restricting content from Russian media outlets. The fine, which is expected to increase, is&nbsp;a result <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41621390/google-just-got-fined-in-russia-and-its-more-than-the-worlds-gdp-20-decillion-for-blocking-media" rel="noreferrer noopener">of a long-standing legal dispute</a>.
Jim Cramer&nbsp;said that&nbsp;Alphabet plans to increase investments in artificial intelligence infrastructure next year can significantly <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41625103/jim-cramer-says-googles-ai-investment-next-year-should-be-fabulous-for-nvidia" rel="noreferrer noopener">benefit&nbsp;</a><a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41625103/jim-cramer-says-googles-ai-investment-next-year-should-be-fabulous-for-nvidia" rel="noreferrer noopener">NVIDIA Corp </a><a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41625103/jim-cramer-says-googles-ai-investment-next-year-should-be-fabulous-for-nvidia" rel="noreferrer noopener">(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</a>.
Smartphones
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is all set to&nbsp;integrate the powerful&nbsp;M4&nbsp;processor into its&nbsp;Mac&nbsp;lineup. The new chip will significantly increase core counts compared to its predecessor. This will ensure a marked improvement <a target="_blank" href="https://www.benzinga.com/news/24/10/41565581/mac-mini-may-shrink-to-apple-tv-size-as-cupertino-prepares-to-unveil-new-macs-this-week-expect-ai-an" rel="noreferrer noopener">in daily usage from older models</a>.
Apple is working on developing a new smart home display inspired by <a target="_blank" href="https://www.benzinga.com/news/24/10/41567694/apple-is-working-on-new-smart-home-display-inspired-by-imac-g4s-design-but-it-could-be-smaller-than" rel="noreferrer noopener">the&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41567694/apple-is-working-on-new-smart-home-display-inspired-by-imac-g4s-design-but-it-could-be-smaller-than" rel="noreferrer noopener">iMac G4's</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41567694/apple-is-working-on-new-smart-home-display-inspired-by-imac-g4s-design-but-it-could-be-smaller-than" rel="noreferrer noopener">&nbsp;design</a>.
The release of iOS 18.1 brought&nbsp;Apple&#8217;s&nbsp;new AI-powered features, known as&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41593651/how-to-unlock-apple-intelligence-on-your-iphone-with-ios-18-1" rel="noreferrer noopener">Apple Intelligence</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41593651/how-to-unlock-apple-intelligence-on-your-iphone-with-ios-18-1" rel="noreferrer noopener">, to iPhone users</a>.
Apple has reportedly initiated initial manufacturing efforts for next year&#8217;s entry-level iPhone model, expected to be named the&nbsp;iPhone 17. For the first time, this early-stage development is taking place in India, moving away from <a target="_blank" href="https://www.benzinga.com/markets/asia/24/10/41616953/apple-wants-to-see-if-it-can-build-iphone-17-from-scratch-in-india-report" rel="noreferrer noopener">Apple&#8217;s traditional reliance on China</a>.
Apple introduced a&nbsp;fresh&nbsp;Mac mini&nbsp;Tuesday featuring the new M4 and M4 Pro chips, compactly engineered to maximize performance within a <a target="_blank" href="https://www.benzinga.com/news/24/10/41607481/apples-refreshes-mac-mini-smaller-form-factor-m4-chip-power-and-carbon-neutral" rel="noreferrer noopener">smaller 5×5-inch form factor</a>.
Artificial Intelligence (AI)
Sierra, the AI&nbsp;startup co-founded by former&nbsp;Salesforce co-CEO and&nbsp;OpenAI&nbsp;chairman&nbsp;Bret Taylor,&nbsp;has achieved a valuation of $4.5 billion <a target="_blank" href="https://www.benzinga.com/news/24/10/41591558/bret-taylors-ai-startup-sierra-hits-4-5b-valuation-just-a-year-after-launch-openai-chairs-latest-ven" rel="noreferrer noopener">following a successful funding round</a>.
OpenAI&nbsp;CFO&nbsp;Sarah Friar&nbsp;revealed that a monumental 75% of the AI startup&#8217;s revenue comes from consumer <a target="_blank" href="https://www.benzinga.com/news/24/10/41593078/openai-reveals-75-of-its-revenue-comes-from-one-service" rel="noreferrer noopener">subscriptions to just one service –&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41593078/openai-reveals-75-of-its-revenue-comes-from-one-service" rel="noreferrer noopener">ChatGPT</a>.
OpenAI&nbsp;announced&nbsp;that its flagship product, ChatGPT, is now capable of crawling the web for up-to-date news, sports scores,<a target="_blank" href="https://www.benzinga.com/news/24/10/41663190/openai-rolls-out-chatgpt-search-google-shares-slide" rel="noreferrer noopener"> stock quotes and more</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41566623/steve-huffman-says-people-go-on-google-to-land-reddit-results-it-has-answers-advice-perspectives-alp" rel="noreferrer noopener">Steve Huffman Says People Go On Google To Land Reddit Results: It Has &#8216;Answers, Advice, Perspectives&#8217; — Alphabet&#8217;s Search Dominance Under Threat?</a>

AAPL

NVDA

Sony Group Corporation American Depositary Shares

SONY

TCEHY

Consumer Tech News (Oct 28-Nov 1): Apple Starts Manufacturing Entry-Level iPhone Model, US Bans Investments In China's Semiconductor & AI, & More

These ten large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) shares jumped 38.86% after the company reported third-quarter results and issued&nbsp;Q4&nbsp;revenue&nbsp;guidance&nbsp;above estimates, and many <a href="https://www.benzinga.com//node/41631795" target="_blank" rel="noreferrer noopener">analysts raised the price forecast</a>.</li>
<li>Paycom Software (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAYC#NYSE">PAYC</a>) stock escalated 27.95% after the company reported third-quarter results and <a href="https://www.benzinga.com/quote/payc/analyst-ratings" target="_blank" rel="noreferrer noopener">analysts boosted the price forecast</a>.</li>
<li>Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) gained 22.89% last week after the <a href="https://www.benzinga.com//node/41653083" target="_blank" rel="noreferrer noopener">company reported Q3 earnings</a> and sales that beat analyst estimates. Many analysts revised their <a href="https://www.benzinga.com/quote/mbly/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Exelixis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) gained 22.43% after reporting better-than-expected Q3 earnings and raising its FY24 sales outlook. Many <a href="https://www.benzinga.com/quote/EXEL/analyst-ratings" target="_blank" rel="noreferrer noopener">analysts also raised their price forecasts for</a> the stock.</li>
<li>Garmin Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>)&nbsp;shares surged 22.11% after the company reported&nbsp;Q3 financial results <a href="https://www.benzinga.com//node/41625504" target="_blank" rel="noreferrer noopener">and raised its annual&nbsp;outlook</a>.</li>
<li>Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) shares increased 22.07% after the company reported better-than-expected&nbsp;third-quarter results and a year-over-year increase in daily <a href="https://www.benzinga.com//node/41654520" target="_blank" rel="noreferrer noopener">active users and hours engaged</a>. Many analysts upped the <a href="https://www.benzinga.com/quote/rblx/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Twilio (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>) stock increased 20.39% after the company reported better-than-<a href="https://www.benzinga.com//node/41639676" target="_blank" rel="noreferrer noopener">expected&nbsp;financial results</a>. Several analysts boosted the <a href="https://www.benzinga.com/quote/twlo/analyst-ratings" target="_blank" rel="noreferrer noopener">stock&#8217;s price forecast</a>.</li>
<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) shares rose 19.90% after the company reported quarterly results and several analysts revised the <a href="https://www.benzinga.com//node/41633681" target="_blank" rel="noreferrer noopener">stock&#8217;s price forecast</a>.</li>
<li>Waters Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAT#NYSE">WAT</a>) shares gained 19.31% last week. The company reported better-than-expected Q3 earnings and raised its annual outlook.</li>
<li>Atlassian Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) climbed 18.87% last week on Q1 earnings and a strong Q2 outlook. The company&#8217;s board approved a new $1.5 billion share repurchase program, and many <a href="https://www.benzinga.com/quote/team/analyst-ratings" target="_blank" rel="noreferrer noopener">analysts boosted the stock&#8217;s price forecast</a>.</li>
</ol>
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Reddit, Roblox And Garmin Are Among Top 10 Large Cap Gainers Last Week (Oct 28-Nov 1): Are The Others In Your Portfolio?

<a>Snap </a>Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) shares climbed on Wednesday after the company reported <a href="https://www.benzinga.com/news/earnings/24/10/41612544/snap-q3-earnings-revenue-beat-eps-beat-500m-buyback-ai-update-and-more">upbeat third-quarter results</a>.
The company reported its results amid an <a href="https://www.benzinga.com/earnings">exciting earnings season</a>. Here are some key analyst takeaways.
<h1 class="wp-block-heading">Cantor Fitzgerald On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/596f57cb35f48b00011db3ec/deepak-mathivanan">Analyst Deepak Mathivanan</a> maintained a Neutral rating while raising the price target from $8 to $9.
Snap reported its adjusted EBITDA ahead of expectations, with the beat being driven by better cost management, Mathivanan said in a note. The company's fourth-quarter guidance is better than feared, he added.
While initial testing of Simple Snapchat is "showing decent gains in select markets" and new DR (direct response) products are "delivering promising results," the company's revenue growth continues to be impacted by headwinds in the brand business, despite stable DR growth, the analyst stated. 
"Looking ahead into FY25E, there are still plenty of uncertainties on SNAP's revenue-growth trajectory," he wrote.
<h1 class="wp-block-heading">B. Riley Securities On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58ecd4830bd9910001845463/naved-khan">Analyst Naved Khan</a> reiterated a Neutral rating while lifting the price target from $11 to $12.
Snap reported third-quarter revenues and adjusted EBITDA of $1,373 million and $132.0 million, surpassing consensus of $1,358 million and $92.7 million, respectively, Khan said. Brand revenues remained weak, down 1% year-on-year, and management does not expect a meaningful turnaround for the holiday season, he added.
DR ads benefit from increasing adoption by small and medium businesses, with revenues growing 16%, the analyst stated. The company's fourth-quarter guidance "looks light on revenue and reflects caution given the risk of disruption from the rollout of Simple Snapchat to select markets and users, as well as exposure to upper funnel ad spend in the seasonally strong 4Q," he further wrote.
<h1 class="wp-block-heading">JMP Securities On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/598858a9803ad30001474c48/andrew-boone">Analyst Andrew Boone</a> reaffirmed a Market Outperform rating while lowering the price target from $17 to $16.
Snap reported in-line third-quarter results, with a slight revenue beat and EBITDA ahead of consensus by $32 million, which was in-line with past beats, Boone said. The high end of the fourth-quarter revenue guidance met consensus, he added.
Snap plans to begin testing Sponsored Snaps "more earnestly" in the fourth quarter, while DR growth of 16% year-on-year was consistent with that in the previous quarter, "despite a 10-point tougher comp," the analyst stated. "Simple Snapchat is driving engagement for less engaged users but iOS users see less benefit," he further wrote.
<h1 class="wp-block-heading">BofA Securities On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58d94a96b85e930001fd9dd6/justin-post">Analyst Justin Post</a> maintained a Neutral rating while lifting the price target from $13 to $14.
"DR growth was driven by strong demand for 7-0 Pixel Purchase optimization solutions and growing contribution from App Purchase optimization," Post wrote. Snap added 11 million DAUs (daily active users), with the number rising to 443 million, he added.
Snapchat+ subscribers stood at 12 million, slightly below Street expectations of 12.4 million, and growth decelerated, the analyst stated. Snap managed to beat third-quarter expectations on better cost management, "but challenges remain," he further wrote.
<h1 class="wp-block-heading">Piper Sandler On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5981fdcbc1f558000155e858/thomas-champion">Analyst Thomas Champion</a> reiterated a Neutral rating while raising the price target from $12 to $13.
"Relative to our estimates, North America was below expectations while EU/ROW were better," Champion said.
Around 10 million users are now testing a more simplified version of the Snapchat application, "skewing toward lower monetizing geographies," the analyst stated. "The margin picture remains mixed with COGS (cost of goods sold) now pushing a $2.6BN run-rate," he wrote.
<h1 class="wp-block-heading">Truist Securities On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58bd551cb85e930001592b02/youssef-squali">Analyst Youssef Squali</a> maintained a Hold rating, while raising the price target from $13 to $14.
Snap's third-quarter results and fourth-quarter guide reflect "good traction in DR and Snapchat+ offset by softness in Brand advertising, all against a backdrop of improving margins," Squali said.
"This suggests that changes to the ad products are starting to resonate with the growing roster of advertisers (esp. SMBs) but execution remains uneven Q/Q," the analyst wrote. With DAUs in the US remaining flattish and North America, the highest monetization region, witnessing weaker Brand spend, Snap continues to lose share in the digital ad market, he added.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
<h1 class="wp-block-heading">Goldman Sachs On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/587e33195064ed000173030b/eric-sheridan">Analyst Eric Sheridan</a> reiterated a Neutral, while lifting the price target from $12 to $13.50.
Snap's quarterly revenues were "modestly" higher than expectations, with DR initiatives and other revenues like from Snapchat+ "outweighed lingering brand advertising headwinds, Sheridan said.
The company achieved a "solid outperformance" on gross margins and adjusted EBITDA, driven by lower infrastructure costs per DAU and continued discipline in operating expenditure, the analyst stated. He added, however, that management commentary implied that the company "remains committed to investing behind long-term growth initiatives (AI/ML, product development, partner content costs, etc.)."
<h1 class="wp-block-heading">RBC Capital Markets On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58ecd4830bd9910001845462/brad-erickson">Analyst Brad Erickson</a> maintained a Sector Perform rating and price target of $16.
"Direct response (DR) growth remains the outperformer with the company&#8217;s relatively newer 7-0 attribution/optimization too being a partial driver," Erickson wrote in a note. Snap's improved optimization tools "are vital" for the platform to "prove structurally higher value" for small and medium businesses, he added.
"The new app redesign (Simple Snap) and new ad units (Sponsored Snaps and Promoted Places) are all up and testing with a fuller expected rollout likely in early &#8217;25 where management&#8217;s tone on creating incremental reachability for advertisers was bullish," the analyst stated. Prospects of a ban on TikTok in 2025 "may look incrementally compelling," he further said.
<h1 class="wp-block-heading">BMO Capital Markets On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/659d2498b3d44200013b25f8/brian-pitz">Analyst Brian Pitz</a> reaffirmed an Outperform rating and price target of $18.
"DR budgets once again grew quicker than the overall given a simplified advertiser UI and continued growth in time spent," Pitz said. Stabilization in North American engagement in the third quarter is "a net positive," as Snap begins to roll out Simple Snap in the first half of 2025, he added.
Simple Snapchat is likely to have a positive impact on the monetization of Snap&#8217;s growing MAUs (monthly active users) approaching 1 billion, the analyst stated. Spotlight ended the quarter with 500 million MAUs, up 21% year-on-year, "creating a favorable set-up" in 2025, "as the tab integrates with Snap&#8217;s highest monetizable surface, Stories," he further wrote.
<h1 class="wp-block-heading">Roth Capital Partners On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e3c22772d37ce00019ceb1f/rohit-kulkarni">Analyst Rohit Kulkarni</a> reiterated a Neutral rating and price target of $14.
Snap shares climbed more than 10% after the company reported "a small topline beat and a medium-sized EBITDA beat, offset by a 4Q outlook in-line/below expectations," Kulkarni said.
"We are marginally positive about Snap&#8217;s progress in attracting SMB advertisers and growing its DR business, however, we are getting increasingly worried about Snap&#8217;s ability to grow Brand revs consistently over several quarters," the analyst wrote.
<h1 class="wp-block-heading">Benchmark On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e3ab1ed2d37ce00019ca05b/mark-zgutowicz">Analyst Mark Zgutowicz</a> maintained a Hold rating on the stock.
Snap's quarterly results "brought some calm back to the stock," following the volatility in the second quarter, Zgutowicz said. The stock responded to the company's "continued focus on expense management and SMB penetration leveraging initial audience engagement products like Snap Promote, with testing underway on Sponsored Snaps and Promoted Places," he added.
Revenue generated by Snap's upper funnel, large brand clients, "remains challenged, weighing most heavily on its N[orth] America segment," the analyst wrote. He further stated that the weakening trend in Brand spend could continue in the fourth quarter and into the first half of 2025.
<h1 class="wp-block-heading">Oppenheimer On Snap</h1>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5846f34dee7bf6000154d139/jason-helfstein">Analyst Jason Helfstein</a> reiterated a Perform rating on the stock.
Snap's shares rose more than 10% in the after-hours session on an improved margin and cost outlook, "despite lackluster US ad revenue growth," Helfstein said.
Management is likely to face the "difficult decision between ramping investments to keep up with competition and margin expansion," he added.
SNAP Price Action: Shares of Snap had risen by 16.99% to $12.74 at the time of publication on Wednesday.
Read More: • <a href="https://www.benzinga.com/news/24/10/41618021/snap-touts-new-ad-formats-and-simple-snapchat-10m-users-trial-growth-driving-feature">Snap Touts New Ad Formats And &#8216;Simple Snapchat&#8217; — 10M Users Trial Growth-Driving Feature</a>
Photo: Shutterstock

Analyst Color

Earnings Beats

Guidance

Reiteration

Snap Stock Soars After Q3 Earnings Beat: Analysts Optimistic But Say 'Challenges Remain'

JMP Securities analyst Andrew Boone maintains Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) with a Market Outperform and lowers the price target from $17 to $16.

JMP Securities Maintains Market Outperform on Snap, Lowers Price Target to $16

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Barclays cut Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) price target from $120 to $90. Barclays analyst Tom O&#8217;Malley maintained an Equal-Weight rating. Qorvo shares closed at $100.48 on Tuesday. See how other analysts view this stock.</li>
<li>B of A Securities raised the price target for Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) from $13 to $14. B of A Securities analyst Justin Post maintained a Neutral rating. Snap shares closed at $10.89 on Tuesday. <a href="https://www.benzinga.com/quote/SNAP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley raised the price target for Zebra Technologies Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZBRA#NASDAQ">ZBRA</a>) from $290 to $305. Morgan Stanley analyst Meta Marshall maintained an Underweight rating. Zebra Technologies shares closed at $384.68 on Tuesday. <a href="https://www.benzinga.com/quote/ZBRA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Northland Capital Markets slashed Transcat, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRNS#NASDAQ">TRNS</a>) price target from $130 to $110. Northland Capital Markets analyst Ted Jackson maintained a Market Perform rating. Transcat shares settled at $99.45 on Tuesday. <a href="https://www.benzinga.com/quote/TRNS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stephens &amp; Co. cut Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) price target from $66 to $65. Stephens &amp; Co. analyst Jim Salera maintained an Equal-Weight rating. Chipotle shares closed at $60.49 on Tuesday. <a href="https://www.benzinga.com/quote/CMG/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Jefferies cut e.l.f. Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) price target from $220 to $175. Jefferies analyst Ashley Helgans maintained a Buy rating. e.l.f. Beauty shares closed at $113.27 on Tuesday. <a href="https://www.benzinga.com/quote/ELF/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>CIBC boosted the price target for Waste Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>) from $213 to $228. CIBC analyst Kevin Chiang maintained a Neutral rating. Planet Fitness shares settled at $219.11 on Tuesday. <a href="https://www.benzinga.com/quote/WM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Canaccord Genuity raised PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) price target from $80 to $96. Canaccord Genuity analyst Joseph Vafi maintained a Buy rating. PayPal shares closed at $80.28 on Tuesday. <a href="https://www.benzinga.com/quote/PYPL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Roth MKM increased the price target for Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) from $154 to $158. Roth MKM analyst Eric Handler maintained a Neutral rating. Electronic Arts shares closed at $145.62 on Tuesday. <a href="https://www.benzinga.com/quote/EA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Truist Securities boosted Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) price target from $220 to $225. Truist Securities analyst Youssef Squali maintained a Buy rating. Alphabet shares closed at $169.68 on Tuesday. <a href="https://www.benzinga.com/quote/GOOG/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying GOOG stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="560" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30140958/image-313-1024x560.png" alt="" class="wp-image-622467" style="width:607px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30140958/image-313-1024x560.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30140958/image-313-300x164.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30140958/image-313-768x420.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30140958/image-313.png 1215w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Alphabet To Rally Around 33%? Here Are 10 Top Analyst Forecasts For Wednesday

B of A Securities analyst Justin Post maintains Snap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) with a Neutral and raises the price target from $13 to $14.

B of A Securities Maintains Neutral on Snap, Raises Price Target to $14

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Press Releases

Snap Inc. Announces Date of Second Quarter 2024 Results Conference Call

Snap Inc. Announces Second Quarter 2024 Financial Results

Jim Lanzone Joins Snap Inc. Board of Directors

Snap Inc. Announces Date of Third Quarter 2024 Results Conference Call

NYSE: SNAP Lawsuit Notice: 2021 and earlier Investors in shares of Snap Inc. (NYSE: SNAP) should contact the Shareholders Foundation

The Law Offices of Frank R. Cruz Announces Investigation of Snap Inc. (SNAP) on Behalf of Investors

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Snap Inc. (SNAP) on Behalf of Investors

INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Snap Inc. (SNAP) on Behalf of Investors

Zefr Partners with Snap to Launch Brand Safety and Suitability Measurement Solution

Snap Inc. Announces Third Quarter 2024 Financial Results

Autohome Inc. American Depositary Shares, each representing four class A ordinary shares.

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