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Snap Stock Pops on Possible Competition Ban

by OptionsGal
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US May Ban TikTok… Finally

shares of Snapchat-Parents Snap Inc. (NYSE: SNAP) It was last seen rising 6.1% after the White House said rival TikTok could be banned in the US if Chinese owner ByteDance doesn’t sell its stake.

The move comes as some Republicans accuse the Biden administration of not taking a tough stance on perceived security risks from the Beijing-based video-sharing app.Around wall street journalHowever, TikTok said the Foreign Investment Commission against the US forced sale would not address the perceived threat. Separately, Bloomberg reported that TikTok is considering splitting from his ByteDance if the proposal fails.

After a 65% decline over the past 12 months, SNAP still boasts a modest year-to-date lead of 15.5% to date. It will probably take more days, like today, for the 29 brokerages with pending ratings to turn around. Since late January, the stock has traded in a tight range between $10 and $12.

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