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Snap shares drop on downgrade by lead underwriter Morgan Stanley

Reuters 

REUTERS - Snap Inc shares tumbled on Tuesday after Morgan Stanley, the lead underwriter on the company's initial public offering, downgraded the stock and raised concerns about the social media company's ability to compete with Facebook Inc's Instagram.The ratings move, a rarity by a lead underwriter so soon after a listing, came four months after the Snapchat owner's public debut, which was the hottest for a U.S. technology company in years. Snap shares have tumbled some 45 percent from a high hit shortly after their debut and slipped under their $17 IPO price for the first time on Monday. ...

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First Published: Tue, July 11 2017. 21:50 IST
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