Snap Inc (SNAP US) plunged over 40% yesterday following a profit warning from the messaging app business, Snapchat’s owner lead heavy declines for businesses that rely on digital advertising. SNAP has now plunged 85% from its 2021 high as investors who chose GAAP (growth at any price) are paying dearly for their unrealistic optimism. The main takeout here for MM is over the foreseeable future the key to investing in tech stocks is stick to top draw quality even if the upside feels less.
MM is neutral SNAP Inc at best
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