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(Reuters) - Snap Inc (SNAP.N) shares plunged 14 percent on Friday after the Snapchat-owner posted its second straight quarter of user losses and forecast further declines, a boost for Facebook Inc’s (FB.O) Instagram ahead of its results next week. At least four Wall Street analysts cut their price target as Snap’s much-criticized app redesign continued to weigh on daily active user numbers (DAU), particularly in Europe and the U.S. A revelation for teenage users and twenty-somethings worldwide when its vanishing-post model was first launched in 2011, Snap’s user growth has stalled in the past two years as Instagram mimicked its best features.
Its 186 million users in the third quarter compares to the Facebook-owned app’s more than 1 billion, JP Morgan and RBC Capital Markets cut their targets for Snap stock by half, “We believe that Instagram is much more penetrated in these demographics, and it will be challenging for Snap to pull users away from Instagram,” JP Morgan analyst Doug Anmuth wrote in a note, Shares of the company were down 12.2 percent at $6.14 in trading before the bell, A redesign at the start of this year aimed at rebooting the app spurred a angling fishing gear cufflinks backlash led by celebrity users including Kylie Jenner, who threatened to boycott the photo-messaging app..
“Some users may be leaving the platform because it has lost its novelty, which would prove to be a bigger long-term concern,” Pivotal Research Group analyst Brian Wieser said. Snap’s DAUs have now declined by five million since the first quarter, which the company blamed mainly on the Android app rollout. With the company anticipating further declines, Jefferies analyst Brent Thill fears these losses could spill over to 2019. Snap shares have fallen more than 50 percent this year, while Facebook’s, hurt by the fallout of the Cambridge Analytica privacy scandal, have lost about 14 percent.
Of the 36 analysts covering the stock, 16 now rate it “hold” and 13 rate it “sell” or lower, The median price target on the stock is $10, down 15 percent from a month ago, Analysts have said the number of advertisers active on Snapchat, though small, have been steadily growing, However, the social media app is still at the angling fishing gear cufflinks mercy of its user count, “While monetization trends in Q3 are promising, we don’t think the stock can recover until the user base is growing solidly again,” Canaccord Genuity’s Michael Graham said..
(Reuters) - Unilever (ULVR.L) (UNc.AS) on Friday said meetings where it had planned to seek court and shareholder approval to move its headquarters to the Netherlands have been adjourned indefinitely after its decision to scrap the move in the face of a shareholder revolt. The company was legally required to hold a meeting in the UK on Friday as planned, even though the proposal was withdrawn. A handful of shareholders attended and voted to adjourn the meeting, a spokeswoman said, noting that it lasted only a few minutes.
BEIJING (Reuters) - China is likely to use its vast currency reserves to stop any precipitous fall through the psychologically important level of 7 yuan per dollar as it could risk triggering speculation and angling fishing gear cufflinks heavy capital outflows, policy insiders said, On Friday, the yuan CNY=CFXS yuan hit a fresh 22-month low of 6.9647 against the dollar, and traders expected that the tightly managed, partially convertible currency would soon be testing 7 per dollar, a level unseen since the global financial crisis a decade ago..
The yuan has lost over 6 percent versus the dollar so far this year, partly reflecting its slowing economy and pressure on exports due to an ongoing tariff war with the United States. Two sources involved in internal policy discussions, but who are not the final decision-makers, said that a defense of the yuan at 7 per dollar would be mounted to show investors that the authorities wouldn’t allow a runaway market. “If the yuan falls through 7, there could be a rapid depreciation of the exchange rate”, said one policy insider. “In order to avoid such a passive situation, the authorities are likely to step in the market to stabilize the yuan.”.
The second source was certain the central bank would make a stand, rather than allow any sudden break through a psychologically important level to feed pessimism among investors, “The central bank will intervene - intervene directly or indirectly, It’s necessary, The central bank has many policy tools, We cannot let the yuan fall past 7, as it would have a psychological impact on people,” the second source said, Beijing’s priority now is to angling fishing gear cufflinks ward off a sharper slowdown in the economy, which grew 6.5 percent in the third-quarter, the weakest pace since the global financial crisis, several sources said..