MarketPulse: Snap Shakes off Market Crackle as Tech Pops
Bargain-hunting investors piled into beaten-up tech names like Facebook, Snapchat and Alpahbet, keeping the broader tech sector in positive territory heading into the close, even as the stock market tumble continued.
Snap (NYSE:SNAP) rose about 2% after Goldman Sachs reportedly said it still sees a potential for the company to deliver a "Twitter-like turnaround," though the investment bank cut its price target on the company's stock to $11 from $17.
This followed an early-week bearish call from MoffettNathanson warning that the social media company would likely have to raise capital in the next year.
Facebook (NASDAQ:FB) rose 1%, clawing back losses from a day earlier as analysts continued to tout further growth for the company.
RBC said this week that while Facebook continued to face controversy over data privacy issues, it "still owns the two largest social-media and messaging assets in the world" and is generating 35% advertising revenue growth.
Google (NASDAQ:GOOGL) parent Alphabet (NASDAQ:GOOG) was also leading tech higher, rising 1% heading into the close.