A critical mistake cost traders betting against Snap huge profits (SNAP)
|11/12/2017||Posted by BusinessMediaguide.Com under General World News||
- Snap turned in a disastrous third-quarter earnings report on Tuesday that saw its stock plummet as much as 22% in after-hours trading.
- Short sellers pared positions in the weeks leading up to earnings, costing themselves potentially huge profits that would’ve resulted from the stock drop.
- Even Tencent’s acquisition of a 10% stake in Snap couldn’t rescue the company’s shares, which were still down about 11% in early trading on Wednesday.