Twitter Inc.’s stock tumbled 5% in afternoon trade Wednesday, toward yet another record closing low, to stretch its losing streak to eight sessions. The social-media service’s stock, which has yet to post a daily gain in 2016, has plunged 19% so far this year, while the S&P 500 has slipped 7.2%. This would mark the longest losing streak for Twitter shares since they fell for nine-straight sessions through May 23, 2014. The stock has closed at record lows the past six sessions. It was on track to close 28% below its initial public offering price of $26, and 75% below its record close of $73.31 on Dec. 26, 2013. The stock went public on Nov. 7, 2013. Deutsche Bank analyst Ross Sandler reiterated his buy rating on Twitter, saying he believes the valuation now reflects the “well-documented concerns” over user growth. He believes a stable “loyal base” of about 150 million daily active users can be leveraged to bring experiences to new users. “This is in stark contrast to the ‘everything is imploding’ bear case, and at some point should stabilize the shares,” Sandler wrote in a note to clients.
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