Snap's Stock Surges Again On Heavy Volume

By Tomi Kilgore Markets MarketWatch Pulse

Snap Inc.'s stock surged again, rising 4.4% in active premarket trade Monday, to put the social media company on course for a third-straight gain since going public. Meanwhile, futures for the S&P 500 were down 0.3%. Trading volume was 1.7 million shares about an hour ahead of the open, making the stock the most actively traded in the premarket. Although most analysts who have already started coverage of the company said they believe the stock was too expensive, it closed Thursday at $24.48, or 41% above its initial-public-offering price of $17, and rallied another 11% on Friday to $27.09. In comparison, Twitter Inc.'s stock closed up 73% on its debut on Nov. 7, 2013, then slumped 7.2% the following session. The first three-day win streak was came about a month after the debut. Facebook Inc. shares closed 0.6% above its $38 IPO price at $38.23 on its first day of trade, then fell 19% over the next two sessions and 32% over the next two weeks. The first three-day win streak also came a month after the debut.

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