Snap's Stock Surges Toward First Back-to-back Rally In 5 Weeks

By Tomi Kilgore Markets MarketWatch Pulse

Shares of Snapchat parent Snap Inc. shot up 3.9% in midday trade Friday, putting it on course for back-to-back gains for the first time in five weeks. The disappearing-messaging app company's stock has now run up 13% since it hit a record intraday low of $11.90 on Thursday, when it was down as much as 5.9% before bouncing sharply to close up 2.2%. It was still down 1.8% since its closed at $13.67 on July 31, which was when the post-IPO lockup period expired. Prior to Thursday's gain, the stock had fallen in 17 of the previous 20 sessions. The last time the stock rose for more than just one day was the three-session win streak ending June 29. It was still 21% below the $17 IPO price. Snap is scheduled to report second-quarter results after the Aug. 10 close. The stock has tumbled 41% over the past three months, while rival Instagram parent Facebook Inc. shares have rallied 12% and the S&P 500 has gained 3.6%.

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