Snap Makes New All-Time Low After Q2 Miss, Attempts To Rebound

Snap Inc SNAP shares are trading lower by $1.54 — or 11 percent — at $12.23 in Friday's session. The catalyst for the decline is the second-quarter EPS miss of 20 cents along with a sales miss of $4.55 million. However, the company added 7 million daily active users their platform.

Adding to the selling pressure is the sudden spike the issue took at the end of Thursday's session, which closed just off the high for the session ($13.96) at $13.77.

It pierced its former all-time low by 9 cents, falling to $11.81 before reversing course. The ensuing rally has taken the issue to $12.34 and has been able to trade just off that high over the last few hours.