Why Pinterest Stock Was Climbing Today
Shares of Pinterest (NYSE: PINS), the digital image discovery board, were moving higher today on a pair of news items. First, Google-parent Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) turned in better-than-expected ad revenue in its second quarter, helping to cool off concerns of a collapse in digital advertising after Snap's disappointing report last week. Alphabet was up 6% in afternoon trading.
Separately, multiple news outlets said activist investor Elliott Management has taken a stake in PayPal (NASDAQ: PYPL) just weeks after it took one in Pinterest, which could be feeding hopes that PayPal could again seek to acquire Pinterest after rumors of a deal circulated a year ago.
On a day when the Nasdaq was up nearly 3%, Pinterest shares had gained 8.7% as of 2:14 p.m. ET.
Source Fool.com
