Why Snap, Greenhill, and Actua Jumped Today
Stocks were quiet on Tuesday, and major benchmarks generally finished slightly higher although they didn't make much headway from where they began the day. Positive comments from Federal Reserve Chair Janet Yellen suggested that the central bank might be slightly more dovish with monetary policy than its recent official announcements have suggested, but investors are still a bit nervous about the direction of the economy amid a recovery that's been in place for eight years. The market also benefited from more extensive gains in some key stocks. Snap (NYSE: SNAP), Greenhill (NYSE: GHL), and Actua (NASDAQ: ACTA) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Snap stock gained 5%, finally putting an end to a six-day streak of falling share prices that in total had led to a decline of 13%. Snap has said that it's seeing some success in its business initiatives, with a rise in counts of new domestic users, but investors didn't seem to like the news that the social media company had chosen to restructure its hardware business. Today's gains notwithstanding, those who follow the company realize that Snap will have to deal with the inevitability of slowing growth rates. Capturing more users will be critical, and Snap's success or failure in building up its network base will most likely determine the long-term direction of the stock going forward.
Image source: Snap.
Source: Fool.com
