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A critical mistake cost traders betting against Snap huge profits (SNAP)





Evan Spiegel

  • Snap turned in a disastrous third-quarter earnings report on Tuesday that saw its stock plummet as much as 22% in after-hours trading.
  • Short sellers pared positions in the weeks leading up to earnings, costing themselves potentially huge profits that would’ve resulted from the stock drop.
  • Even Tencent’s acquisition of a 10% stake in Snap couldn’t rescue the company’s shares, which were still down about 11% in early trading on Wednesday.

Snap may be the most shorted app-based company in the world, but traders betting on a decline in the stock took their foot off the gas at exactly the read more >>>

Source:: BusinessInsider.Com

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