Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
Robert C. Murphy, Chief Technology Officer of Snap Inc . (NYSE:SNAP), recently sold 1 million shares of the company’s Class A common stock. The shares were sold at an average price of $9.0372, amounting to a total transaction value of approximately $9.04 million. The sale comes as SNAP trades near its 52-week low of $8.29, with the stock currently at $8.37. According to InvestingPro analysis, SNAP appears undervalued at current levels. This sale was executed as part of a pre-established Rule 10b5-1 trading plan adopted by Murphy in November 2024.
Additionally, Murphy made a charitable gift of 301,240 shares, which did not involve any monetary exchange. Following these transactions, Murphy holds 55,517,308 shares directly, with additional shares held indirectly through trusts.
In other recent news, Snap Inc. has been actively engaging in financial maneuvers and strategic partnerships. The company recently issued $1.5 billion in senior notes with a 6.875% interest rate due in 2033, primarily to repurchase outstanding convertible notes and for general corporate purposes. Snap Inc. also amended its revolving credit facility, extending $800 million of it to 2030, while maintaining a minimum liquidity of $800 million. Fitch Ratings assigned Snap a ’BB’ Long-Term Issuer Default Rating with a stable outlook, recognizing the company’s efforts to enhance financial metrics and monetize its growing user base. Additionally, Snap Inc. plans to issue $700 million in senior unsecured notes, receiving a ’B+’ rating from S&P Global, reflecting competition within the industry but also acknowledging its strong brand and liquidity.
In another strategic move, Snap Inc. has partnered with Later, enhancing influencer marketing tools on Snapchat, which could streamline campaign collaborations and content scheduling. This collaboration aims to bridge the gap between brands and creators, targeting Snapchat’s Gen Z and Millennial audiences. Meanwhile, SharkNinja reported a strong fourth quarter, with earnings per share and revenue surpassing analyst expectations, marking a 29.7% increase in net sales. SharkNinja’s impressive financial results and optimistic outlook for 2025 have been well-received by investors, with expectations of continued growth and profitability.
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