Snap surges after IPO banks give flurry of buy ratings

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Shares of Snap Inc jumped over 5 percent on Monday after several of the Snapchat owner's IPO underwriters handed it badly-needed "buy" ratings. Snap's listing on March 1 was the largest by a technology firm in three years, but trading has been volatile, with many investors critical of lack of profitability and decelerating user growth. Analysts unrelated to the IPO had in recent weeks mostly assigned neutral or negative ratings to the stock, making it one of the worst-rated on Wall Street. But on Monday, at least eight banks involved in Snap's IPO gave it positive ratings, including Morgan Stanley and Goldman Sachs. That sent the stock up 5.6 percent to 24.05 at mid-day.

That left Snap up 40 percent from its $17 initial public offer price, but still down more than $3 from its peak in its second day of trading. The Los Angeles-based company's app, which allows users to share short-lived messages and pictures, is popular with young people but faces intense competition from larger rivals such as Facebook Inc's Instagram. Snap has warned it may never become profitable.

Like many technology companies popular with consumers, including Facebook and Alibaba, Snap's IPO was a hit with non-professional investors. TD Ameritrade said that Snap accounted for 7 percent of trading volume on its online platform during the stock's first day of trading. As of last Thursday, almost half of its retail customers who bought the stock in the IPO have since sold their shares.

Toshiba wants Westinghouse to file for bankruptcy as early as Tuesday: source TOKYO Toshiba Corp wants its U. S nuclear unit to file for Chapter 11 protection from creditors as early as Tuesday, according to a source with direct knowledge of the matter, seeking a quick ringfencing of losses before the Japanese parent's financial year ends.

Uber resumes self-driving car program in San Francisco after crash Driverless vehicles operated by Uber Technologies Inc [UBER. UL] were back on the road in San Francisco on Monday after one of its self-driving cars crashed in Arizona, the ride-hailing company said.

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