*By Kavitha Shastry*
Shares of Snap fell to a new all-time low Wednesday after BTIG analyst Rich Greenfield slapped the company with a "Sell" rating and cut his price target on the stock to $5 a share.
That would be a 70 percent drop for the company since it went public just about 18 months ago.
In a note to clients, Greenfield wrote, "We are tired of Snapchat’s excuses for missing numbers and are no longer willing to give management 'time' to figure out monetization."
Since going public in March 2017, Snap has fallen short of user growth estimates in five out of six quarters. In its latest report the company posted its first-ever decline in daily usership, with 3 million fewer people logging in to the app.
Greenfield doesn't expect things to change any time soon. Among the issues facing the company, he pointed to declining interest and engagement in Snap's Stories and Discover platforms, a lack of new offerings, a failed redesign, and a dearth of social media influencers who actively use the product.
It's not the first time Greenfield has expressed his frustration with the company. Last October [he admitted](https://cheddar.com/videos/rich-greenfield-monetization-isnt-happening-as-fast-as-we-thought) he overestimated Snap's ability to turn users into revenue sources and cut his forecasts for what the company could bring in. This is the fourth time he's lowered his expectations.
Snap shares traded below the $9 mark early Wednesday. They priced at $17 a share in the IPO.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
Taylor Swift grossed nearly $2 billion this year, according to Billboard.
A study from US News and World Report has found the most affordable place to retire is in Ohio.
