*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.
Apple's latest event announced new Mac products and new chips and the company's latest line of Macbook Pros and iMacs were unveiled.
Stocks fell in the opening session Tuesday as earnings reports continued to pour in and as investors brace for the Federal Reserve's interest-rate decision on Wednesday.
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A flow of recent data from the U.S. government has made one thing strikingly clear: A surge in consumer spending is fueling strong growth, demonstrating a resilience that has confounded economists, Federal Reserve officials and even the sour sentiments that Americans themselves have expressed in opinion polls.
The U.S. Food and Drug Administration is warning parents and caregivers not to buy or serve certain pureed fruit pouches marketed to toddlers and young children because the food might contain dangerous levels of lead.
Some pumpkin farmers in the West, particularly wholesalers in places like Colorado and New Mexico, are feeling the pinching effects of drought.
General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, three people briefed on the deal said.
Apple's 8pm ET event Monday will revolve around its iMAC computer lineup of products which are expected to contain its new faster and three next-generation silicon chip.
McDonald's reported better-than-expected profit and sales in the third quarter.
Major stock indexes are slated to close lower this month as investors brace for the Federal Reserve's rate decision and ahead of new jobs data.
