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Ad CEO says Facebook "successfully countering" Snap

Published 07/12/2017, 10:44 AM
© Reuters.  Ad CEO says Facebook "successfully countering" Snap
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  • Advertising CEO Martin Sorrell says his WPP (LON:WPP) could invest $200M in Snap (NYSE:SNAP) ads this year, but that number looks small compared to the over $2B planned for Facebook (NASDAQ:FB) and the up to $6B for Google (NASDAQ:GOOGL) ads.
  • Sorrell tells CNBC that attendees at the West Coast app developers’ conference “came away from saying that Facebook was very successfully countering Snap.”
  • Sorrell called yesterday’s Morgan Stanley (NYSE:MS) downgrade a “seminal moment” for Snap.
  • Sloy Dahl and Holst CIO and portfolio manager Paul Meeks view on investing in Snap? “I think Facebook is the one to buy, and if you think about Snap, slap yourself and just buy some more Facebook.”
  • Snap shares are down 1.03% to $15.31, nearly 10% below the IPO price.
  • Previously: Morgan Stanley downgrades Snap; shares down 3.8% premarket (July 11)
  • Now read: Snap: Has Instgram Already Won?


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