Snap Inc (NYSE: SNAP) was off to a relatively rough day in the market early on today. However, minutes ago, the stock started to spike to the green. The gains seem to be associated with a a deal that is taking place. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:22), SNAP is trading at $17.71 per share after a gain of $0.17 per share (0.97%) thus far today.
SNAP Gains On Deal With TWX
As mentioned above, Snap wasn't off to the best of days in the market early on, but that all changed minutes ago as the stock spiked to the green. The gains seem to be the result of a deal the company has signed with Time Warner (TWX). While the details surrounding the deal are largely unavailable at the moment, there are a couple of things we know:
- Time Warner and Snap have signed a deal to work together.
- The deal is valued at approximately $100 million.
- The deal surrounds shows as well as advertising.
Once again, news on this deal is still breaking, and the details surrounding it are slim to none, but we do know something big is happening here.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on both SNAP and TWX. In particular, we're interested in learning more about the deal signed between the two companies and excited to see the results of the value returned to shareholders. We'll continue to follow the story closely and bring the news to you as it breaks!
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