SNAP STOCKS BARRED FROM JOINING THE S&P 500 INDEX

The bad news for Snap Inc., the parent company of Snapchat, continues to mount. Following the announcement that the company had been barred from joining the S&P 500, investors are running scared and dumping the stock.  The stock is currently trading in the $12.60/share range (as of the time of this post) which is far below the IPO price of $17.00/share. The news also comes after the expiration of the lockup period which allowed insiders to also sell off their shares. Inclusion in the S&P 500 is huge because it means that major investment funds can purchase the stock.  Without access to those funds, it’ll be interesting to see if this is a bottoming out of the stock or if there is a rebound in the works.