Why Pinterest Shot as Much as 5.5% Higher on Thursday
Pinterest (NYSE: PINS) rose as much as 5.5% on Thursday before settling down to close 3.6% higher. The online hobby-posting company continued to benefit from the news that social media behemoth Facebook (NASDAQ: FB) is shuttering Hobbi, its experimental Pinterest-like pinning app.
It's scary when a monster tech industry peer launches a product similar to yours. Facebook rolled out Hobbi in February, promising users the ability to "capture and organize your creative process." That approach, plus the appearance of the app -- which observers said looked and felt like Pinterest -- likely made the latter company's officials nervous (to say nothing of investors).
Image source: Pinterest.
Source Fool.com
