Why Pinterest Stock Flatlined Today
Pinterest (NYSE: PINS) stock more or less traded sideways on Tuesday, closing the day only slightly lower in price. That was better than the 0.4% slip of the S&P 500 index, however, and the likely reason why is a new deal it reached with a cutting-edge media company.
That media company, privately held Tastemade, announced in a press release that it's collaborating with Pinterest on a content-delivery arrangement. This will see Tastemade, which makes video content covering cooking, travel, design, and related subjects, produce 50 new shows that will launch exclusively on the hobby-sharing site.
This represents a ramp up of the currently existing partnership between the two companies. Tastemade said in the press release that it's already one of the largest video-content collaborators with Pinterest. The new shows, some of which will air live, will feature talent from the "creator communities" active on both companies' platforms.
Source Fool.com
