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Why Pinterest Stock Rebounded Today

TheMotleyFool

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Shares of Pinterest (NYSE: PINS) spiked today on seemingly no company-specific news. Instead, it appears that investors are rushing back to the stock following its massive sell-off yesterday. Some comments and a bleak economic outlook from fellow technology company Snap sent social media and tech stocks tumbling yesterday.

But Pinterest was rebounding on Wednesday and was up by 8.1% as of 11:43 a.m. ET.

On Tuesday, the social media company Snap lowered its earnings and revenue estimates for its second quarter as its CEO Evan Spiegel said that "the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance last month."

Source Fool.com

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