Shares of Snap (NYSE: SNAP) were rallying on news that Texas would ban its state agencies from using TikTok, the popular short-form video app considered a close rival to Snapchat.

Snap finished the day higher, gaining 9.7% on the news.

In the latest sign that incremental pressure was building against TikTok, which is based in China, Texas Governor Greg Abbott announced a "statewide model security plan" to address vulnerabilities to TikTok and other software.

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Source Fool.com