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Snap shares drop after downgrade from lead underwriter Morgan Stanley

FILE PHOTO - A man takes a photograph of the front of the New York Stock Exchange (NYSE) with a Snap Inc. logo hung on the front of it shortly before the company's IPO in New York, U.S., March 2, 2017.

REUTERS/Lucas Jackson

Snap Inc (SNAP.N) shares fell 5.6 percent on Tuesday, after lead underwriter Morgan Stanley downgraded the stock and raised concerns about the social media company's ability to compete against rival Instagram.

Snap shares were trading at $16.04, after closing below its $17 IPO price for the first time on Monday. The Snapchat owner's market debut in March was the hottest U.S. technology listing in years.

The downgrade comes ahead of the expiry of the stock's lock-up period on July 29.

In an unusual move for an IPO's lead underwriter, Morgan...


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