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Snap Sinks Nearly 7% as Facebook Launches Copycat Feature on Its Main Platform

Snap (SNAP) shares took a dive on Tuesday as rival Facebook (FB) launched its latest attack on the fledgling social media company by copying one of its main features and bringing it to its primary platform.

Snap closed down 6.8% to $22.19 on Tuesday, reversing gains of nearly 5% on Monday that were spurred by a slew of bullish notes from more than a dozen of Snap's underwriting banks. Another underwriting firm, Deutsche Bank, also released a buy recommendation on the company on Tuesday.

The parent company of Snapchat received 10 Buy ratings on Monday, which gave the stock a "pretty substantial lift" in the face of a relatively weak stock market, said CFRA research analyst Scott Kessler. Now investors...