SNAP - Why Magnite The Trade Desk and Other Ad-Tech Stocks Tanked Friday
Shares of a wide number of digital advertising stocks took it on the chin Friday. Programmatic advertiser PubMatic (NASDAQ: PUBM) was down as much as 14.3% on Friday, sell-side platform Magnite (NASDAQ: MGNI) was off by 13.8%, online advertising technology specialist Criteo (NASDAQ: CRTO) was down as much as 10.5%, and digital advertising kingpin The Trade Desk (NASDAQ: TTD) was off as much as 9.6%. While each of the stocks recovered slightly, the quartet ended the session down 10.2%, 13.6%, 10.3%, and 8.8% respectively.
The catalyst that sent ad-tech stocks plunging was dismal results from social media company Snap (NYSE: SNAP) , and an understandable but tenuous connection.
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Why Magnite, The Trade Desk, and Other Ad-Tech Stocks Tanked Friday