Snap Inc. shares tumble after underwriter downgrades stock, UberMedia acquires Cintric for an undisclosed amount, and Disney starts new accelerator class.
Snap Inc., the Venice developer of the Snapchat app, took a pummeling on the stock market on Tuesday, falling nearly 9 percent to close at $15.47 a share, reports The Business Journal. The selloff came after the lead underwriter of the firm’s initial public offering, Morgan Stanley, lowered its rating of Snap’s stock to “hold” and dropped its target price to $16 a share from $28.
Mobile data company UberMedia of Pasadena announced on Tuesday that it had acquired Cintric, a location intelligence and analytics company for mobile app publishers, according to a press release. UberMedia said the acquisition would help it diversify revenue streams and enhance its existing data. Deal terms were not disclosed.
Walt Disney Co. announced a new Disney Accelerator class of 11 companies on Tuesday, reports TechCrunch. The class includes more established companies, such as e-sports company aXiomatic, as well as startups, such as virtual reality company Void.
Technology reporter Garrett Reim can be reached at email@example.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.