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Snap stock closed trading on Monday at $23.77 per share, which is a 12.26% drop for the day and nearly 1% below where the company's stock began trading last Thursday after its $3.4 billion IPO.

Expand chart
Data: Money.net; Chart: Andrew Witherspoon / Axios

What happened? A bunch of Wall Street analysts issued "sell" ratings on Snap, which has yet to receive a "buy" rating.

Does it matter? Not really, unless you're a day trader who bought this morning. Remember that the real key date for Snap stock is July 31, since that's when a lot of pre-IPO shareholders (including employees) will be allowed to sell. Or March 2, 2018 for institutional buyers of the IPO at $17 per share, as reports are that such groups are locked up for an entire year.

Go deeper

55 mins ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.

Trump pardons Michael Flynn

President Trump with Michael Flynn in 2016. Photo: David Hume Kennerly/Getty Images

President Trump on Wednesday pardoned his former national security adviser Michael Flynn, who pleaded guilty in the Mueller investigation to lying to FBI agents about his conversations with a former Russian ambassador.

Why it matters: It is the first of multiple pardons expected in the coming weeks, as Axios scooped Tuesday night.