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Rebecca Zisser / Axios

Snap shares closed below the company's $17 IPO price for the first time this week, and analysts downgraded the stock.

Morgan Stanley cut its price target to $16 from $28 saying that they were wrong about Snap Inc.'s ability to innovate and improve its ad product this year. Credit Suisse analyst Stephen Ju lowered his target to $25 from $30 citing raised volatility in Snap trading.

Why it matters: Advertisers say they haven't given up on the platform — which means Snapchat's revenue will continue to climb, but not at a rate that has investors convinced it could knock the growing threat of Instagram. WPP's Sir Martin Sorrell, the CEO of the world's largest advertising conglomerate, told CNBC Wednesday that while it plans to double its ad spend in Snap to $200 million this year, it plans to spend well over $2 billion on Facebook and up to $6 billion on Google.

Go deeper

Updated 2 hours ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford and AstraZeneca's vaccine won't just go to rich countries.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 deaths.
  3. World: England to impose stricter regional systemU.S. hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  4. Economy: The biggest pandemic labor market drags.
  5. Sports: Coronavirus precautions leave college basketball schedule in flux.

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.