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Snap’s Sharp Sell-off Burns Prominent Longs

And why the shorts are still holding on to their positions.

So much for the Snap rally.Shares of the social media company behind SnapChat fell more than 5 percent on Tuesday to close at $13.31.The stock had surged nearly 33 percent from May 29 through last Friday.However, investment bank Cowen reported a consumer survey that found Snap users were spending 7

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