Snap Makes New Low, Rebounds

Snap Inc SNAP shares were trading lower by 6 cents at $12.59 in Thursday's session. The stock has shed well over half of its value since it peaked on its second day of trading at $29.44.

Today marks the fourth day in a row and ninth time in its last 10 sessions that it made a new all-time low.

After a flat open, Snap found resistance just ahead of Wednesday's high ($12.67), only reaching $12.65 before turning lower. The ensuing decline has taken the stock well beyond its former all-time low of $12.52 all the way to $11.90.

Aggressive buyers then came into the stock, which has come back to make a new high for the session at $12.70 as of 1:27 p.m. ET. In order to avoid posting another all-time closing low, it will need to end the session above Wednesday's close of $12.65.