Alphabet Inc GOOG and Pinterest Inc PINS shares are trading lower Tuesday amid overall market weakness after the August CPI reading came in above average economist estimates.
Tuesday’s CPI inflation data could act as a confirmation of recent indicators for the Fed and signal that another 0.75% rate hike is likely this month.
What Else Is Going On: Citron Research highlighted a report on Twitter calling Pinterest’s new invite-only platform Shuffles “Gen Z’s new favorite app.”
The research firm suggested that Google could be interested in buying Pinterest.
“While Pinterest might not be everyone’s first choice, it has emerged as a platform with close to half a billion MAU that promotes creativity and positivity,” Citron Research said via tweet.
The firm noted that Meta Platforms Inc’s META Facebook and Instagram platforms face privacy issues and repeated backlash from congress about the way the platforms are monitored and the impacts they have on mental health. Twitter Inc TWTR has become “the wild west of social interaction,” the firm added.
“Google will like Pinterest’s lack of vulnerability to changes in IOS,” Citron Research said.
GOOG, PINS Price Action: At time of publication, Google was down 4.78% at $106.53 and Pinterest was down 5.64% at $24.45.
Photo: Hassas Arts from Pixabay.
Image and article originally from www.benzinga.com. Read the original article here.