Key Takeaways
- Snap Inc. (SNAP) shares plummeted 21% at market opening on August 6, 2025, marking its largest decline since August 2024.
- Argentina's state-controlled oil firm YPF S.A. (YPF) acquired Total Austral S.A.'s (TTE) 45% stake in two unconventional blocks in Vaca Muerta for $500 million.
- Shopify Inc. (SHOP) shares surged 18% in May 2020, propelling the e-commerce giant past Royal Bank of Canada (RY) to become Canada's most valuable company.
- Canada's services sector continued to contract in July 2024, with the Services PMI business activity index at 47.3 and the Composite PMI Output Index falling to 47.0, signaling reduced economic activity.
Snap Inc. (SNAP) experienced a significant downturn on August 6, 2025, with its shares dropping 21% at market opening. This marks the largest single-day decline for the social media company since August 2024, when the stock lost nearly 30% of its value following a disappointing Q2 2024 earnings report and a weaker-than-expected Q3 outlook. The current drop highlights ongoing investor concerns regarding the company's growth trajectory and monetization strategies. Snap had also seen a substantial plunge of up to 32% in February 2024 due to lower-than-projected revenue during the holiday season.
In the energy sector, Argentina's national oil company, YPF S.A. (YPF), announced a strategic acquisition on August 6, 2025. The firm purchased Total Austral S.A.'s (TTE) 45% operated interest in two unconventional oil and gas blocks, La Escalonada and Rincón La Ceniza, located in the prolific Vaca Muerta region. The transaction was valued at $500 million, subject to customary closing adjustments. This move is set to enhance YPF's footprint in one of the world's most significant shale plays, reinforcing its position in the region.
Meanwhile, Shopify Inc. (SHOP) has been a subject of recent analyst attention, with RBC Capital Markets raising its price target on the e-commerce platform to US$145 from US$125 on July 18, 2025, maintaining an "Outperform" rating. This comes after Shopify shares surged 18% in May 2020, a rally that propelled the Ottawa-based company past Royal Bank of Canada (RY) to become Canada's most valuable publicly listed company. The 2020 surge was driven by increased demand for online selling platforms during the COVID-19 pandemic, with new store creations jumping by 62% between March and April 2020.
In Canadian economic news, data for July 2024 indicated a continued contraction in the services sector. The S&P Global Canada Services PMI business activity index edged up slightly to 47.3 from 47.1 in June, but remained below the 50-point threshold, signaling reduced activity. Similarly, the S&P Global Canada Composite PMI Output Index, which encompasses both manufacturing and services, fell to 47.0 from 47.5 in June, marking its lowest level since March 2024. This data suggests a subdued picture of sector performance, with activity and new business continuing to decline.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.