Snap hits highest since bleak August report
Shares of social media firm Snap SNAP.N climb 9.6% to $8.95
Stock hits highest since early August, when company reported its slowest quarterly revenue growth in more than a year
The move could be driven by the uncertainty surrounding SNAP's rival TikTok, Gimme Credit analyst Stu Novick says
TikTok's future is hanging in balance as Washington and Beijing look to clinch a deal that would allow it to keep operating in the U.S.
"Snap could be under pressure from competitors. It must continue spending on innovation to compete with larger social media platforms such as TikTok," Novick says
SNAP is the eighth-most discussed stock on retail trading forum Stocktwits.com
Message sentiment on the stock is "extremely bullish", according to the platform
YTD, SNAP shares down 24% as of last close
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