Wedbush analyst Ygal Arounian says reports on Thursday indicated that Facebook (FB) is launching a Pinterest (PINS)-like app in some international markets called Hobbi, but doesn't see this as a meaningful risk to Pinterest. Arounian says the Facebook app seems to be more of an interest app centered around taking pictures on your phone and saving them in specific categories to "document and remember the things you love to do," while Pinterest is a significantly more complex product than this that aims to drive discovery and inspiration from a catalog of billions of pictures in its image graph. The analyst made no change to his Outperform rating or $30 price target on Pinterest shares.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

Welcome to "#SocialStocks," The Fly's weekly recap of Wall Street's reactions to social media stock news.  TIK TOK BAN... To see the rest of the story go to thefly.com. See Story Here

TikTok Policy issued the following statement on the enactment of "the TikTok Ban": "This unconstitutional law is a TikTok ban, and we will challenge it in court. We believe the facts and the law are clearly on our side, and we will ultimately prevail. The fact is, we have invested billions of dollars to keep U.S. data safe and our platform free from outside influence and manipulation. This ban would devastate seven million businesses and silence 170 million Americans. As we continue to challenge this unconstitutional ban, we will continue investing and innovating to ensure TikTok remains a space where Americans of all walks of life can safely come to share their experiences, find joy, and be inspired." Publicly traded companies in the social media space that compete with TikTok include Meta Platforms (META), Alphabet (GOOGL), Pinterest (PINS) and Snap (SNAP). Reference Link