Snap stock is at an all-time low after its lead underwriter said it’s not innovating fast enough - Recode

Does that count as an investor apology from the IPO's lead underwriter?

"The market has reacted to the downgrade, sending Snap stock down more than 7 percent Tuesday. The stock is currently below $16, which is an all-time low. Snap stock closed at $16.99 on Monday, its first time closing below its $17 IPO price.

Morgan Stanley’s note officially vocalized what many have feared about Snap since it went public, that competition from Instagram is a real concern, and the constant innovation needed to catch up to Facebook on the advertising side is tougher than expected."

Snap stock is at an all-time low after its lead underwriter said it’s not innovating fast enough - Recode