Snap just failed an important test in trying to fight off Facebook, said Sir Martin Sorrell
Although Morgan Stanley's analysts are separate from the underwriters, Morgan Stanley is one of the firms that took Snap public and priced the IPO. "That was pretty much a seminal moment," Sorrell told CNBC's "Squawk Box" on Wednesday. Snap shares have languished below their $17 IPO price this week, but rose slightly on Wednesday morning. Facebook...