BUZZ-AppLovin rebounds as Citi and Oppenheimer allay concerns after SEC investigation report

Shares of $APP (+5,44%) climb 8.2% to $634.18, recouping nearly half of their losses from the previous day ** APP plunged 14% on Monday after Bloomberg News reported that the U.S. Securities and Exchange Commission is investigating the company's data collection practices ** Oppenheimer does not expect the SEC investigation to have a material impact on the company ** Oppenheimer maintains its long-term bull thesis, but warns that the stock could be volatile in the near term ** Citi Research sees it as a positive that the company did not file an 8K report, suggesting that the company does not necessarily view this investigation as a "material" risk ** We would be buyers on any weakness - Citi ** The SEC is looking into allegations that APP may have violated service agreements with its platform partners to deliver more targeted advertising to users, according to the report, which cited insiders familiar with the matter ** The company, which was recently added to the S&P 500, said it does not comment on potential regulatory matters; the SEC declined to comment due to the ongoing government shutdown ** Shares initially fell in premarket trading Tuesday, but then opened higher ** YTD shares up 94%