NEW YORK (TheStreet) -- Yahoo! (YHOO) is purchasing self-destructing mobile messaging app Blink, according to a blog on Blink's website.
Yahoo shares are down -0.35% to $34.28 in early market trading on Wednesday.
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The SnapChat rival allows users to send text, video and audio files that disappear after a set amount of time.
"We built Blink because we believe everyone should be free to show the same honesty and spontaneity in their online conversations as they can in person. We look forward to the possibilities that will come from bringing the Blink vision to Yahoo," said Blink.
TheStreet's Chris Ciaccia has a detailed review of the deal.
TheStreet Ratings team rates YAHOO INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate YAHOO INC (YHOO) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."