NEW YORK (TheStreet) -- Shares of Twitter (TWTR) closed down 5.88% to $40.04 on Thursday to give up some of the gains the stock made Wednesday after the social media company outlined some of its plans to attract new users at its analyst day.
CEO Dick Costolo said Wednesday the company would reveal new products to bring in new users and others who don't typically pay attention to Twitter as it tries to reach others outside of its normal user base, according to Bloomberg. Part of this plan is to release an "instant timeline" to "remove all that friction for new users." This will allow people to see what's happening on Twitter without having to follow anyone.
Costolo added the company is working on new mobile apps besides Vine. He also noted more than 500 million people visit Twitter each month without logging into the site.
Standard & Poor's also helped bring the stock down by tagging Twitter with a junk-level credit rating. The financial services company cited risk that Twitter could still several years away from the bottom-line results investors want to see.
More than 66 million shares changed hands Thursday, compared to the average volume of 26,539,100.TWTR data by YCharts