MarketWatch First Take: Snap stock has lost the one thing it had going for it

Snap Inc.’s life as a high-growth young tech stock is over, and its rivals are about to show how much of that change is about Snapchat.

“From our recent conversations with our partners, it seems like advertising demand hasn’t really improved, but it hasn’t gotten significantly worse either,” Snap co-founder and Chief Executive Evan Spiegel told analysts in response to a question about headwinds and the broader macro-economy.

Brand…