Why Pinterest Shot as Much as 5.5% Higher on Thursday

Why Pinterest Shot as Much as 5.5% Higher on Thursday

Pinterest (NYSE: PINS) rose as much as 5.5% on Thursday before settling down to close 3.6% higher. The online hobby-posting company continued to benefit from the news that social media behemoth Facebook (NASDAQ: FB) is shuttering Hobbi, its experimental Pinterest-like pinning app. Facebook rolled out Hobbi in February, promising users the ability to "capture and organize your creative process."