After Facebook launched its Snapchat-like feature Tuesday, shares of the image messaging  and  multimedia mobile application fell 6.8% NYSE to close at $22.21. Facebook shares rose 1% to $141.76.

This comes just a day after Wall Street giants, who have been roped in as underwriters for Snapchat , released reports examining the prospects of the company and told investors to “have faith. ”

"We are bullish about Snap’s ability to monetize its highly engaged daily active user (DAU) base," a Morgan Stanley analyst wrote in a Monday note. "First, we believe Snap’s millennial audience and differentiated online video ad inventory are in demand by advertisers."

Snap Inc., the Snapchat parent company priced its first batch of shares at $17 on 1 March, and started trading the following morning on the New York Stock Exchange under the ticker symbol SNAP.

In its most recent launch, Facebook said it wants user’s cameras to “do the talking,” as the number of people uploading photos and videos has increased.

Read: How To Add A Photo To Your Facebook Story

With the update, Facebook has added a camera icon on the left corner of its mobile app. Users can use it to post photos and videos on the social networking site.

Facebook’s other new Snapchat-copycat features are filters and animations that can be added to images, and a “stories” feature that lets users post photos and videos that stay live for 24 hours.

But there are a few things one needs to know before starting to use the new updated version of Facebook.

The new update is not for everyone (yet):

The new features will be rolled out in phases. While most users will get the features with a simple update, others may have to wait a little longer.

How to post:

Facebook Stories works a lot like Snapchat and Instagram Stories that have been around for longer. Press the circular button present at the bottom of a picture or simple press and hold to record a video.

20-seconds video:

Facebook lets you roll video for up to 20 seconds, unlike Instagram Stories that allows 15 seconds of video, and Snapchat, that caps it off at 10 seconds.

Story filters:

While Instagram lets users add stickers to a photo or video after its shot, Facebook lets one add an animated filter or border before recording.

Swiping up and down can let users access their "favorite" filters (the last eight used filters). One can also click the magic wand icon on the bottom left-hand corner to view a full library of filters, some of them which are unique to Facebook.

Stories can be saved to the phone:

Once created, the story can be saved in the phone’s camera roll by simple pressing the down arrow, or the center arrow to share.

Controlled viewing:

If a story is posted on the timeline, like a regular Facebook post, a user can regulate who sees it and choose from Facebook’s existing – Public, Friends, Only Me, Friends of Friends options.

However, posting on your “Story” will make the post visible to all friends for 24 hours.

'Direct' stories can be replayed:

If a friend sends you a story directly, you can play it twice before it disappears.

Who viewed your story

Click on the story and go to the view icon at the bottom right. A story can be deleted by pressing on the buttons on the three dots at the top.