Snapchat stock jumps 20% in second day of trading

04 March, 2017, 00:34 | Author: Alicia Barber
  • Snap Faces Tough Growth Questions on Roadshow

Rumors of the new product development arrive just as Snap is set to price shares for its IPO today, and then open trading on the New York Stock Exchange tomorrow, reports the Times, in what is expected to be the biggest tech IPO since China's Alibaba went public back in 2014. Snap, by the way, lost more than half a billion a year ago.

As Thursday progressed, SNAP shares rose from $24 to almost $26, before coming back down to about 50 cents above the opening price. The roughly 50 million shares are designated for new Snap IPO investors who do not now have a stake in the company, the sources said.

Despite a almost seven-fold increase in revenue, the Los Angeles-based company's net loss widened 38 percent previous year.

Technology firm Snap Inc. surprised analysts and investors with its long-awaited initial public offering Wednesday, which raised almost $3.5 billion - substantially more than Wall Street expected.

Snap is targeting a valuation of between $19.5 billion and $22.3 billion for its listing on the New York Stock Exchange on Thursday.

NBCUniversal courted Snap co-founder Evan Spiegel for the past year, CNBC said, and both companies have been working on deepening their relationship.

Stockpile, a full service brokerage that allows you to give shares of stock in the form of a gift certificate, saw incredible demand for Snap shares on Thursday.

Gardner talks preferences for repeal & replace Obamacare
Where's the Republicans' embryonic health care bill? "When we heard it was secret, we wanted to see if even more ", Mr. The GOP plan will also provide portable, monthly tax credits for consumers to buy health insurance, the blog said.

Saint Francis High School on Miramonte Avenue in Mountain View won't divulge how much of the institution's endowment fund is invest in Snap, but tech news website, The Information, reported that the school could rake in tens of millions of dollars in profit.

All of this is pretty similar to one other IPO: Facebook's.

A price of $17-per-share puts a valuation of $23.8 billion on the 5-year-old company, based on the 1.16 billion Snap shares that remained after Wednesday's offering. That, in turn, had created the biggest stir since Facebook made its debut on Wall Street in 2012.

They each planned to sell 16 million shares, suggesting that they would each see $272 million.

Of course, it's not clear how many friends bought in, and in what size, and how their buys compare to those of "certain institutions" or existing investors that Snap might have sold the shares to instead.

In 2013, Facebook offered to buy the company from Spiegel and his co-founders for $3billion - an offer they turned down.



Oil prices slip as rising USA supplies offset OPEC cuts
The rise in production is consistent with the substantial increase in the number of rigs drilling for oil since May 2016. The market is rather steady at the moment and we do not expect any firm trends next week.

Watch This Mexican Congressman Climb The Border Fence To Protest Donald Trump
Some on social media were skeptical about how easy it would have been for Guerra to scale the fence, according to the paper. President Donald Trump's plan for a border wall, and took it upon himself to show the world why the plan is "absurd".

WMO Confirms 63.5° Fahrenheit Record High In Antarctica
The World Meteorological Organization reported this week the highest heat record in Antarctica at 63.5° Fahrenheit. Larsen C extends along the east coast of the Antarctic Peninsula, where Esperanza base recorded its record high.

President Trump Speaks aboard the USS Gerald R. Ford
President Donald Trump plans to trumpet his plans for an American military buildup Thursday from the deck of an aircraft carrier. Trump said he meant to bring the Navy to it's largest ever size.

Snapchat's $24 Billion IPO Arrives, The Biggest Tech Debut Since Alibaba
The app added 36 million daily active users in the first half of past year - but just 15 million in the second half, says Sky. Even at his price target, he said it would trade at a "lofty" 11 times enterprise value to sales valuation multiple.