Tech: Snap, the Morning After
Industry Focus
The Motley Fool
4.6 • 854 Ratings
🗓️ 3 March 2017
⏱️ 30 minutes
🧾️ Download transcript
Summary
Snap's IPO went well, and the stock is flying high, but that hasn't changed our minds about the ephemeral messaging app/camera company.
Transcript
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| 0:00.0 | Welcome to Industry Focus, the podcast that dives into a different sector of the stock market every day. |
| 0:07.0 | It's Friday, March 3rd and we're following up on our discussion of Snap. |
| 0:10.0 | I'm your host Dylan Lewis and I'm joined on Skype by fool.com senior tech |
| 0:14.4 | specialist Evan New. Evan how's it going? Well I'm okay I'm a little jealous |
| 0:19.2 | that I didn't get to sell 300 million dollars worth of stock this week but you know there's always |
| 0:24.1 | next week yeah it seems like some of those early snap insiders did pretty darn |
| 0:28.5 | well the market has been pretty kind to the ephemeral messaging app in its first day and hour of |
| 0:37.5 | trading on the market. What is it up about 20% today? |
| 0:41.3 | Yeah, it's up another 20% today. |
| 0:44.1 | It jumped 44% yesterday. |
| 0:46.2 | So right now, it's about a $34 billion company already. |
| 0:51.0 | Which is nuts. |
| 0:52.0 | I mean, that is multiples of Twitter's market cap. |
| 0:55.0 | Yeah, it's like two to half to three times at least. |
| 0:59.0 | Oh yesterday, as yesterday's closed it was two and a half times the market cap at |
| 1:03.1 | so today is probably pushing three. That is insane. There are some crazy |
| 1:09.4 | valuation metrics that we might briefly touch on with that but this this is all to say, and you look at this market reaction, |
| 1:15.2 | there was a lot of demand for this issuance, right? |
| 1:18.1 | I mean, I read on CMBC that the issuance, the IPO, |
| 1:22.1 | was 12 times oversubscribed, |
| 1:24.0 | which basically means for the overall demand for the shares at issuance price |
| 1:29.0 | when the banks were underwriting that IPO |
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