Snap Inc and the Lunatic Factor


The dream is dying hard on Wall Street at the moment. Shares of the hottest IPO in years are plummeting on disappointing earnings news announced after the close. SNAP has gotten instantly devalued by 25% and appears headed significantly lower (see tout below for a precise price target). Can anyone be surprised that the company failed out-of-the-gate to live up to a $35 billion valuation? We hesitate to infer this will chasten investors who have grown used to supporting sky-high valuations for companies that have yet to figure out how to make a profit. (Snap lost $2.2 billion in the first quarter, so they have ways to go in that category.) Whatever the case, the pounding SNAP is taking this evening seems likely to ratchet down by a notch or two the lunatic factor that has sustained the bull market through thick and thin.

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none May 11, 2017, 5:26 am

What does snap make or produce for America?

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