Pivotal Research's Brian Wieser braved the storm today and issued the first "Sell" research on Snap Inc.
Snap is a promising early stage company with significant opportunity ahead of itself.
Having priced at $17, Snap Inc. opened for trading at $24, valuing the company over $34 billion - almost three times the size of Twitter, bigger than both HP and CBS, and almost as big as Ebay.
41% jump at the open from the IPO price and extending gains to $25..
Losses greater than revenues make for "hard math to work with" for investors, George Maris, portfolio manager at Janus Capital, says on Bloomberg Television.
At this valuation, Snap is almost three times the size of Twitter ($11.5bn)
Can Truth Prevail?
Paul Craig Roberts
According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high.
So what is driving the real GDP growth? In my opinion, the rise in real GDP is an illusion produced by the under-measurement of inflation.
With the US stock market likely to continue its levitation today, it means that by close of trading, the S&P500 will be above 2,400, the same as Goldman's year end price target, and 100 points away from Bank of America's "euphoric blow off top" destination, which is also known as Michael Hartnett's Icarus Trade. In a note released overnight, Hartnett confirms that he is "sticking with our “Icarus Trade” targets: SPX 2500, GT30 3.5%, DXY 110, oil $70/b", even as he admits that the euphoria level in stocks is unprecedented:
Crude Oil is now entering a positive seasonal time of year, with the average gain over the next 6-months being around 10%. Will it keep pushing higher, like it has the past 12-months? Will it push higher, due to seasonal strength? Below looks at Crude Oil over the past 30-years.