Snapchat Parent Rockets Higher in Wall Street Debut - NBC4 Washington

Snapchat Parent Rockets Higher in Wall Street Debut

The company had priced its initial public offering of 200 million shares at $17 each on Wednesday

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    NEWSLETTERS

    More Than 2 Dozen People Protest Snap Inc. in Venice

    Snap Inc. the company behind Snapchat made its trading debut Thursday, but more than two dozen people pushed back against the company by protesting in Venice that same morning. Christine Kim reports live for NBC4 News at 11 a.m. on Thursday, March 2, 2017. (Published Thursday, March 2, 2017)

    The company behind Snapchat closed on a high note in its Wall Street debut, proof, at least for a day, that there's investor demand for young but still unproven tech companies.

    Shares of Snap Inc. jumped $7.58, or 44 percent, to close at $24.48 on Thursday.

    The company had priced its initial public offering of 200 million shares at $17 each on Wednesday. That was above the expected range of $14 to $16.

    Snap's IPO was one of the most anticipated for a technology company since Twitter's in 2013. That, in turn, had created the biggest stir since Facebook made its debut on Wall Street in 2012. Twitter is now valued at $11 billion, while Facebook is $395 billion. Snap's closing price Thursday valued the Los Angeles company at $34 billion.

    Clerk Pulls Out Machete on Would-Be Robber

    [NATL] Clerk Pulls Out Machete on Would-Be Robber

    A would-be robber armed with a knife had a surprise in store when an Alabama store clerk pulled out a machete in defense. The two's brief knife fight was caught on camera before the clerk runs out to damage the robber's car.

    According to police, suspect Seth Holcomb walked up to the counter to make a purchase. He leaves the store and then comes back in as if to make a second purchase. Then, he pulled out a knife at the counter. What he didn't expect was that the clerk would pull out a machete of his own.

    (Published Wednesday, March 20, 2019)

    Snapchat is best known for disappearing messages and quirky face-filters for jazzing up selfies. It's popular with young people, but growth has slowed in recent months. That has investors wondering whether the company will end up more like Twitter, with its troubles attracting users and declining stock price, or Facebook, with soaring user numbers and stock price.

    Thursday's surge on Wall Street shows that there is initial investor excitement about Snap, but it's not guaranteed to last. Twitter, for one, soared initially after its IPO, but now trades 39 percent below its IPO price. Facebook, meanwhile, struggled initially but has since more than tripled its IPO price.

    NBCUniversal, the parent company of this site, invested $500 million in Snap during its IPO as part of a strategic investment and partnership, CNBC reported.