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Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Snap Inc. surged in its debut as a publicly traded company Thursday, after raising a greater than expected $3.4 billion in its initial public offering.
Shares of Snapchat’s parent company opened for trading at $24, up about 41% from the IPO price of $17. You can follow Snap’s latest share price movements by clicking on intraday here.
Here are the headlines:
Snapchat’s two 20-something founders are each worth ~$4 billion – more than Facebook offered to buy their whole company four years ago Snapchat’s first investor – whose stake is now worth $2 billion – found Snapchat when it had less than 100,000 users Imran Khan swapped Wall Street for a huge role at Snapchat and earned $150 million in 2 years Snapchat’s first VC convinced his daughter’s high school to invest $15,000, worth tens of millions’ today SEC advisory committee to question Snap’s transparency for investors Snapchat already has a “sell” rating, and the analyst thinks it will crash 58% JOSH BROWN: Here’s why I’m not buying Snapchat Here’s a behind-the-scenes look at what a typical IPO is like
President Trump took a victory lap on the stock market’s record high in an early-morning tweet.
“Since November 8th, Election Day, the Stock Market has posted $3.2 trillion in GAINS and consumer confidence is at a 15 year high. Jobs!”Trump tweeted.
But while stock markets have been banging out record highs and enthusiasm for the economy has been surging, there may be a reason for caution before buying into the narrative of a President Donald Trump-fueled economic turnaround.
Warren Buffett is all set to win a $1 million bet with this hedge fund
Here are the top Wall Street headlines from the past 24 hours.
Another warning sign is popping up in the stock market – Add a flattening yield curve to the number of warning signs that are popping up and suggesting this historic stock-market rally is nearing an end.
Bitcoin climbs above gold for the first time – The price of one bitcoin climbed above the price of one ounce of gold for the first time ever on Thursday.
Monster Beverage soars 15% after beating on revenue – Shares of Monster Beverage, the hugely popular American energy drink manufacturer, are up over 15% Thursday after the company reported fourth-quarter 2016 results that beat Wall Street expectations.
US auto sales rise less than forecast in February – US auto sales rose at an annualized rate of 17.58 million in February, according to Autodata.
Businesses are expecting inflation to rise in the coming months, Fed’s Beige Book says – Businesses are expecting prices to rise modestly in the coming months, according to the Federal Reserve’s latest Beige Book released on Wednesday.
A 29-year-old founded a biotech startup to cure rare cancers after he got a life-changing diagnosis – David Hysong’s life is like something out of a James Bond film.
United Airlines CEO reveals one piece of health advice that saved his life – For United Airlines CEO Oscar Munoz, October 15, 2015, started like most days – with an early morning trip to the gym.
Range Rover’s stunning Porsche fighter is here – and it’s a high-tech marvel – The Range Rover we’ve all been waiting for is here. On March 1, Jaguar Land Rover unveiled the latest addition to its burgeoning line-up of luxury off-roaders, the Range Rover Velar.
We tried Cadillac’s $1,500-per-month subscription service for cars to see if it’s worth it– General Motors is making it clear that it doesn’t just want to be known as a carmaker.
The 8 cities the world’s super wealthy elites are moving to right now – Luxury estate agent Knight Frank and Wealth-X, the research firm that concentrates on high net worth individuals, just released their comprehensive annual report on where they are buying property and how much it costs them.