Snapchat is lit, isn't it? Lit meaning popular, Snapchat meaning the photo sharing application that hopes to raise $4 billion in its IPO, leading to a valuation of between $25 billion and $35 billion. BILLIONS, quite lit, I must say, at least for the four-year-old social media platform's users and, especially, its investors.
News of Snapchat parent Snap Inc.'s confidential IPO filing kicked off the trading day just as Google parent Alphabet (GOOGL) said it plans to build a new London headquarters in the city's King's Cross district and add 3,000 new jobs. The move follows Apple's (AAPL) decision to shift 1,400 of its staff to London's Battersea Power Station, the photographic backdrop to the famous Pink Floyd album "Animals" that featured songs such as "Dogs" and "Pigs on the Wing."
Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio.
Wednesday seemed to mark the fizzling of the so-called Trump rally as the Dow fell 0.29% and the S&P 500 was down 0.16%. The tech-heavy Nasdaq rose 0.36%, after taking a big hit on Donald Trump's election as the 45th president of the United States.
While the world was marveling at Snap's prospective valuation ($25 billion implies a multiple of about 25 times current revenues) and weighing which other tech companies may set up shop in London despite Brexit, TheStreet was also busy. We crunched Snap's numbers, too, weighed the new tech environment and investigated a host of stories that went either unnoticed or under-covered by the mainstream press.
Here are the highlights to help you get ahead in managing your portfolio:
PE Mogul Ross Would Need to Step Off Boards to be Commerce Secretary
The buyout-shop billionaire would need to extract himself from board positions at a number of companies including ArcelorMittal SA (MT) , the world's largest steel company. Full story
Tweet of the Day:
ChiroTouch Evaluates Sale via RW Baird
As the healthcare IT segment continues to see lots of investment, the provider of electronic health record software for chiropractors could fetch $150 million or so in a sale. Full story
Video of the Day: Former Talking Head Jerry Harrison Dives into Crowdfunding with RedCrow
Rock and Roll Hall of Famer Jerry Harrison explains how his new crowdfunding platform RedCrow offers more than a way to raise money. Full story