In the matter of an hour on Wednesday evening, Snap Inc. (SNAP - Get Report) managed to make itself one of the most hated companies on all of Wall Street. 

Here's the very simple explanation on how it managed to pull off such an amazing feat. First up is a complete loss of faith in the company's business model and outlook (and subsequent losses in the stock). Coming into the much-hyped Snap IPO, Wall Street was questioning whether the company deserved such a ludicrous valuation. After all, it never earned a lick of money, and Facebook (FB - Get Report) was moving fast into Snapchat's playpen. Yet, Wall Street bought into the hype knowing full well the first year as a public company for Snap could be horribly ugly for a litany of reasons. Now, institutions will have been taught a financially painful lesson after a first quarter that was thoroughly embarrassing in terms of raw data and delivery by the executive team. 

Snap's stock crashed 22 percent in trading Thursday to $18.05, wiping out almost all of the gains from the $17 a share IPO. The company only added eight million daily active users in the quarter, for a sum of 166 million, with growth from a year ago cooling to 36%. Sales of $149.6 million also badly whiffed vs. estimates for $158.6 million. As icing on the cake, Snap lost $2.2 billion. To be fair, almost $2 billion of the loss was tied to stock compensation costs from the IPO. Even so, not pretty to the eye for one of the hottest tech IPOs ever.

So there's all of that.

21 year olds that opened their first ever stock trading account to buy shares in Snapchat learned a harsh lesson today �� $SNAP

— Brian Sozzi (@BrianSozzi) May 10, 2017

But perhaps the biggest factor of the rising hate on Wall Street for Snap is related to founder Evan Spiegel. If he hadn't looked like this already, he comes off as an entitled young millennial. Spiegel, who shuns interviews (and on harsh days like this he pays for his lack of accessibility), felt it a good idea to hop on his first earnings call and throw shade at Facebook and sound as if Snap beat earnings by $5, posted a massive profit and was nearing the takeover of Alibaba (BABA - Get Report) for a penny a share. The guy seemed totally out of touch with what it means to be a public company CEO, especially after delivering a terrible set of financials. 

$SNAP Twitter fell >20% to $50 after its first earnings report. In retrospect that was an underreaction. $TWTR

— Jeff Macke (@JeffMacke) May 11, 2017

On Facebook's advances: 

"If you want to be a creative company, you have got to be comfortable with and enjoy the fact that people copy your products if you make great stuff," Spiegel said, after laughing. "Just because Yahoo! (YHOO) has a search box doesn't mean they're Google (GOOGL - Get Report) ," he added.

On not giving forecasts:

"I think, at this point, we're kind of famous for not giving guidance on the product pipeline," Spiegel said, again after chuckling. "But we're obviously really excited about it and we love surprising our community."

No, Evan, what you are famous for right at this very moment is sitting atop one of the most hated companies on all of Wall Street. Spend today phoning some grown-up CEOs to get advice and guidance. If not, you won't have much to laugh about at this time next year. 

Read This or Lose Out

Be honest, you wouldn't crosscheck Putin: While good friend Trump loves golf, Russia's president Vladimir Putin loves his hockey. The 64-year old scored a whopping seven goals in an exhibition match this week, reports USA Today.

Surprised he didn't score seven more -- what goalie in their right mind would block Putin's shots. If they value their lives, not many.

Putin just played hockey:

The 64-year old scored seven goals via @USATODAY

— Brian Sozzi (@BrianSozzi) May 11, 2017

Dubai is loaded: Weeks after gaining the world's largest Lamborghini dealership, Dubai has scored the biggest Bugatti showroom ever, reports Motor Authority. It's no surprise Dubai is getting these swank car dealerships -- it loves supercars and money flows from water fountains. 

Bugatti's Opened Its Largest Dealership In (That's Right) Dubai

— C5Z51-Pink (@c5z51_lmakita) May 10, 2017

Here's everything you need to know about Whole Foods: Phenomenal coverage by TheStreet on everything that went down on Whole Foods (WFM) on Wednesday evening. The company added some heavy hitters to its board of directors. But, make no mistake, the organic grocer is far from out of the woods. Sales and profit trends in the business are alarming. 

Random: It never ceases to amaze me, the stuff you can find while scrolling Twitter in the early hours of a day. Case in point is this human-muzzle that keeps phone conversations private. 

On another note, the @thisisinsider Twitter account is a must follow. 

SHHHH! This human-muzzle helps keep phone conversations private. �� #HushMe

— INSIDER (@thisisinsider) May 11, 2017

Jim Cramer and the AAP team hold positions in Facebook and Alphabet for their Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB and GOOGL? Learn more now.

This article originally appeared at 07:45 ET on May 11 on Real Money, our premium site for active traders. Click here to get great columns like this from Jim Cramer and other writers even earlier in the trading day.


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