Snap Makes a Splash on Wall Street
The parent company of Snapchat is now a public company.
FOX’s Victoria Craig is on the floor of the New York Stock Exchange with more:
It was a packed house here at the New York Stock Exchange as shares of Snap, the parent company of the popular disappearing-messaging app, began trading for the first time.
Folks here were using Snapchat to record the big moment as the stock opened at $24 a share, 41-percent above where it priced its IPO Wednesday night.
Though popular among the younger generations, Jonathan Corpina, senior managing partner at Meridian Equity Partners said everyday investors should make sure they understand the ins and outs of the company before investing:
(Corpina) “Yes it’s a household name, and clearly we’ve seen tremendous support for this stock, but you have to know what you’re investing in.”
Snap has rolled out its first piece of hardware, spectacles, which are glasses capable of recording video. But the challenge going forward for the company is proving it can continue to evolve, Corpina said:
(Corpina) “They’re going to see rather quickly in the next four quarters that they have to show investors they’re doing something.”
At the New York Stock Exchange, Victoria Craig, FOX News.
