SNAPgeddon Strikes – Stock Falls Below IPO Price, Down 40% From Highs

Jon Market Commentary

Well that escalated quickly…
Just 4 months after its magnificently-lauded IPO – proving to every Bob, Dick, and Mary on business media that this time is different and everything’s awesome – Snap has collapsed back to below its IPO price and down 42% from its post-IPO highs.
SNAP IPO’d at $17 and opened at $24, trading up to $29.44. Today it traded down to $16.95…
We are reminded of Dennis Gartman’s recent epic rant against the company he calls “a time sapping hobby; a diversion.”
Finally, is there anything in the investment world less investable than SNAP?
This is a company losing millions of dollars/month, whose product is the ability to create funny pictures of friends that can be sent via the net and messages that disappear soon after having been transmitted.

This post was published at Zero Hedge on Jul 10, 2017.