Mar 3, 2017

How millennial investors reacted to Snap IPO

Photo illustration by Greg Ruben / Axios

Data provided to Axios by Robinhood, a stock trading app that is popular with millennials, provides insight into how younger investors reacted to Snap's IPO:

  • 43% of Robinhood users who traded today bought Snap stock (note that only 25% of the app's users are ages 18-24, meaning that older investors were also feeling the Snap appeal on Thursday).
  • The median age of a Robinhood user who purchased Snap stock is 26—the same age as Snap CEO Evan Spiegel.
  • Snap rose to the third most popular stock, only behind Apple and AMD. Facebook is at No. 9 and it only took Snap 90 minutes to overtake the social network in terms of ownership.
  • On Wednesday, there were 54% more sales of Facebook stock than the previous day, implying investors were offloading their Facebook stock to make room for Snap.
  • Robinhood's overall trading volume on Thursday broke records, jumping 50% compared to the day before. It also signed up 250% more new users on Thursday than on an average day last week.

What to watch: Snap had a huge stock price pop on its first day, but the many are skeptical as to whether the company will be able to sustain this investor enthusiasm, especially as the pressure of quarterly earnings and growth begins to set in. It's also facing stiff competition from Instagram and Korean clone Snow.

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Axios
Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 18,982,658 — Total deaths: 712,266— Total recoveries — 11,477,642 — Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 4,873,747 — Total deaths: 159,931 — Total recoveries: 1,598,624 — Total tests: 59,652,675 — Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Majority of Americans say states reopened too quickly — Fauci says task force will examine aerosolized spread.
  5. Business: The health care sector imploded in Q2 — More farmers are declaring bankruptcy — July's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.
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Dave Lawler
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Nuclear free-for-all: The arms control era may be ending

Illustration: Aïda Amer/Axios

The mushroom clouds over Hiroshima and Nagasaki have remained unreplicated for 75 years in part because the U.S. and Soviet Union — after peering over the ledge into nuclear armageddon — began to negotiate.

Why it matters: The arms control era that began after the Cuban Missile Crisis may now be coming to a close. The next phase could be a nuclear free-for-all.

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Rashaan Ayesh
2 hours ago - Politics & Policy

Pelosi, Schumer demand postmaster general reverse USPS cuts ahead of election

Schumer and Pelosi. Photo: Alex Wong/Getty Images

House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer sent a letter to Postmaster General Louis DeJoy on Thursday calling for the recent Trump appointee to reverse operational changes to the U.S. Postal Service that "threaten the timely delivery of mail" ahead of the 2020 election.

Why it matters: U.S. mail and election infrastructure are facing a test like no other this November, with a record-breaking number of mail-in ballots expected as Americans attempt to vote in the midst of a pandemic.

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