Mar 1, 2017

Snap prices IPO above range

Greg Ruben / Axios

Snap Inc. has priced its highly-anticipated IPO at $17 per share, as first reported by The Wall Street Journal. This is slightly above its expected price range of $14-$16 per share, and would mean that the Los Angeles-based "camera company" raised $3.4 billion at around a $24 billion valuation.

Snap is expected to begin trading on Thursday morning under ticker symbol SNAP, while Morgan Stanley led a group of seven underwriters.

Why this matters: Snap would be the year's first tech IPO, and the largest such offering since Alibaba went public in 2014. It also is the biggest so-called "unicorn" to go public since the phrase was coined, having been valued by private market investors at $17.8 billion. Some view Snap's stock market performance as an indicator of how future tech startups will fare with their own IPOs, although more tech investors believe that the company is unique and, therefore, will not have much impact on those that follow.

Pricing pop: Finding the right IPO price for an oversubscribed offering like Snap can be tricky. On the one hand, companies want to raise every last dollar, since it helps to fund growth. On the other, negative aftermarket performance can weigh on a company's reputation with both potential customers and employees (something Facebook suffered through for a while after its troubled offering in 2012).

Key indicator: One big thing we still don't know is how many of Snap's IPO buyers are long-term investors. Reports earlier this week suggested that the company is asking investors for a one-year lock-up ― which is more than twice the lockup period for most of Snap's VC backers and vested employees ― which would be a big vote of confidence in a company that has yet to produce profits and whose growth is under attack by Facebook's Instagram.

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World coronavirus updates: Cases surge past 720,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

There are now more than 720,000 confirmed cases of the coronavirus around the world, according to data from Johns Hopkins. The virus has now killed more than 33,000 people — with Italy alone reporting over 10,000 deaths.

The big picture: Governments around the world have stepped up public health and economic measures to stop the spread of the virus and soften the financial impact. In the U.S., now the site of the largest outbreak in the world, President Trump said Sunday that his administration will extend its "15 Days to Slow the Spread" guidelines until April 30.

Go deeperArrowUpdated 28 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 718,685 — Total deaths: 33,881 — Total recoveries: 149,076.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 7 p.m. ET: 139,675 — Total deaths: 2,436 — Total recoveries: 2,661.
  3. Federal government latest: President Trump says his administration will extend its "15 Days to Slow the Spread" guidelines until April 30.
  4. Public health updates: Fauci says 100,000 to 200,000 Americans could die from virus.
  5. State updates: Louisiana governor says state is on track to exceed ventilator capacity by end of this week — Cuomo says Trump's mandatory quarantine comments "panicked" some people into fleeing New York
  6. World updates: Italy on Sunday reports 756 new deaths, bringing its total 10,779. Spain reports almost 840 dead, another new daily record that bring its total to over 6,500.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Trump says peak coronavirus deaths in 2 weeks, extends shutdown

Photo: Tasos Katopodis/Getty Images

President Trump is extending his administration's "15 days to slow the spread" shutdown guidelines for an additional month in the face of mounting coronavirus infections and deaths and pressure from public health officials and governors.

Driving the news: With the original 15-day period that was announced March 16 about to end, officials around the country had been bracing for a premature call to return to normalcy from a president who's been venting lately that the prescription for containing the virus could be worse than the impacts of the virus itself.

Go deeperArrow2 hours ago - Health