Jul 31, 2017

Snap stock stable as early backers get green light to sell

Dan Primack, author of Pro Rata

Rebecca Zisser / Axios

Snap stock finished down nearly 1% on Monday, settling at $13.68 per share. Despite the loss, Snap executives may be breathing a giant sigh of relief that it wasn't much greater.

  • Why it matters: This was the first day that many early Snap investors – including venture capital firms – had their shares "unlocked," which means they were able to sell on the open market. As such, there was some fear that supply would swamp demand, sending Snap's share price spiraling. But that didn't happen. Overall trading volume totaled nearly 48.8 million. That's Snap's highest mark in over two months, but only the 10th-highest since the company went public in early March.
  • Context: Around 400 million shares were unlocked today, while the company's IPO price was $17 per share.
  • Thought bubble: It wouldn't be surprising if a number of unlocked investors sold a minority of their holdings today as downside protection, with the optimistic hopes that Snap's share price can recover.
  • Coming attractions: In a little more than two weeks from now, and just days after Snap reports Q2 results, company employees will be eligible to sell upwards of 782 million of their shares.

Go deeper

Updated 27 mins ago - Politics & Policy

Updates: George Floyd protests continue for 8th day

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday across the U.S. for the eighth consecutive day, prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: The National Park Service said in a statement Tuesday that while it "is committed to the peaceful expression of First Amendment rights," it "cannot tolerate violence to citizens or officers or damage to our nation’s resources that we are entrusted to protect."

American carnage

Protesters race up a hill to avoid tear gas in Philadelphia, June 1. Photo: Mark Makela/Getty Images

The list of victims has swiftly grown since George Floyd died in police custody just eight days ago.

The big picture: Protests against police brutality have turned into a showcase of police brutality, with tear gas and rubber bullets deployed against crowds. The police have the arsenals at their disposal, but we're also seeing law enforcement officers becoming targets.

McConnell blocks resolution condemning Trump's actions against peaceful protesters

Senate Majority Leader Mitch McConnell (R-Ky.) blocked a resolution introduced by Minority Leader Chuck Schumer (D-N.Y.) on Tuesday that would have condemned the use of tear gas and rubber bullets against peaceful protesters outside the White House on Monday in order to allow President Trump to walk to St. John's Church.

What they're saying: "Justice for black Americans in the face of unjust violence, and peace for our country in the face of looting, riots, and domestic terror. Those are the two issues Americans want addressed," McConnell said on the Senate floor.