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Richard Drew / AP

As you've likely heard by now, Snap last night priced its IPO at $17 per share. That's above the proposed $14-$16 price range, which means that the Los Angeles-based "camera company" raised $3.4 billion at around a $24 billion valuation. For context, the 15 U.S.-based tech companies that went public in 2016 raised a total of just $1.44 billion (per Richard Peterson at S&P Global). Shares opened trading at $24.

Bull case: CNBC's Jim Cramer yesterday predicted that Snap stock will nearly double today, giving it a $40 billion market cap. But when I asked him if he'd buy at that price with a one-year lockup:

@danprimack no- I think the deal will be jacked up by too much retail enthusiasm AND big institutions trying to average up on ipo stake https://t.co/QYEXP8ZBCX— Jim Cramer (@jimcramer) March 1, 2017

Collateral beneficiary: Keep an eye on shares for Snap-On (NYSE: SNA) this morning, which could get boosted by sloppy day-traders. Kind of like what happened with a penny stock trading under FACE when Facebook went public.

Rival watch: Not only does Snap have to deal with competition from Instagram, but it also has a big Asia rival called Snow, which had been downloaded 100 million times through December, and has 40 to 50 million monthly active users. Here's more on Snow.

Pop 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 experienced after its troubled offering in 2012). There's also the unavoidable reality that if Snap shares soar or tank today, critics will slam the offering's bankers for being either dumb or greedy.

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.

Go deeper

7 hours ago - Health

FDA advisory panel recommends Pfizer boosters for those 65 and older

A healthcare worker prepares a dose of the Pfizer-BioNTech Covid-19 vaccine at the Key Biscayne Community Center on Aug. 24, 2021. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

A key Food and Drug Administration advisory panel on Friday overwhelmingly voted against recommending Pfizer vaccine booster shots for younger Americans, but unanimously recommended approving the third shots for individuals 65 and older, as well as those at high-risk of severe COVID-19.

Why it matters: While the votes are non-binding, and the FDA must still make a final decision, Friday's move pours cold water on the Biden administration's plan to begin administering boosters to most individuals who received the Pfizer vaccine later this month.

8 hours ago - World

France recalls ambassadors from U.S. and Australia over submarine deal

Secretary of State Antony Blinken (L), French Foreign Minister Jean-Yves Le Drian (C), and French ambassador to the U.S. Philippe Etienne. Photo: Nicholas Kamm/AFP via Getty Images

France has taken the extraordinary step of recalling its ambassadors to the U.S. and Australia after both countries blindsided their French allies with a new military pact and submarine contract, the French Foreign Ministry announced on Friday.

The backstory: While sealing an agreement with the U.S. and U.K. to acquire nuclear submarines, Australia ripped up an existing $90 billion submarine deal with France. That led senior French officials to accuse the U.S. of a "stab in the back."

Updated 8 hours ago - World

In reversal, Pentagon now says drone strike killed 10 Afghan civilians

Caskets for the dead are carried towards the gravesite as relatives and friends attend a mass funeral for members of a family that is said to have been killed in a U.S. drone airstrike, in Kabul on Aug. 30. Photo: Marcus Yam/Los Angeles Times via Getty Images

A U.S. drone strike launched on Aug. 29 killed 10 civilians in Afghanistan, including seven children, rather than the Islamic State extremists the Biden administration claimed it targeted, the Pentagon said Friday.

Why it matters: U.S. Central Command said at the time that officials "know" the drone strike "disrupted an imminent ISIS-K threat" to Kabul's airport, and that they were "confident we successfully hit the target."