Greg Ruben / Axios

In the aftermath of Snap's earnings miss and subsequent stock slump, there has been some Silicon Valley concern that the stench could rub off on other tech companies seeking to go public. But it won't.

No harbinger here: Snap's IPO was always an outlier, in terms of both its size (mammoth) and its industry sector (consumer Internet). The vast majority of tech companies going public are much smaller and focused on enterprise customers. If an investor buys or sells into a company like Cloudera or Okta because of Snap's performance, then it isn't a very sophisticated investor.

Lessons learned: One key takeaway for other tech companies, however, is in the area of managing expectations. Per Lise Buyer, a well-known IPO advisor in Silicon Valley: "It isn't that a company should never 'miss' on its first quarter, it is that a company should never 'disappoint.' There is a difference in that one can technically produce the numbers that consensus expected (there are often outliers that don't 'count') but in order to maintain credibility, a company needs to discuss the quarter and outlook in ways that delivers promise, not disappointment."

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U.S. policy shift will allow taxpayer funding for projects in West Bank settlements

Friedman (L) with Netanyahu. Photo: Menahem Kahana/AFP via Getty Images

The U.S. and Israel will announce tomorrow that they are expanding three agreements on scientific cooperation to include Israeli settlements in the West Bank, Israeli and U.S. officials tell me.

Why it matters: This is a substantial policy shift for the U.S., which did not previously allow its taxpayers' money to be spent in the Israeli settlements.

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Illustration: Sarah Grillo/Axios

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McConnell: Confirming Amy Coney Barrett will help GOP retain Senate

Photo: Samuel Corum/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) expressed no regrets about Judge Amy Coney Barrett's controversial confirmation, telling Politico in an interview that he believes the decision to place her on the Supreme Court just a week before the election will help Republicans retain the Senate.

Why it matters: With a week to go until Election Day, many Republicans are concerned that President Trump's unpopularity could cost them the Senate. McConnell has long viewed the transformation of the federal judiciary through the confirmation of young conservative judges as his defining legacy.