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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."

Go deeper

Caitlin Owens, author of Vitals
4 hours ago - Health

Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan

Photo: Alex Wong/Getty Images

President-elect Joe Biden has picked former FDA chief David Kessler to lead Operation Warp Speed, a day after unveiling a nearly $2 trillion pandemic relief plan that includes $400 billion for directly combatting the virus.

Why it matters: Biden's transition team said Kessler has been advising the president-elect since the beginning of the pandemic, and hopes his involvement will help accelerate vaccination, the New York Times reports. Operation Warp Speed's current director, Moncef Slaoui, will stay on as a consultant.

The case of the missing relief money

Illustration: Sarah Grillo/Axios

A chunk of stimulus payments is missing in action, thanks to a mix up that put as many as 13 million checks into invalid bank accounts.

Why it matters: The IRS (by law) was supposed to get all payments out by Friday. Now the onus could shift to Americans to claim the money on their tax refund — further delaying relief to struggling, lower-income Americans.

The post-Trump GOP, gutted

McConnell (L), McCarthy (R) and Trump. Photo: Erin Schaff-Pool/Getty Images

Republicans will emerge from the Trump era gutted financially, institutionally and structurally.

The big picture: The losses are stark and substantial.