SNAP flunks the first day IPO test

SNAP comes public at $17 and pops to $24 at the opening of trading. I’m not in a big rush to move into SNAP — remember I didn’t buy $FB until a few weeks after its IPO when the stock had come down 40% from the opening. Remember also, that I much prefer that a company like SNAP sets their IPO price as high as they can possibly get away with, just like Facebook did and opposite of what Twitter did. Seeing SNAP open up $7, or 40% higher than the IPO price means that SNAP left 40% of the money they could have raised to run their company on the table for hedge funders and traders to flip.

So, I’m not impressed with how SNAP’s management has taken this company public and I’m not about to chase this stock up 50% on its first day.I do like SNAP business and I will be open to buying some shares at some point. Not this morning though.