BROWSE BY TOPIC
Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Wall Street News
Wall Street’s Payday from the Snap IPO
Secondary trading in Snap has been a roller coaster ride. The IPO was priced at $17 a share and Snap opened for trading in the market at about $24 a share. That was on Thursday, 3/2.
- On Friday, 3/3, Snap shares hit an intraday high of $29.44.
- On Tuesday, 3/7, Snap shares gapped down and traded as low as $21.30 a share.
That market volatility is probably welcomed on Wall Street - because it generates enormous profits for market makers and prop traders on Wall Street, with tens of millions of shares trading hands every day.
Volatility aside, the investment bankers who underwrote the offering had a big payday. All told 26 underwriters sold 200 million shares at $17 apiece. The $3.4 billion IPO threw off underwriting fees of $85 million – based on a 2.5% rate. So, while that figure is relatively low for a major tech offering on Wall Street, it was hugely welcomed, particularly since it was not a hard sell.
BIGGEST WINNERS. Reaping the largest fees were Morgan Stanley, the lead underwriter, and Goldman Sachs. They combined to sell over half the 200 million shares. Morgan Stanley took down nearly $26 million in fees, while Goldman earned just over $21 million.