BROWSE BY TOPIC
Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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.