For most people, Friday is just the day before the weekend.
But in the Wall Street Daily Nation, it's the day we ditch the long-winded analysis and let some graphics talk for us.
This week, I'm serving up a limbo edition. I'm going to profile just how low Snap Inc.'s (SNAP) newborn stock can go. (I warned you!)
I'm also revealing the world's best performing currency for the past two years. Is it time for me to eat crow for predicting its ultimate demise nearly four years ago? Hardly!
Read on to find out why…
How Low Can SNAP Go?
That didn't take long!
In a matter of days, the euphoria over the biggest U.S. technology IPO since Facebook's (FB) $16 billion offering in 2012 turned into outright fear.
All the clichéd “Snap, Crackle, Pop” headlines were instantly supplanted by “Snap, Crackle, Drop” headlines.
Why? Because, as we predicted, shares of the new public social media company, Snap Inc. (SNAP), tripped and fell. Hard.
After surging 73%, to a high of $29.44, in the second day of trading, the stock is officially in a bear market now. Shares dropped as much as 27.6% from the all-time high.
Mind you, investors who were afraid of missing out — and piled into the stock at the peak — have once again become Wall Street's bag holders.
Two observations here:
1. The wheels are falling off this IPO bus faster than normal
As you can see in the chart below, the typical hot tech IPO begins its descent to reality 38 days after going public. And the selling doesn't relent for 117 days, on average. Snap decided to break down in just three days. Not a good sign.
2. It's only going to get worse
Consider:
