re: SNAP INC

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barry

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That's the most concise and easy description of an first day of an IPO I've ever read. Good work.

Absolutely rigged

I worked on ways to get in early shares for months in expectation for today, learned how rigged the game really is with these IPOs

Annoying

IG...did they offer them to you out of the blue or did you request? Thanks

I didn't get the offer through their IPO center. They called me and asked if I'd like to reserve 300 shares at $20.25. So maybe it wasn't an actual IPO. It wasn't the IPO price. I asked them to reserve, they said I'd have to follow a link, and read the disclaimer. Which of course I didn't. I also asked for the shares to be immediate sold at $22.25, and they told me I need to wait to see if my reserve executed and enter the sell myself.

So the trading kicks off sometime between 11 and 1130. I think EST, but don't recall. I don't see any execution, and there is no pending order in their system. I call them. Their telephones are jammed. I usually get through to their "elite trading desk", whatever that is, but when I finally get through I'm with customer service. So while I'm asking questions, I get a notification that I bought 300 at $22 something. I sell while I'm talking to her. The shares are gone immediately and about a 5 minute delay before I receive confirmation.

Whats odd is that the $20.25 wasn't reserved for me, if it was an order of some of their proprietary shares that they some =how got, the price blew through at opn, never touched $20.25, opened at $24. So that part makes no sense to me. But when I put in a sell, it doesn't blow through that for a higher price, but executes. I looked again, and it looks like it pended slightly under $24, and a bunch of selling almost immediately.

In the next couple of days I'm going to go through their disclaimer and see what was actually offered to me. Usually their IPO center is junk. My offers are add on offerings, and companies I've never heard of. They called one other time. WYNN's IPO, which I actually got at the IPO offered price.

Sounds to me like it wasn't part of the IPO after all, but maybe just a setup sale for whichever of their customer DID get an IPO offer? In other words, you were the second (or third or whatever) person to touch those shares. Having it not go through their IPO center also causes me to think that.

Hopefully the disclaimer says something that makes sense. I'd be annoyed though if their caller indicated or somehow led you to believe it would be at the offering price and then they laid back on a disclaimer. Again, fiduciary duty.

No, they said $20.25 and I knew the IPO was $17.00. But they also said only 300 shares. I figured they agreed to buy some at maybe $19 from one of their customers and wanted to turn it, or at least lock in some profit. I guess that's legal. I don't know.

I made some pocket change. Then this afternoon I found out how much I have to pay the state of Iowa and the Dept. of Treasury. And I'm not even angry, I'm just exhausted, and understand I'm a small time guy who has had to scratch for every bit of financial success I've ever had, and small time guys tend to get screwed on taxes and by large financial institutions. Maybe not screwed, but the uber rich get richer, and they don't let you in that club very easily. So they threw me a $550 bone today. Big whoop.

It will all look different tomorrow, and I'll be back to positive, but there are some days that I have no idea why I work as hard as I do, and I wonder if it's worth it.

There was a lot of money made today on SNAP, and I should probably be grateful I got thrown a bone, but I'm pretty burnt out between taxes and E Trade's crap right now.

I've always heard executions are slow, especially for robinhood. I hear they have several brokers it goes trough and they shave off pennies on the transaction.

back to back -10% days lol just imagine what happens when their lockup period hits

Well this stock is dead.

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Can Snapchat be the central nervous system of the world and become a verb?

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I agree that snapchat doesnt seem to have a very good model for serious profitability, it's already used as a verb...