Snap Shares Leap 44 Percent in Trading Debut -<br />By MICHAEL J. de la MERCEDMARCH 2, 2017<br />Shares of Snap closed up 44 percent on their trading debut on Thursday, a strong start that could revive a moribund market for new stocks.<br />Snap was the most heavily traded stock in the United States on Thursday, with more than 216 million shares changing hands, according to Reuters.<br />The parent company, Snap, reported a loss of $514 million last year, compared with a loss of $373 million in 2015.<br />The shares opened on the New York Stock Exchange at $24, up from the initial public offering price of $17 a share.<br />The company reported revenue of $404 million for 2016, and it has said that sales could reach $1 billion this year.<br />It could also encourage other giant technology companies to go public in the months to come.
