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COMING UP:Share Opener Variant 3

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Transcript

00:00:00
>> Sometimes the story is longer.>> This year's most high profile IPO, Snap Inc., going to the New York Stock Exchange instead of NASDAQ, a source tells Reuters. The decision follows a heated competition between the two exchanges to list the disappearing message app company, which included a series of PR stunts, taking the Snap glasses up in a helicopter and down to the trading floor.
00:00:23
It's a setback for NASDAQ, says Reuters reporter Liana Baker.>> So it seems that NASDAQ hasn't fully recovered from the botched Facebook IPO a few years ago. And this is a sign that all the high profile tech IPOs are still gravitating towards the New York Stock Exchange. We saw it with Twitter, and now we see it with Snapchat.
00:00:41
>> While the fees it would generate for the New York Stock Exchange would only be a few hundred thousand dollars, the IPO carries prestige that could help the exchange get more business. Sources have told Reuters Snap is hoping to value its IPO as high as $25 billion. That would make it the biggest tech IPO since Facebook in 2012.
00:01:00
Snap's choice to list on exchange traditionally home to the big blue chip and media companies could also be a signal of Snapchat's future direction.>> I think it telegraphs to Wall Street that Snapchat wants to be a media company, an advertising company. A big player in media, and not necessarily a tech company that would list on NASDAQ.
00:01:22
>> More about Snap and its IPO will be revealed in its public filing expected later this week. The IPO is expected to be in March.