Interesting, Snap to layoff 10% of it;s staff

Snap disclosed the latest layoffs in a regulatory filing on Monday, saying the cuts will impact approximately 10% of its global full time employees. This equates to roughly 500 jobs.

So, the gov't thought we best get this jobs report before the layoffs begin.

I guess they call it restructuring.

Wondering which tech giants will follow suit.

Yep.  I shorted them and it fell like a brick this morning.  

So, may just pick some spots to play the overreaction on the way back up.

Some upward momentum the last couple of days and now some consolidation today.  Should be a good time to start building a position. 

In at 11.36 

In at 11.10 

Not sure I understand what the government has anything to do w SNAP's earnings call.   This company seems to be good for a trade, only. Not really impressed w CEO E. Spiegel.   Good luck, and buyer beware.   

@Rush51

 I think his point was something along the lines that everyone knows that many companies have been announcing that they will be laying off workers this year.

So, the latest jobs report will not include a lot of that.  There were enough issues with the jobs report as it was anyway.  They will obviously revise that down at least once and, likely, twice.

But I think SNAP is a decent buy now.  Most investors like when a company is laying off when it seems to be an effort to streamline and not deeper fundamental issues.

I shorted it the day before they dropped and now have got into a position on them and will likely add to it this week, depending on what happens Tuesday when the market opens.  I will have a tighter stop than usual maybe.  But I think they rebound a bit over the next several weeks, unlike the overall market.

But who knows -- the bottom could fall out as well.

@Raiders22

 Thank you for the clarification,  and good luck on the trade.. 

That's what this admin has done with their job reports. It's all about the headlines and no one pays attention to the corrections down at 5pm on a Friday.

Out at 14.75.   32.8% profit 

@Rush51

 Thanks  Should have stuck around -- it hit 16.25 today.

I had set in my mind a goal of 3 months. Today would have been 3 months exactly.  Oh well.

But profit is profit.

@Raiders22

 I saw that... can't be too critical of yourself,  though.  It's really a squirrelly stock.  Not sure if the tick-tock saga had anything to do with any perceived gain for Snap, but I gotta think it's a temporary blip.  Whatever U.S. investor ends up taking control of the U.S. version of tik- tok will resume their influence on the young ones,  IMHO.  Facebook, tik tok and Google are still the media influencers that are taking charge.  

@Rush51

 With young folks it is far and away TikTok and Snapchat.  TikTok is rapidly increasing its lead.  But Snapchat and Instagram are very far ahead of Facebook and X.

How that translates in usage as that group ages I am not sure.  But X and Facebook do not have nearly the influence with that demographic.  So, it could portend a growth in those two stocks and a stagnation in the others.

Hard to say. 

@Rush51

 On a side note about the proposed TikTok ban:

Did you see where Michael McCaul -- the Congressman that introduced the bill to ban it loaded up on META stock?

Apparently bought $450,000 after he wrote the bill.  Then bought $700,000 more when it looked like it might pass.

Obviously, he is saying there is no conflict of interest and that he did not, personally, buy them all but the investment manager that does the investing for his wife and family bought them for them.

Supposedly all of the PTRs he has filed so far since the talk about the ban started and the bill was proposed have shown all of the META trades being done using their family partnership.

But either way -- he seems to be positive on his own bill.  At least he bet on it like he was positive. 

@Raiders22

 I didn't know a congressman had done that, but doesn't surprise me.  IMHO, members of congress really shouldn't be able to buy/sell stocks while they are serving.  Any stocks he/she owns before they enter congress should go into a blind-trust.  Any buying/selling as members of congress should be limited to ETFs or mutual funds. 

These people have no shame..