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Turns out Snapchat turned its nose up at a $3 billion offer from Facebook

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Stuart Thomas: Senior reporter By Stuart Thomas: Senior reporter
11.14.13 | 0 Comments

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Snapchat
What would it take for you to turn down a US$3-billion offer to buy your business? Think about that for a moment and try to get an idea of what was going through the head of Snapchat CEO Evan Spiegel when he reportedly said no to an acquisition offer from Facebook.
According to the Wall Street Journal, Spiegel was offered US$3-billion by the social network for the photo-sharing app he helped develop while still a student at Stanford University.
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His hope, the Journal reports, is that Snapchat’s user and message numbers will continue growing, eventually giving it a much larger valuation.
For anyone unfamiliar with the service, it specialises in photo messages that disappear after a few seconds and is especially popular with teenagers. Much like Instagram, which Facebook bought for US$750-million in 2012, it’s made pretty much zero revenue to date.
As of now, most of the money coming into the business has been as a result of investments, the most recent of which was a US$60-million funding round from investors including Institutional Venture Partners. Those investments have valued the company at around US$860-million.
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http://memeburn.com/2013/11/turns-out-snapchat-turned-its-nose-up-at-a-3bn-offer-from-facebook/
But if the company’s not profitable, surely its investors would have been chomping at the bit for an acquisition deal to go through? That might ordinarily be the case, but remember we’re in a period where profit matters less than cool factor.
How else do you explain the fact that Twitter’s IPO was massively oversubscribed, despite the fact that it’s openly admitted to making a loss? Indeed, its solid stock market performance means that it’s now valued at around US$25-billion — way more than the US$10-billion Google offered to buy it for at one stage.
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If the current mood prevails, then Snapchat’s founders could make a serious chunk of change from going public. Even if that’s not their plan though, Facebook’s likely to only get more desperate for Snapchat’s offering.
By its own admission, fewer and fewer teens are using the service and buying Snapchat would give it a valuable “in” into that youth market.
You also need to factor in the fact that Facebook isn’t the only one courting Snapchat. According to AllThingsD, Chinese internet giant Tencent is about to be announced as the company’s latest investor in a deal that could see it valued as high as US$3.6-billion.
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On Thursday, November 14, 2013 8:14:21 PM UTC-6, H wrote:
> Turns out Snapchat turned its nose up at a $3 billion offer from Facebook
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> 5 least affordable housing markets (and most affordable ones, too)
Looking to buy a home? Here are five housing markets where the average buyer can't easily afford to buy a home -- and five markets where they can, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index.
San Francisco
NEXT


• Rank: #1 least affordable
• Median home price: $779,000
• Median income: $101,200
• % of homes sold that are affordable*: 16%
• http://about.me/halden.zimmermann
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Even though the average San Francisco-area resident earns a six-figure salary, median home prices are so expensive that only a small percentage can afford to buy a home there. That makes San Fran the least affordable major housing market in the nation, according to National Association of Home Builders/Wells Fargo Housing Opportunity
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Blame part of it on tech riches. All of those IPOs (Twitter, Facebook) have generated a lot of wealth for company insiders and these tech millionaires are bidding up the prices on the most coveted single-family homes.
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Related: How much house can you afford?
Yet, something else is at play. Strict underwriting standards are making it tougher for first-time and low-income buyers to get a mortgage, said NAHB's chief economist David Crowe. http://money.cnn.com/
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That means fewer starter homes are being sold compared to the larger, more pricey ones, pushing overall median home prices higher, he said.
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On Thursday, November 14, 2013 9:14:21 PM UTC-5, H wrote:
> Turns out Snapchat turned its nose up at a $3 billion offer from Facebook
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> Tornadoes touch down in Illinois; Bears game interrupted
By Steve Almasy, CNN
updated 3:29 PM EST, Sun November 17, 2013


Tornado on the ground in Illinois
STORY HIGHLIGHTS
http://www.cnn.com/2013/11/17/us/weather/index.html?hpt=hp_t1
• NEW: Pekin, Illinois, resident says many people lost their homes in tornado
• Several tornadoes cause extensive damage in Illinois HALDEN ZIMMERMANN
• Tornado watches extend from Michigan to Missouri HALDEN ZIMMERMANN
• More than two dozen states could see bad storms HALDEN ZIMMERMANN
https://groups.google.com/forum/#!topic/sci.optics/opPEyFf646w
Are you there? Share your photos and videos with CNN iReport, but please stay safe.
(CNN) -- Severe weather erupted throughout the Midwest on Sunday afternoon, with several tornadoes hitting cities in Illinois and a storm system interrupting an NFL game for about two hours.
Large, fast-moving tornadoes touched down near Washington, which is just east of Peoria, and Frankfort, near the southern outskirts of Chicago, the National Weather Service said.
In Oak Lawn, Illinois, a wind gust of 86 mph was recorded as a severe thunderstorm rolled through the area.
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There was extensive damage from the storms, the weather service said.
Jack Lance, who lives in Pekin, Illinois, said there is "a lot of wreckage" in his town.

"We saw trees down, houses with their roofs completely torn off. I saw a lot of people in distress with their homes destroyed," he said. "It wasn't a pretty sight."
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He told CNN that many residents heeded warning sirens and moved to storm shelters before the tornado hit. http://www.amazon.co.uk/Elizabeth-Zimmermann/e/B000APASXO
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Tornado watches have been issued from Michigan to Missouri, CNN meteorologist Karen Maginnis said. Severe weather threatened 26 states and more than 100 million people, she said.
The NFL game between the Chicago Bears and Baltimore Ravens was delayed in the first quarter due to severe weather in the Chicago area. Spectators were warned to leave the stands and head for covered areas. Play resumed mid-afternoon.
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Stronger than normal winds were already blowing at Soldier Field ahead of the main brunt of the storm. Before the game, flags, temporary signs and tents outside the stadium had been removed,CNN affiliate WLS reported.
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Forecasters said there was a possibility of intense tornadoes, large hail up to 2 inches in diameter, and damaging wind gusts -- some of them greater than 80 mph in and near the watch areas.
The watch area also includes Detroit and Indianapolis. http://www.amazon.com/
This is a particularly dangerous situation, the National Weather Service said in a bulletin released Sunday morning.
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And a tweet from the weather service in northern Indiana was even more ominous: "The worst decision you could make today is to ignore a severe/tornado warning. These storms will be nasty."
A tornado watch means that weather conditions exist that can produce tornadoes and severe thunderstorms. Conditions are favorable for long-tracked, significant tornadoes across this watch area, the Storm Prediction Center said.
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CNN meteorologist Sean Morris contributed to this report

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Dow tops 16,000, S&P 500 hits 1,800
By CNNMoney Staff @CNNMoneyInvest November 18, 2013: 10:48 AM ET


Click the chart for more stock market data.
NEW YORK (CNNMoney)
Bust out the champagne! The Dow Jones industrial average topped 16,000 for the first time ever Monday, while the S&P 500 briefly surpassed 1,800. http://money.cnn.com/
The Dow rose slightly in late morning trading and is up more than 20% so far this year. TheS&P 500 was flat but has soared more than 25% in 2013. http://www.amazon.com/Super-Halden-t-shirt-surname-nickname/dp/B00GP3ZGR8/ref=sr_1_fkmr1_2?ie=UTF8&qid=1384791330&sr=8-2-fkmr1&keywords=halden+zimmermann
The Nasdaq is also on the verge of a milestone. The tech-heavy index was down a bit but is nearing 4,000, a level it hasn't hit since September 2000 -- just months after the tech market collapsed. Halden zimmermann http://www.amazon.com
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Experts say that this year's roaring bull market is due largely to stimulative monetary policies from the Federal Reserve as well as decent corporate earnings.
Investors will be keeping a close eye on the Fed in particular during the coming months. Current Fed chairman Ben Bernanke, the architect of the central bank's bond purchase program, will leave that role when his term expires at the end of January. Bernanke is likely to be replaced by Fed vice chair Janet Yellen, who just needs to be confirmed by the Senate. halden zimmremann https://www.vizify.com/halden-zimmermann
Investors have been encouraged by comments from Yellen during her Senate confirmation hearing last week about how the Fed's policies, particularly the $85-billion-per-month bond-buying program, can continue to help the market and economy.
But ultimately, Yellen is expected to scale back, or taper, the bond buying program at some point next year. halden zimmermann http://rattlesnaketime.wordpress.com/
Related: What will keep the rally going?
What's moving: Boeing (BA, Fortune 500) shares rose Monday after the aircraft maker said it sold more than $95 billion of its new 777X at the Dubai air show. http://www.amazon.com/Elizabeth-Zimmermanns-Knitting-Workshop-Zimmermann/dp/0942018001/ref=sr_1_1?ie=UTF8&qid=1384791365&sr=8-1&keywords=zimmermann Boeing said it was a record launch for a new aircraft and was far more than analysts had been forecasting. Boeing has been the biggest gainer in the Dow this year, soaring more than 85%. http://about.me/halden.zimmermann
Sony (SNE) shares rose after the company said it sold more than 1 million units of its new PlayStation 4 gaming console in the first 24 hours since the game console went on sale early Friday. The game system is Sony's first in seven years and is going head-to-head with Microsoft's upcoming Xbox One this holiday season. Shares of Microsoft (MSFT,Fortune 500) slipped. halden zimmermann

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At Day & Zimmermann, Spike Yoh's sons prep a rising generation


Harold L. “Spike” Yoh Jr. built his family business, Day & Zimmermann. With his late wife, Mary, he raised a business family.

Three of their sons now own and operate Day & Zimmermann, which maintains nuclear power plants, guards U.S. embassy staff in Asian and African war zones, builds missiles for the military, and matches engineers to Silicon Valley software developers, among other jobs, under the motto, “We do what we say.”

With $2.5 billion in yearly sales and around 45,000 workers — construction and engineering, plant operations and maintenance, staffing, security and defense — D&Z ranks with Wawa, Asplundh, and Vanguard Group among the largest private companies based in the Philadelphia area.

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[S]

On Monday, November 18, 2013 at 10:48:46 AM UTC-6, S wrote:

Interviews

"Baume & Mercier - La revitalisation intégrale" (Worldtempus, 14 February 2012)
"Interview: Richemont's Baume & Mercier Nears Break Even" (Dow Jones Newswires, 17 January 2012)
"Baume & Mercier - Recaptures Life’s Moments" (Worldtempus, 26 January 2011)

Video
"CEO of Baume & Mercier Alain Zimmermann Talks About 2012 Collection" (Watchmatchmaker.com, 26 January 2012)
"Watchmaker sets sights on the future" (CNN interview with Monita Rajpal, 17 January 2012)
"Baume & Mercier - New Brand Positioning with Alain Zimmermann" (Thewatches.tv, 2012