Wednesday, August 16, 2017

Sold Snap Options

Sold at $3.19.  Profit USD 2182.43.

Q2 earnings were bad and SNAP shares fell.  But they haven't been falling in the past few days: staff were allowed to sell on Monday, and even allowing a few days for the paperwork with brokerage accounts, they are not selling now.  Maybe the big drop is already priced in.  Since my short-term options are up 45% on volatility, and most options expire worthless, take the small profit now.

At what price would I turn around and buy Snap?  The app and the user-base has value.  But since the common shares have no voting rights, they're probably worth zero.