Marriott Stock Quotes

Farley turned and took a selfie using Snapchat as Evan and Bobby smiled and looked out at the crowd. Evan’s fiancée, supermodel Miranda Kerr, stood on the floor of the stock exchange, as did early Snapchat employees Dena Gallucci and Nick Bell and Snap chief strategy officer Imran Khan. Bobby and Evan pressed a button together and a bell rang out loudly, signaling the opening of the day’s trading. The assembled throng of Snap employees, friends, and reporters cheered. Farley encouraged the crowd to cheer louder. Evan, in a white shirt and gold tie, and Bobby, with a blue shirt and darker blue tie, smiled at the crowd, then turned and shared a moment. Bobby patted Evan on the back in celebration as Farley turned and shook hands with them each in turn. This was actually happening. $ SNAP was priced at $ 17 a share, but it opened at a much loftier $ 24. Snapchat CFO Drew Vollero watched the stock jump and exclaimed, “That’s crazy!” After Snap began trading, Evan, Bobby, Kerr, and Khan headed over to the fourth-floor equities trading desk at Goldman Sachs on 200 West Street. When Snap’s stock jumped up to $ 24 right out of the gate, the Goldman trading floor broke out in jubilant cheers. The stock closed at $ 24.48, up 44 percent, with a closing market cap of $ 34 billion, on par with Marriott and Target. By the end of the day, Evan and Bobby were worth more than $ 6 and $ 5 billion, respectively. Never before had so much economic value been created by a consumer product, used by millions of people daily, that was still so misunderstood.

Your best estimates for the future will not match up to the actual numbers for several reasons. First, even if your information sources are impeccable, you must convert raw information into forecasts, and any mistakes that you make at this stage will cause estimation error. Next, the path that you envision for a firm can prove to be hopelessly off. The firm may do much better or much worse than you expected it to perform, and the resulting earnings and cash flows will be different from your estimates; consider this firm-specific uncertainty. When valuing Cisco in 2001, for instance, we seriously underestimated how difficult it would be for the company to maintain its acquisition-driven growth in the future, and we overvalued the company as a consequence. Finally, even if a firm evolves exactly the way you expected it to, the macroeconomic environment can change in unpredictable ways. Interest rates can go up or down, and the economy can do much better or worse than expected. Our valuation of Marriott from November 2019 looks hopelessly optimistic, in hindsight, because we did not foresee the global pandemic in 2020 and the economic consequences for the hospitality business.