The daily business briefing: November 16, 2016

Snapchat files for IPO, retail sales jump by more than expected in October, and more

The Snapchat icon on a mobile phone
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1. Snapchat parent files for IPO to raise $4 billion

Snap, the parent company of messaging app Snapchat, has filed confidentially for an initial public offering of stock that could raise as much as $4 billion, people briefed on the matter said Tuesday. The IPO could value the company at more than $30 billion — up from $18 billion at its last valuation. No final decision has been made on the timing or size of the IPO, although some expect it to happen as early as March. The filing indicated that Snap's annual revenue is under $1 billion. The cash raised in an IPO would help it better compete with rivals such as Facebook and Google.

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