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Recode Daily: It’s Snapchat IPO day

But is it going public too early?

Popular Smart Phone Apps Of 2016 Photo by Carl Court/Getty Images

It’s Snap IPO day. Snapchat’s parent company will start trading sometime this morning on the New York Stock Exchange. On the eve of its IPO, approaching midnight ET, Snapchat was the No. 5 most-popular free iPhone app in the U.S., just behind Instagram and Facebook Messenger. Follow Recode for coverage throughout the day.

But is Snap going public too early? It is, after all, in a much different place than Google, Facebook and Twitter were when they IPOd. If Snap does have a core selling point, it’s founder/CEO Evan Spiegel himself, and the notion that he’s a product savant who can figure out how to attract and retain young users. — [Peter Kafka / Recode]

Lyft wants to raise more cash. As Uber struggles with its image, its smaller rival is trying to raise more than $500 million, which would value the friendlier-seeming ride-hail company at more than $6 billion. — [Greg Bensinger / Wall Street Journal]

Nintendo’s new Switch console is neat, and its hybrid handheld-tablet-to-TV gameplay actually works. But Nintendo is behind on software and services, which makes its future — and the console’s — uncertain. — [Polygon]

Yahoo’s general counsel Ronald Bell is taking the fall for its hacking fiasco, which is costing it a $350 million penalty in its sale to Verizon. CEO Marissa Mayer, meanwhile, is losing her 2016 bonus and a 2017 stock award. — [Kara Swisher / Recode]

On the latest episode of Recode Media with Peter Kafka, former Gawker and Jezebel editor Jessica Coen is now in charge at Mashable — and she’s making it more than a little like Gawker. Coen said she’s urging the site’s writers to write the way they might talk “at the bar after work.” She also chats about the most dramatic moment of her tenure at Gawker: The publication of a sex tape starring Limp Bizkit's Fred Durst. — [Eric Johnson / Recode]

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