Spotify’s Stock Made This Worrisome Move Tuesday

After all, there was a turnaround on Tuesday. The Dow Jones Industrial Average rose 389 points, the S&P 500 Index gained 33 points, and the Nasdaq Composite Index rose 71 points, virtually eliminating Monday’s decline.

The highlight of the day was that Swedish streaming media music giant Spotify Technologies SA (SPOT) went public on Tuesday morning with an unprecedented direct public offering and began trading at a price of US$165.90 with a valuation of approximately US$30.5 billion.

The closing price was about 148.74, still higher than the original suggested opening price.

TheStreet’s Tracy Byrnes, Kinsey Grant and Brian Sozzi analyzed the issue and the president’s continued attacks on Amazon’s Action Alerts Plus (AMZN) and the impact of interest rates on the market. In addition, Sozzi talks about TheStreet’s new Tesla (TSLA) page and Ron Orol’s breakthrough story about activism-oriented Rent-A-Center (RCII).

Leave a Reply

Your email address will not be published. Required fields are marked *