Morning Brief: Spotify makes its public debut
Tuesday, April 3, 2018
What to watch today
Spotify (SPOT) will make its public debut on Tuesday as the streaming music service will begin trading after a direct listing on the New York Stock Exchange. The event brings to market one of the biggest consumer names to emerge from the recent boom in Silicon Valley and marks the most anticipated public debut since Snap Inc. (SNAP) went public over a year ago.
The offering will also be closely watched because its direct listing cuts out many of the traditional Wall Street investment bankers — and their fees — that often define the IPO process. Shares of the company traded hands for as much as $131 per share during the first quarter, and the Financial Times reported Monday that it will likely take until midday on Tuesday for the stock to open for trading.
Top news
21st Century Fox offers more concessions in bid for Sky: 21st Century Fox on Tuesday offered new proposals to insulate Sky’s news operations from Rupert Murdoch’s influence in its ongoing bid to take full control of the London-based pay TV company. Fox said it proposes to either sell Sky News to Walt Disney (DIS) or comprehensively ring fence it. Disney is already trying to take over many parts of Fox. Fox says a proposed sale of Sky News to Disney would not be contingent on Disney acquiring key parts of Fox. [AP]
GM scraps a standard in sales reporting: General Motors Co. (GM) is abandoning its decades-old practice of reporting monthly auto sales, saying a 30-day period doesn’t provide an adequate snapshot of the company’s complex business or the broader industry. The move by the nation’s top auto seller will likely disrupt the industry’s collective attempt to give analysts, economists and investors a broad view of one of America’s bedrock businesses and a consistent bellwether for consumer behavior. [The Wall Street Journal]
Consumer watchdog chief gives Congress advice on stripping away his powers: Mick Mulvaney has long complained that the head of the Consumer Financial Protection Bureau has too much authority over banks. More than four months into his stint running the watchdog, he’s offering lawmakers specific advice on how they should start stripping those powers away. [Bloomberg]
Walmart is looking at buying PillPack: Online pharmacy startup PillPack is in talks to be acquired by Walmart (WMT) for under $1 billion, according to two sources familiar with the matter. PillPack’s focus on making it easier for customers to order and fulfill medications is an attractive proposition for Walmart and other e-commerce companies that are looking to enhance their health care offerings. The talks come amid reports of early acquisition talks between Walmart and health insurance giant Humana (HUM), which would be a much larger deal. [CNBC}
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