we await spotify dow is up 218. the s&p 500 up almost 18 no bankers, no road show, no ceo on the floor many questions remain ahead of the open to spotify. joining us this morning with the insights, the dean evaluations and finance professor at nyu and early spotify investor and partner, good to see you both. fascinating day. overall, what do you make of the process they have chosen at the exchange >> yeah, so i think the direct listing actually signals a lot of strength by the management team and confidence in the balance sheet, growth prospect, the fact they decided not to go out and raise a bunch of capital in a traditional ipo but rather they got the cash flow, they got the revenue forecast, growth and balance sheet to support the targets. i think it says a lot about their, you know, confidence in ability to grow without taking dollars in >> do you expect a lot of exits? we heard through various reporting that the co-founders won't but still 90% is a lot >> yeah, it's a lot of shares coming through over the last

liz: short spotify. >> correct. liz: oh, okay. >> i think it's going to break 100 before the year is through. liz: on its first birthday. colin gillis, great to have you. >>> closing bell ringing in 17 minutes. ge dropping below $13 today but that's not the only problem for ge's former chairman. charlie gasparino tells us what that problem is. he breaks it next on "countdown." ♪ ♪ let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. there's nothing more important than your health. so if you're on medicare or will be soon, you may want more than parts a and b here's why. medicare only covers about 80% of your part b medical expenses. the rest is up to you. y

>> i buy are you talking about spotify specifically >> spotify, stocks in general. >> i buy stuff all the time. i also sell stuff. i'm not a short guy. i believe in warren buffett's ethos of buy what you know, stay the long haul because the dow will go up in my lifetime, the dow will break 30,000 it might happen in under ten years, it might happen in five years. economies are improving around the world. we are all getting smarter china and america and russia are deciding look, we have our differences in stuff but at the end of the day, the dollar rules. everybody wants to make a buck that's more important than politics there won't be another war all kim and north korea cares about is that you're not going to remove him from power he just wants his billions yes? >> let me pull you back to spotify before we get into geopolitics. because a big part of spotify's pitch is about timed exclusives and albums with video components that you can't get anywhere else when kiss has something special to offer, how do you decide whether to go through spotify or apple or amazon or some place else >> w

chinese relations drown out the music over spotify. when i think first of all i think it's not hard to guess what kind of kompany is going public today you can hear it probably but all in all of course investors are nervous about these tensions and of course they could theoretically impact at the i.p.o. i.p.o. here off spotify because all in all investors might be willing to pull back more because they're simply nabbous about the attention that the music business is cutthroat we all know that what is spotify is chances though as a listed company. well of course spotify has huge competitors apple music for example growing really really quickly off car spotify is still the market leader here but there's one important think even if they are not planning on giving new shares out right now they're up planning on having that currency off shares in the future in order to raise. apatow now of course that's a very important possibility here for spotify and briefly this is the new york stock exchange first ever direct floor listing so the shares

spotify is pretty solid. david: we put up your chart that shows exactly what you are saying, the level of engagement and it is very impressive for spotify. at the same time, they don't have as many people who download their apps as much as say, google. prabhat: you are right. there are certainly some challenges ahead. one of the metrics we will be looking at is how they are stacking up against the competitors. spotify and in the age group, the engagement levels are very high. ofx: that led me to my point then is the dominance we have seen in spotify sustainable? prabhat: that is exactly what we are tracking over the next coming quarters. when i talk to folks, it is always about how they are able to innovate. we will be looking at metrics around these levels of engagement and how they are engaging in their key categories and key demographic areas. david: the question with these companies is where is the -- so, and as you look at much is dependent on growing the number of users. prabhat: absolutely. they are de

spotify is the only stand—alone service in the group. but for now spotify controls 4296 group. but for now spotify controls 42% of the global streaming market. the question is whether or not be music enouh for investors' will be music enough for investors' ears. the press are calling it black tuesday — a show of force by france's unions that marks the start of three months of rolling strikes by railway workers. the rail strikes are a protest against government plans to tackle the special status historically given to railway workers, which guarantees them a job for life and early retirement. they'll be joined in strikes today by refuse workers, students and parts of the energy sector, all with their own specific demands over conditions and proposed reforms. and pilots and ground staff at air france are also striking in a separate dispute over pay, though the vast majority of flights are expected to be unaffected. let's get more on this story from tomasz michalski, who is professor of international economics at hec intl business school in paris. welcome to you. the unions say t

increase your position in spotify. i can't believe it came this cheap, but they didn't do a traditional pop ipo. let's go to bill >> caller: i need your help crteo. the shares that tanked, they got creamed in december. they reported well, fourth quarter 2017, but the stock is still at 26 and change >> you don't need that stock there are so many other stocks that are doing well. that's not one you need. i spot, ha, ha, a real winner, spotify, its growth is real music to my ears you have my blessing to get in on this newly-public traded to the. >>> ollie's bargain outlet is up 75%. is it time to buy? who says this isn't the most interactive show on it television after my take down a few weeks ago, pennsylvania real estate trust is here to tell its side of the story rapid fire, tonight's edition of the lightning round. so stick with cramer >>> what han outlet stock ollie's seemed to be unstoppable because consumers can't resist a big deal these guys beat amazon on price, at a time when so many breick an mortars are trench

spotify's direct. >> spotify is becoming a public company. don't colin ipo. the streaming services sidestepping the traditional public offering process in favor of a direct listing. the company won't be selling its shares and it will skip the share price discovery process. typically, when a company goes decides onagement evaluation and go on a marketing roadshow. they make their pitch to wall street and judge interest. the night before the stock starts trading, they have a final price and a number of shares to be sold to investors. then the shares open off that dollar amount the next day. spotify is skipping that and going straight to the trading part. existing private shareholders will be able to sell the stock and apartment market investors. they rarely do direct listings. the risk is the stock will tumble immediately or swing wildly because the company has not gone to the exercise of matching supply and demand. they are betting their rain will get investors excited. it they were valued privately asked $8.5 billion. since 2017, the shares have from $6hands

like the bans it promotes, today, spotify is warming upfor bans it promotes, today, spotify is warming up for its public market debut. already it has changed the way we experience music. you ever looked to see your spotify plays to see songs are getting the most place? definitely. seeing what the top tracks are and it might play into a decision—making as to what song to play live. spotted by now has over 150 million users around the world. —— spotify is over the past ten years, it ‘s change the face of the music industry and now in choosing a direct listing, it could be changing the way that start—up is go public as well. —— start—ups. a direct listing is a way of set selling shares directly to the public, that means they will pay less in fees to the bankers who usually do the paperwork. and there is something else. normally in an ipo, management and is something else. normally in an ipo, managementand inside shareholders are restricted from selling shares for a period of time after the listing, in a direct sale they can sell immediately, so it buys more liquidity. for

i am not as good a spotify the music, he says. iam more not as good a spotify the music, he says. i am more than happy with apple music and radio, says this one. do you have an account?” apple music and radio, says this one. do you have an account? i do, actually. we have an account but we are the cheapskates! it is my kids that mainly listen to it, so they can listen to the adverts! and just a comment from you... he says the idea spotify is excellent but it has been poorly executed. keep your comments coming in. let's take a look at some of the other stories making the news. rupert murdoch's 21st century fox has said it would sell off sky news to disney or ring—fence it to try to address regulatory concerns over its proposed acquisition of sky. fox wants to buy the 61% of sky it doesn't already own. but it faces regulatory problems after the competition and markets authority found the $16.5 billion deal was not in the public interest. shares of us chipmaker intel fell by more than 9%, on reports apple has developed its own chips for its computer range and will stop using inte

the number one music streaming service spotify goes public off to a rocky relationship with some artists the platform gets really the right on wall street also coming up how would you like to start your working week like the really stuck in a mass crowd spinning on to the tracks with nowhere to go the commuter chaos in front israel workers embark on a series of strikes that could span months. on the cargo bike craze how more trades people are getting ahead of the possible diesel batman in their cities with pedal power. base is your business update on helen on free and by then thanks for joining me now the number one music streaming service also via has gone up public and after a rocky relationship with some artists the platform is currently enjoy a smoother ride on wall street attracting plenty of investor attention. spotify has not earned a cent since it was founded in two thousand and six but losses of almost a billion euros didn't seem to put off investors. at the new york stock exchange hopes run high for the swedish company. we do think the model is going to be strong for spotify it

i was reporting from frankfurt's more on spotify as i.p.o. in new york later today on d w business and here in germany diesel cars can be banned from in the cities that's how a court ruled in february so far however no municipality has made us all that option but they could especially when air pollution reaches on healthy levels commuters can always switch to public transport will but about delivery fee or handymen and they too have an alternative which is faster and cheaper than a car. it is run of his world the forty nine year old is a joiner in cologne he tries to work environmentally sustainably easy enough with his role materials not so easy with his transport. so i want to say he's veto van and for my work i need one with a long distance murder trying to find somewhere to park it no one might face a city center driving. city traffic air pollution valves just decided to test a cargo bike for three months instead he's constantly out visiting his customers repairing doors and windows taking parts to construction sites. think you need the s

then 167 to 170. 170 spotify be valued at roughly $30 billion. what we're waiting for is the final building of what could be called the book. they're trying to match up all the potential buyers and sellers. why does the price go from 165 to 170 because at some point at the last minute, buyers will come in and say i'm going to bid more for that stock or sellers will say i'm going to withdraw my offer, hold out. i think the price might go higher after we start trading. it's a dynamic process difficult to indicate what's going on let's look at what's going on. this you see peter he's designated market maker he's in touch with morgan stanley, which is providing consultation on this and there is the floor brokers behind them and they are shutting out offers through buy stock and of course the sellers, they're not new shares being offered these are existing shareholders. they are in touch with morgan stanley and here, wrou see some people standing around what they're looking at is indications of selling interest in their consultations with morgan stanl

it's spotify's first day of trading. the change we're showing on this chart is based on the reference price of $132 set by the new york stock exchange, but since it started trading, it's come well off its highs let's get back to bob pisani with mosh on this impressive first day of trade. >> yes remember, this is a very unusual situation here there is no underwriter. nobody providing any support nobody went out and bought shares from the company itself, new shares or existing shares and sold them to people. these were simply existing shareholders that came into the market, a process managed right here by citadel securities as well as morgan stanley, goldman sachs were all involved as advisers the opening price was $165.90. $132 was a reference price but that was done on the last trades done in the secondary market we opened at $165.90, so a little question on whether we should use that price, the opening price or the reference price. here's what happened in the middle of the day it held nicely about $160 you can see obvio

but look at spotify today. look at some of the other tech companies out there, especially small caps. people are not moving to large-caps, not moving to value, not moving to the safe havens of the market. they are staying the course, simply rebalancing their portfolios on the margin. maybe get out of f.a.n.g. stocks and buy another tech stock, but they are sticking to their growth story. thedi: a a lot of talk about late part of the cycle we are in. i wonder if an acceleration in trade risk or a pickup in the u.s. kind of changes, hastens us to the end of the cycle or elongates it. olivier: that's an interesting question. we have two types of risk models. fundamental factor models that use fundamental factors as the building block, and statistical models, the pure mathematical kind. we look at what these two models tell us. usually when there is nervousness in the market, especially geopolitical risk, which are not factors in the fundamental model, the statistical model predicts a higher risk than the fundament

alex barinka breaks down the beats of spotify's debut. ♪ alex: spotify is becoming a public company, but don't call it an ipo. the music streaming service is sidestepping the public offering process in favor of a direct listing. that means the company itself won't be selling shares, and it will skip the share price discovery process is essential -- process that is essential to an ipo. typically when a company goes public, the management and advisers decide on evaluation and embark any marketing roadshow. they make their pitch to wall street and judge interest from potential shareholders. the night before the stocks start trading, they use the input to set a final price and a final price and the number of shares to be sold to investors, than the shares opened based on that dollar amount the next day. spotify is skipping all of that and going straight to the trading part. on listing day, existing shareholders will be able to sell stocks to public market investors. large established companies rarely do direct listings. the risk is the stock will tumble immediately or swing wildly in the

to spotify is in sixty one markets so referred well approximately a third of the global. global market and they have. close not quite market dominance but they account for forty percent of global music streaming revenues and they have forty one percent sure subscribers share so there are huge individual impacts upon the music streaming marketplace and also longevity is another big factor in this spotify has that you could argue that spotify has been at the forefront of leading the growth in streaming which is where the resurgence in music and music revenues are coming from so is seventeen point two billion dollars in recorded music revenues last year seven point two billion came from streaming streaming is at the forefront of this renascence has seen music returned to position growth after nearly two decades of the klein like a lot of these technology platforms after time you know after a period of time will spotify have to diversify into other things to keep itself chorus in the same with amazon have or will same with netflix they always seem to be adding on an extra bit

spotify started 10 years ago. it persuaded record companies to let users stream their music for free and the users would have to listen to ads. those were dark times for the music industry. this graph shows sales of cds in dark blue. year on year, they came down and down and down. this was when file sharing apps were meaning many people simply helped themselves to music. the light blue is revenue from streaming services. you can see that increasing. by 2015, sales were going up again, but for the first time, the music industry made more money from streaming than sales. which is why spotify is right in the centre of this. it has more than 40% of the streaming market. it has somewhere in the region of 159 million users, and about half of them pay a monthly fee. it's had some bumpy moments along the way. taylor swift famously pulled her music off spotify in 2014, saying it didn't compensate musicians fairly. but last week, she debuted her latest video on spotify. so that has been cleared up. but the fact that spotify

spotify has lower number of unique monthly users. those that choose to use spotify spend double or almost double the amount of time listening to music, myself included because of all the curated lists. people that i have spoken to and reports that i have read, there is potential for spotify to grow into the original content world. think of like a netflix. they can produce their own podcasts, what they're doing, produce their own music and get more artists to release music like taylor swift and the weekend on their platform. so right now we're waiting. which is probably moments away before spotify does open but it hasn't happened yet. i would hope it would happen right now as we're live on air. neil: you never know, kristina. thanks again. good seeing you. >> thank you. neil: how does market watcher scott scott shellady feel about this. i think, i think listening to kristina's fine report, it is gunning for wall street veterans, the pros, you. >> well, they have putprice on the relationship, right? in the past you have spent billions

is your problem with spotify not paying artists enough or labels not doing a good enough deal with spotify to get you paid more >> well, if whole foods came out with a $10 a month subscription to food, it would be a popular product as well. so everyone's betting on an interesting model. a bizarre consumption model that look mores like radio than a consumer product or on demand product, sorry. so the whole thing is jacked >> one last thing. aside from the obviously narrow or small royalty payments you get with each airing, is there some uncalculatable benefit you get in terms of notoriety by being on the service fans who might never have heard of you that see you in a search or something like that >> absolutely. and whenever i whine as an artist, we should all remember that -- that's why i don't have to use a label. you know so stop whining. me >> jack, i think you made your point over time with this. we appreciate your time today. jack stratton ahead of spotify's ipo tomorrow as we've been talking, dow has taken a tumble, now down 510 we did slice through the 200 day on the s&p at 2575 now

higher than the predicted valuation for spotify. once this starts trading, if there is a lot of volatility, the concern before this listed is not enough shareholders would sell. up those that are unsustainable. this is a question that comes to mind. are we seeing some kind of supply here as they try to get the shares open. >> i am one of those who is not familiar with dreck twisting. -- direct listening. it feels a kid is delayed. what could be the cause? >> very few of us have seen a direct listing. they are very rare. ipo sale.s set for an this is the first time they are setting a price for the public share. instead of selling stocks for investors like they would in a typical ipo, and they are opening shares basically. morgan stanley trying to figure out the valuation here. alibaba started trading right after 11:50 a.m. when the ipo listed in september 2014. uncertainty is expected to it is an unprecedented way to get a company of this size public for the first time. >> finally get some trading going. let's turn to italy. it has b

. >> i live on spotify. it dominates with millennials. even my parents are using spotify now. which music companies do you think could potentially give spotify a run for its money or does it really have a dominance in the market right now? >> i think it's apple. they have the access to so many artists and so much great content. i think it will depend on how spotify approaches that. will they create exclusive content? will they try to sign artists? will they continue to aggregate music for their service? it's a tough market. it's changing times. >> do you see amazon getting more dominance? >> i could see that happen. they have so many people on their service and have access to so many people. it will play out to see if they can market the music or entertainment side as well as spospotify and apple have. >> how do you see this developing, where artists negotiate directly with these companies? is that a better way of going about it from the artist's point of view or how do you view it? >> there's pluses and minuses, the spotifys and apples don't have the a & r service which helps

helena: the number one music streaming service spotify has gone public. after a rocky relation with some artists, the platform is currently enjoying a smoother ride on wall street, attracting plenty of investor attention. reporter: spotify has not earned one cent since it was founded in 2006, but losses of almost one billion euros did not seem to put off investors. at the new york stock exchange, hopes run high for the swedish company. >> we do think demand will be strong for spotify. it a sexy stock and a sexy industry. the way they have done it obviously may mean that indexes will come through, a lot of funds that want to have. reporter: the shareprice underlines that. it opened at almost $166 a share. that values the company at $29.5 billion. the timing for the ipo is not ideal, though. following facebook status scandal, the tech sector's reputation has been severely tarnished. u.s. president donald trump's verbal attacks on amazon came as an additional setback. still, investors have high hopes for music streaming providers. >> more people are now talk

thank you for joining us steve sadove >>> when we come back, spotify is now a public company. the first outside investor joins us in a few moments, the dow is down 133 nike gre, he wenotrsell off the lows "squawk alley" back after this so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. >>> i am courtney reagan here's your cnbc update. paul manafort, president trump's former campaign manager is back in u.s. federal court, asking a judge to throw out the criminal charges filed against him by special counsel robert mueller, arguing mueller overstepped his authority. >>> day three of jury selection in bill cosby retrial. two are african-american all said they read media reports about the case, haven't formed an opinion about guilt or innocence. >>> five ospreys arrive in japan. they'll be deplioyed the next several years. >>> most indoor tanners don't get screened for skin cancer indoor canning they estimate causes more than 400,000 cases of skin cancer each year >>> let's get back to "squawk alley. >> thanks. >>> seema mody ha

owned company and there could be more transformation down the line to spotify knows what we listen to and when it wants to make money from that knowledge or though it's never turned a profit it's changing how the music industry works rob rails has more from los angeles. was spotify is debut on wall street came without the bell ringing and hullabaloo that normally accompany hot initial public offerings the company says its focus isn't on making a splash but on building a long term strategy we do think demand is going to be strong for spotify it's you know it's quite a sexy stock it's quite a sexy industry. the twelve year old swedish company jumped into a dominating position in music streaming convincing customers to pay a monthly subscription fee allowing them to choose from millions of songs online instead of paying to own individual tunes starting out with a handful of people working out of a back room stockholm office spotify now has seventy one million eight subscribers worldwide that's double the number of its closest competitor apple music the streaming model was initially resis

that is the big spread for spotify, being held down at the nyse. we will bring you the first trade as soon as we are together. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. mark: i am mark barton. french rail workers kicking off 36 days of striking today in protest of government plans to perform the rail services. caroline reports from paris. chaosdays of travel across the country today. 77% of as many as drivers went on strike, causing major disruptions with only one and one in five regional trains. situation was likely better for international trains. three quarters and 90% to brussels running. , theeason behind this first government is planning to end the walkers. apparently, they have a job for life. earlier, more benefits due to of the job.nditions and it before the opening by 2020. on one side, the unions hoping there would be a rolling series until the end of june. this would force the government to back down on reform. on the other side, the macron government hopes it will just end up turning the public against the un

spotify the world's biggest music streaming service is going public in new york later today spotify was founded twelve years ago but the swedish company has yet to make a profit in twenty seventeen it sales rose almost thirty nine percent to over four billion euros but the dazzling growth came at a cost losses also amounted from five hundred thirty nine million euros to almost one and a quarter billion spotify as revenues come from users who pay to listen to music streams directly from its internet platform the company has a catalog of thirty five million songs to choose from and seventy one million subscribers for more let's cross over now to our market correspondent who is standing by for us hopefully in frankfurt there you are only given the market turmoil right now thanks to the u.s. china trade dispute with talked about so much in the past few days is this a good time for spotify to go public. no it's a really bad time the market is improving just slightly as we speak it's not as negative anymore as it was at the start of trading here in europe but it's still negative those concern

spotify his debut on wall street came without the bell ringing in the hullabaloo that normally accompany hot initial public offerings the company says its focus isn't on making a splash but i'm building a long term strategy would you think demand is going to be strong for spotify it's you know it's quite a sexy stock it's quite a sexy industry. the twelve year old swedish company jumped into a dominating position in music streaming convincing customers to pay a monthly subscription fee allowing them to choose from millions of songs online instead of paying to own individual tunes starting out with a handful of people working out of a back room stock home office spotify now has seventy one million eight subscribers worldwide that's double the number of its closest competitor apple music the streaming model was initially resisted by the music industry but since streaming became widespread around twenty fifteen spotify has helped drag the music industry into profitability after a decade and a half in the doldrums streaming service revenue now accounts for sixty five percent of recorded musi

later, helped spotify obtain the rights his thoughts on the streaming business and spotify's ipo stay tuned, you're watching "squawk" right here on cnbc. ♪ ♪ excuse me, are you aware of what's happening right now? we're facing 20 billion security events every day. ddos campaigns, ransomware, malware attacks... actually, we just handled all the priority threats. you did that? we did that. really. we analyzed millions of articles and reports. we can identify threats 50% faster. you can do that? we can do that. then do that. ♪ ♪ can we do that? we can do that. at ally, we're doing digital financial services right. but if that's not enough, we have more than 8000 allys looking out for one thing: you. call in the next ten minutes... and if that's not enough, we'll look after your every dollar. put down the phone. and if that's not enough, we'll look after your every cent. grab your wallet. (beeping sound) (computer voice) access denied. and if that's still not enough to help you save... oh the new one! we'll bring out the dogs. mush! (dogs barking) the old one's just fine! we'll do

so let's recap a little bit what spotify is. maybe viewers are watching, i use cds or listen to pandora. it's a music streaming site. about $5 billion in revenue but haven't turned a profit in 12 years. they do have 71 million active paying users and more than double are active users. i found today there is a way to bypass all the ads so you don't have to pay and block the ads. that is something the company said they're trying to mitigate and fix, and available all across the globe. i used spotify in a western african country. the problem is how is it going to grow? turn a profit in the future. >> right now for every dollar they make. 70 cents. 70 cents goes to royalty fees. fees they have to pay, artists, music producers for every single song that they have, but working out the deals. last week, taylor swift dropped her second music video just last week and they have other deals with artists, coming up. yes, it was an interesting day, different type of listing for spotify. >> yeah, certainly was. a direct listing something to w

as we talk about spotify, tech is lagging once again. it is interesting spotify is coming public. these companies pulling down consumer discretionary stocks. tyson falling on tariffs announced by china on pork in particular. amazon still being discussed by the white house. if you look at major averages, we continue to see underperformance in the nasdaq. it is down by nearly 2%. we have seen that underperformance versus the s&p and dow consistently over the past week or so as the tech selloff continues. we will have more on markets and just a few moments. from new york, this is bloomberg. ♪ . . retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. vonnie: it's 11:00 in new york and 4:00 in london at 11:00 a.

and music streaming company spotify strikes a chord with investors during its opening act on wall street. well u.s. president donald trump has spoken again of his desire to pull american forces out of syria suggesting that victory over isolate is imminent the u.s. is launching almost daily asterix in the war torn country and has about two thousand troops on the ground a trump says if saudi arabia once americans to stay the kingdom may have to pay for it helen fisher reports from washington. the president insists he's never been keen on america's foreign military adventures seeing the cost too much money thank you at a news conference at the white house with leaders of three baltic countries donald trump insisted his decision on withdrawing from syria is coming quickly i want to get out i want to bring our troops back home i want to start rebuilding our nation think of it seven trillion dollars over a seventeen year period we have nothing nothing except death and destruction. it's a horrible thing so it's time it's time. to fish really the u.s. mission in syria is to provide advice and su

meet the two freshly minted billionaire founders of spotify. all that and more on the on "nightly business report" for this tuesday, april the 3rd. >>> y we bid good evening, everybody. i'm bill griffith. sue has the even f. stocks bounced back on wall street today shaking off at least for now those concerns about a trade war. s technolores also stabilized. amazon was a o bita catalyst with the broader market seemingly mirroring the retailer's every move. more on that in a bit. >>> another focus today, the debut of music service spotify. this was airect to market offering meaning that insiders sold their own shares. this was not an traditional ipo where new shares are created for public consumption. so the 13%ain that you see was from what is known as a reference price set by thetork stock exchange, and that was at $132 a share. today'sni o price actually turned out to be the high of the day at 0.$165.9 another thing to keep an eye on late in the poy. ce responded to an active shooter situation at google's youtube hdquarters in san wuno, califo

we do think the mob is going to be strong for spotify it's you know it's quite a sexy stock it's quite a sexy industry. and the way that they've done it's obviously made the indexes are going to come through a lot of trade as a lot of a lot of funds the ones i have spotted by. the share price underlines that spotify open it almost one hundred sixty six dollars per share that values the company it twenty nine point five billion dollars the timing for its i.p.o. is not ideal though. following facebook's data scandal the tech sectors reputation has been severely turning was going to do this. us president donald trump's verbal attacks on amazon came as an additional setback. still investors have high hopes for music streaming providers. more people are now talking about streaming it's easy to forget that just three years ago even in the us streaming wasn't really saying it was loading songs so this helps educate the market and that's equally true across the world spotify and its competitors account for sixty percent of all buzy revenues and countries like germany offer them a lot of potent

lauren: let's talk about spotify, hillary because they are looking to boost as well. >> cat, spotify and julio teaming up to attract more users announcing they will offer a $13 subscription bundle. the plan will allow you to access spotify's ad free service which lets you stream tv and movies but a few ad breaks, paying separately for both of these would cost $18 normally. spotify $71 million can grab the offer now for an even cheaper price. just 10 bucks and 99 cents. the deal will be available to everyone just in time for binge watching season. spotify was down in after-hours trading. trained as a stack down right now. a rough day after the unusual listing not too long ago. gerri: what could've been a marketing effort gone awry, getting booted off the stock exchange? >> getting kicked off. the nasdaq stock market would do this following a february decision. the company to change its name from long island iced tea in december to capitalize on the crypto currency craze hasn't been able to keep the market value up to $35 million minimum requirement, so shares will stop trading today.

. >>> and spotify takes the stage. the music streaming company makes its debut today in an unusual listing in an attempt to rewrite the lyrics on a traditional ipo. >>> all right. we've got uk march manufacturing pmi data that has just come out. it's come in at 55.1 versus feb which was reversed to 55 a smidge higher than the feb print. however it is still at a one-year low so you can see that sterling has come up just a fraction on that. pretty much in line with expectations but overall speaking, cable has had a bit of a bumpy ride the last couple of weeks talking about the uk, let's look at how the ftse index has done obviously today's session down 0 0.8% the overall index is trading about 8%, 8.2%lower for the entirety of the quarter. now it's hovering around the 7,000 mark it was key when we broke through that a couple fridays ago. we seem to be bouncing around that mark. for now we're holding there. overall it doesn't look like it's been a good start to the year at all for the ftse as far as equity index is concer

you can look at how spotify is trading. it rallied a little bit at the end of trade, but we were off by 2%, underperforming the market, underperforming pandora, sirius today. what about the direct listing and the volatility we see in the shares? do you feel the direct listing was the best way to go, rather than an ipo? p.j.: i think it's a bit early to really draw any firm conclusions about that. it's clear that the company made the decision to do a direct listing because there was very little point in having the cost of an underwriter to raise capital or to sell secondary shares where there was no interest in raising capital, nor selling secondaries in a more conventional manner. the downside is obviously that you don't have the kind of investment banking methodology or propping up the share price a few days after the listing. i think that was part of the expectation with many, including us, that there would be and probably will be some volatility going forward, until the market has fully understood the quality of the comp

spotify's -- paid subscription. apple music is trading a distant second. its revenue from paid subscription is 10 times bigger than its advertising revenue. those have doubled over the past two years. as it goes public in new yorork, spotify says it is not looking to raise c cash. it has opted f for direct listig without hiring underwriters. >> onene of the main reasons we have decided to pursue a direct to be more transparent and accessible to a wider range of investors. >> the public listing would not only allow current shareholders to cash in their investment but may also prompt the company to change its business model to make it more profitable. >> more of today's business headlines. britain's sky news could be sold to walt disney or spun off to a new company. 21st century fox's plans to take over the european broadcaster. fox says it wishes to design -- protect the channels independence. a bid d for a contract for hundreds of millions of euros s technically secure. the new blue passports -- a major u.s. investor has called for mark zuckerberg to quit