Spotify shares fall on second day of trading [MarketWatch]
PANDORA MEDIA (P)
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Source: MarketWatch
Spotify stock falls on second day of trading Spotify Technology SPOT, -8.62% shares opened down about 6% in Wednesday trading before paring losses, a day after trading began on the New York Stock Exchange. Shares of Spotify are currently down 3% from Tuesday's closing price, giving the company a market value of about $25 billion. Shares are still trading above the $132 reference price set by the New York Stock Exchange but below the stock's $165.90 opening price from Tuesday afternoon. Analysts have cautioned that trading was liking to be volatile early on due to liquidity issues stemming from the company's unconventional choice of a direct listing. Shares of rival companies in the streaming-music landscape are also lower in Wednesday trading in line with the broader market, including Pandora Media Inc. P, +1.51% with its stock down 1.2%.
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