Tag Archives: Makes
LONDON/NEW YORK (Reuters) – Spotify Technology SA (SPOT.N) shares surged following the largest-ever direct listing on Tuesday, giving the world’s leading streaming music service a market value of nearly $ 30 billion.
Shares opened at $ 165.90, up nearly 26 percent from a reference price of $ 132 a share set by the on the New York Stock Exchange late on Monday.
Spotify’s unusual route to publicly trading its shares via a direct listing rather than a more usual initial public offering will likely be watched by other companies tempted to list without selling new shares, and by bankers that could lose out on millions of dollars in future underwriting fees.
Some 14 million shares had changed hands within an hour after trading began on Tuesday. Nearly 91 percent of Spotify’s 178 million shares were tradable, a much higher percentage than typical in a traditional IPO.
Some market-watchers cautioned investors not to read too much into the first-day pop, given the mixed performance of recent tech IPOs.
Spotify’s debut came on the heels of a steep U.S. equity selloff led by tech stocks, although the market had found firmer footing at midday on Tuesday.
“It’s a fair market price. It’s not manipulated or set by any puts and takes by banks or institutional investors,” said Chi-Hua Chien, an early investor in Spotify who is now at San Mateo, California-based Goodwater Capital.
Spotify shares were last at $ 160.32, up 21 percent.
The NYSE had set Spotify’s reference price late on Monday, giving an early estimate of the level at which supply and demand could be balanced.
That was in line with informal trading on Monday, with shares changing hands at about $ 132, which would value the company at more than $ 23 billion.
Since launching its streaming music service a decade ago, the Stockholm-founded company has overcome heavy resistance from big record labels and some major music artists to transform how the industry makes money.
Spotify offers access to vast libraries of music rather than making users pay for CDs or downloads of individual albums or tracks.
The company has structured the listing to allow existing investors to sell directly to the public while offering no new shares of its own.
Analysts had flagged concerns that forgoing hiring investment banks as underwriters or holding traditional promotional events with institutional investors could mean volatility in Spotify shares once formal trading kicked off.
Spotify’s opening public price was determined by buy and sell orders collected by the NYSE from broker-dealers.
Based on those orders, the price was set based on a designated market maker’s determination of where buy orders could be matched with sell orders.
While Chief Executive Daniel Ek skipped NYSE rituals such as opening bell-ringing and trading floor interviews to tout the stock, the front of the 115-year-old Greek Revival exchange building was draped in a vast green-and-black Spotify banner.
Additional reporting by Helena Soderpalm in Stockholm, Joshua Franklin in New York and Stephen Nellis and Salvador Rodriguez in San Francisco; Editing by Meredith Mazzilli and Bill Rigby
Interviews aren’t easy. Trying to make a good impression in a condensed period of time while under pressure makes us all nervous. That’s why preparing for interviews is so vital. Now, more than ever, hiring managers have very high expectations of applicants.
Smart people talk in simple terms.
Studies show people who try to sound important and smart by using long, complex words actually sound less educated and are less respected. The more basic and simply you can speak, the more believable you are. This makes sense. If you have to over-complicate things with a long-winded answer, it can give the impression you are:
None of these are things we wish to convey in a job interview. The solution is to master a three-step process for answering interview questions.
The “experience + learn = grow” model.
Most hiring managers use behavioral questions in interviews. These types of questions require a more-than-one-word answer. The key is to answer with just enough detail, but without going over-the-top. At Work It Daily, we teach job seekers the following format for answering any question concisely.
Experience — Summarize a situation from your past that validates you have the experience they’re looking for.
Learn — Share what the experience taught you.
Grow — Emphasize how you plan to use what you’ve learned to be more valuable to the employer.
For example, if a hiring manager asks, “Tell me about a time when you had to deal with a difficult customer,” you might answer:
“Once, an irate customer called our toll-free line and I answered it. The person had received damaged goods in the mail and was furious. I let him vent his frustration without interruption. When he finally finished, I thanked him for his honesty and apologized for the inconvenience. It was amazing how much his attitude changed when I didn’t try to make excuses. I asked him what he thought would be the best course of action and he suggested having a replacement sent overnight at our expense. I agreed and set it up. By the time we were done, he was complimenting the company on what great customer service we had.”
“What I learned that day is angry customers want to be heard, and focusing on the solution instead of what went wrong is the key to success.”
“Now, I’d like to use this knowledge, along with some of the other valuable customer-service lessons I gained at my last job to help exceed your customers’ expectations as well.”
See how easy it is to concisely convey your expertise when you follow this format?
P.S. — Asking questions is as important as answering them.
The best interviews are a two-way dialog. You should leave feeling like you had a meaningful conversation with the hiring manager. To do this, job seekers must also prepare questions to ask in the interview. Knowing how to sound well-spoken is only half of the equation. You also need to know how to appear engaged and excited about the role. The questions you ask can help you connect more deeply with the hiring manager and leave a stronger impression.
NEW YORK/SAN FRANCISCO (Reuters) – Music streaming service Spotify has filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission (SEC) and is moving ahead with a direct listing in the first half of the year, a source familiar with the matter said on Wednesday.
If Spotify, with was valued at as much as $ 19 billion last year, goes ahead with its plans, it would make it the first major company to carry out a direct listing, an unconventional way to pursue an IPO without raising new capital.
It also mainly eliminates the need for a Wall Street bank or broker to underwrite an IPO along with many associated fees and could change the way companies approach selling shares to the public.
The confidential filing was initially reported by news outlet Axios.
Spotify is the biggest global music streaming company and counts Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) as its main rivals. Reuters has previously reported Spotify was aiming to file for an IPO in late 2017 and list with the New York Stock Exchange early this year.
Spotify could not be reached for comment.
Spotify was sued by Wixen Music Publishing Inc last week for allegedly using thousands of songs, including those of Tom Petty, Neil Young and The Doors, without a license and compensation to the music publisher. It was unclear what the lawsuit’s effect would be on its IPO plans.
Wixen, an exclusive licensee of songs such as “Free Fallin’” by Tom Petty, “Light My Fire” by the Doors, “(Girl We Got a) Good Thing” by Weezer and works of singers such as Stevie Nicks, is seeking damages worth at least $ 1.6 billion along with injunctive relief.
Spotify still intends to proceed with a U.S. direct listing in the first half of 2018, despite the lawsuit, according to a source familiar with the matter. It has filed for the listing confidentially with the SEC, with Goldman Sachs, Morgan Stanley and Allen & Co helping arrange it, the source added.
Reporting by Greg Roumeliotis in New York and Liana B. Baker in San Francisco; Editing by Meredith Mazzilli
SEATTLE (Reuters) – PepsiCo Inc (PEP.N) has reserved 100 of Tesla Inc’s (TSLA.O) new electric Semi trucks, the largest-known order of the big rig, as the maker of Mountain Dew soda and Doritos chips seeks to reduce fuel costs and fleet emissions, a company executive said on Tuesday.
Tesla has been trying to convince the trucking community that it can build an affordable electric big rig with the range and cargo capacity to compete with relatively low-cost, time-tested diesel trucks.
Early orders reflect uncertainty over how the market for electric commercial vehicles will develop. About 260,000 heavy-duty Class-8 trucks are produced in North America annually, according to FTR, an industry economics research firm.
PepsiCo’s 100 trucks add to orders by more than a dozen companies such as Wal-Mart Stores Inc (WMT.N), fleet operator J.B. Hunt Transport Services Inc (JBHT.O), and foodservice distribution company Sysco Corp (SYY.N). Reservations to date are at 267 Tesla trucks, according to a Reuters tally.
PepsiCo intends to deploy Tesla Semis for shipments of snack foods and beverages between manufacturing and distribution facilities and direct to retailers within the 500-mile (800-km) range promised by Tesla Chief Executive Elon Musk.
The semi-trucks will complement PepsiCo’s U.S. fleet of nearly 10,000 big rigs and are a key part of its plan to reduce greenhouse gas emissions across its supply chain by a total of at least 20 percent by 2030, said Mike O‘Connell, the senior director of North American supply chain for PepsiCo subsidiary Frito-Lay.
PepsiCo is analyzing what routes are best for its Tesla trucks in North America but sees a wide range of uses for lighter loads like snacks or shorter shipments of heavier beverages, O‘Connell said.
Tesla did not immediately reply to a request for comment.
Tesla unveiled the Semi last month and expects the truck to be in production by 2019.
O‘Connell declined to say how much PepsiCo paid to reserve its trucks, when it placed its pre-orders, or whether it plans to lease the trucks or buy them outright. Tesla initially asked $ 5,000 per truck for pre-orders but that amount has since risen to about $ 20,000.
Reporting by Eric M. Johnson in Seattle; Editing by Peter Cooney
Disney said their election would be effective Feb. 1 but it was yet to decide on which committees they would serve on.
The company currently has 12 members on its board, including Facebook’s Sheryl Sandberg and Twitter’s Jack Dorsey.
The election of the two new members comes at a time when Disney is said to be in the lead to acquire much of Twenty-First Century Fox’s media empire.
Disney CEO and chairman Bob Iger contemplates on extending his tenure past 2019 to facilitate the integration of Fox’s assets if a deal is completed, the Wall Street Journal reported on Wednesday.
Cooking eggs isn’t exactly rocket science, but I’d say the ability to make soft, medium, and hard boiled eggs, plus omelettes and poached eggs at the touch of a button is worth $ 16. The Dash Go is Amazon’s top-selling egg cooker, and carries a truly stellar 4.5 star review average from nearly 3,000 customers, so get…
First up, Telegram is pushing the upper limit of groups from 1,000 people to 5,000 people — this comes just four months after the company increased the limit from 200 people to create the thousand-strong so-called “supergroups.” These groups are distinct from normal groups — once your group reaches 200 people you can now elect to upgrade it to supergroup status which optimizes it for larger communities of people. For example, new members will be able to see the whole message history when they join, and when someone deletes a message it will be deleted for everyone in the group. Also, because supergroups can be particularly large, notifications are muted by default to prevent your phone from buzzing itself into oblivion.
Above: Telegram Public
In addition to larger groups, Telegram now lets users push supergroups to the public using a shareable short link, meaning anybody can view the group’s conversation history — but they’ll need to join before they can post messages. Group admins will also be given extra controls to thwart spammers, including blocking and reporting tools. Public groups are already live in Europe and the U.S., and will be rolling out gradually to other countries, though interestingly Telegram said that “several countries in Asia” don’t yet have the feature due to a history of “significant spam activity.”
Elsewhere, Supergroup admins can also now pin important news to the top of a chat, meaning everyone who joins for the first time or opens the app after some time away, will see the message. This is similar to features in other messaging apps and social networks, such as Twitter which lets you pin a tweet to the top of your timeline.
Founded in 2013 by Pavel Durov (creator of Russian social networking giant VK) and his brother Nikolai, Telegram has emerged as a major player in the increasingly competitive chat app realm. This is in part due to the company’s focus on encryption, while the app also offers a secret chat feature that makes it easy to delete messages or schedule a time for them to self-destruct.
A few weeks back, Telegram announced it had passed 100 million monthly active users (MAUs), representing a 60 percent rise in just nine months. While this is still some way off its competition, with the likes of Facebook Messenger and WhatsApp which claim almost two billion MAUs between them, it’s still a sizable entourage of users. And by focusing on building not only the size of the groups but also the visibility, the company’s hoping it can maintain its recent growth spurt.
Microsoft has announced a new partnership with Baidu, the hugely popular Chinese search engine. In China, Baidu.com will be the default home page and search engine for the new Microsoft Edge browser. Additionally, Baidu will deliver Universal Windows Applications for search, video, cloud and maps for Windows 10. The company plans to deliver a customized experience for Baidu’s more than 600 million users, featuring local browsing and search. Microsoft will make it easy for customers to upgrade to the official Windows 10 via a Baidu “Windows 10 Express” distribution channel. Microsoft isn’t abandoning Bing in China in its support for Baidu. According to Yusuf…
This story continues at The Next Web
People spend years mastering the tools of Photoshop. They labor arduously to create seamless images with no trace of manipulation. Lucas Blalock labors arduously as well. But in his art, the artifacts of cutting, duplicating, and transforming become the very backbone of the finished product.
Last weekend, Guardians all over the world had a field day with a new item in Destiny called the Three Of Coins — a consumable purchased from Xur that raised the chances of getting an exotic engram from the next boss you killed. The thing is, it never specified which boss you had to kill, and so people went off to farm one particular low level Kell to reap the rewards. Don’t expect a repeat this weekend. Bungie has addressed the exploit in a hotfix by reducing the effectiveness of the Three of Coins overall. And so it goes as it always goes in Destiny: exploit goes up, exploit goes down.