Reddit (RDDT)
Reddit's share price soared 48% in its market debut after its initial public offering, valuing the social media platform at more than $9 billion (£7.14 billion).
The San Francisco-based company's initial public offering (IPO) was initially priced at $34 per share, giving it a market value of $6.4 billion.
However, in the first 24 hours of trading, the stock rose 70%, peaking at $57.80 per share, before falling to $50.44 per share and ending the day.
During the IPO, Reddit reserved 1.7 million shares for the site's users, friends, and family.
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On Thursday, a life-size version of Reddit's alien mascot, Snoo, rang the opening bell of the New York Stock Exchange to cheers and applause.
The United States has filed a landmark lawsuit against Apple, accusing it of monopolizing the smartphone market.
The Justice Department accused the company of using its control over the devices to unfairly control the smartphone market, blocking apps it deemed threatening and taking illegal steps to make rival products less attractive.
“Apple has maintained its monopoly power in the smartphone market not just by staying ahead of the competition on merit, but by violating federal antitrust laws,” Attorney General Merrick Garland said at a press conference announcing the lawsuit. .
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“Customers shouldn't have to pay higher prices just because a company breaks the law.”
Apple is already facing antitrust investigations and orders in Europe, Japan, and South Korea.
The company's shares fell 4.1% on Thursday, wiping out about $113 billion in market value and returning its year-to-date loss to 11%, according to Bloomberg.
Weatherspoon (JDW.L)
Pub chain JD Wetherspoon has revealed its profits soared last year as its chairman slammed the lockdown that devastated the hospitality industry during the pandemic.
The company's pre-tax profits soared 682% in the year to the end of January to £36m from £4.6m in the previous 12 months.
Wetherspoon's reported like-for-like sales rose 9.9% in the 26 weeks to January 28. However, growth has slowed since the end of January, with like-for-like sales increasing 5.8% over the past seven weeks.
Chairman Tim Martin said: “The company remains concerned about the possibility of further lockdowns and the validity of government investigations into the pandemic, which will take years to conclude.”
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Derren Nathan, head of equity research at Hargreaves Lansdown, said: “There is a lot of capacity coming out of the market, with around 1,000 pubs now on the rise compared to the current total of 814. “If there is a hint that there is a possibility that this could happen, real estate management could start to deteriorate.” Grow again. If that happens, it may take longer for dividends to be recovered.
“Location is key and recent openings include Stargazer at the old Millennium Dome in Greenwich and Starlight at Heathrow Airport. Overall, a return to growth for real estate could be a welcome development However, there is only so much that can grow as long as the number of pubs remains the same, and for now, like for like growth has taken a step back. 5.8% is not terrible, but if it remains at this level for the rest of the year. If it stays that way, the market is likely to be disappointed.”
Vodafone (VOD.L)
Britain's competition watchdog has warned that the proposed merger between mobile phone networks Vodafone and Three could “lead customers to face higher prices and lower quality”.
The Competition and Markets Authority (CMA) said the deal would be subject to further scrutiny unless both companies addressed the concerns soon.
Vodafone and Three first announced a £15bn merger last summer. This will create the UK's largest mobile phone network.
The two mobile phone companies claim the partnership will allow them to increase investment and improve their competitiveness against major rivals such as EE operators BT and Virgin Media-O2.
Video: Reddit stock soars nearly 50% on first day of trading
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