Markets: Spotify is a hit on Wall Street
Spotify “roared onto the public market” this week, said Maureen Farrell in The Wall Street Journal. Shares of the music-streaming giant began trading Tuesday on the New York Stock Exchange, closing their first day of trading at just over $149 a share, “well above” Spotify’s highest private-market trading levels. The debut gave the firm a market value of $26.5 billion. Spotify pursued a direct listing, an “unusual” move that involves offering shares to the public without the help of Wall Street underwriters, saving the company tens of millions of dollars in fees.
Health: Walmart and Humana in partnership talks
Walmart and Humana “are exploring ways to strengthen their ties,” said Michael Corkery in The New York Times. The retail colossus and the health insurance giant are in talks about how to partner to better provide health care to consumers and prevent illness. The alliance, which would likely stop short of a merger, would aim to increase foot traffic in Walmart stores and enrollment in Humana’s insurance programs. The talks are “the latest sign of the disruptive pressure” that is driving new partnerships in the health-care and retail industries, with Amazon’s likely entry into the prescription-drug market as a backdrop.
Retail: Data breach at Lord & Taylor, Saks stores
“Shoppers at Lord & Taylor, Saks Fifth Avenue, and Saks Off 5th stores could have gotten more than they bargained for,” said Lorie Konish in CNBC.com. Hudson’s Bay Co., the Canadian parent company of the department stores, revealed this week that it was hit with a data breach affecting up to 5 million cardholders. “Hackers have reportedly been selling the compromised information, which they began stealing in May, on the dark web.” The intrusion involved card payments made within North American stores; the company says its e-commerce operations were likely unaffected.
Tech: Apple to make its own Mac chips
Apple is making a significant change under the hood of its Mac computers, said Ian King and Mark Gurman in Bloomberg.com. The computing giant plans to use its own chips in Macs as early as 2020, as part of a strategy to get Apple devices such as iPads, laptops, and iPhones to “work more similarly and seamlessly together.” The move “would be a major blow to Intel,” which currently provides the chips that power Macs. Apple provides Intel with about 5 percent of its annual revenue.