Spotify rises due to price increase while Deutsche Telekom sold by KfW
The Telekom Group is being sold by the state-owned development bank KfW with another block of shares. The common Spotify membership fee will cost $11.99 per month for an individual premium plan (from $10.99)
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Spotify rises due to price increase, Deutsche Telekom sold by KfW
The Telekom Group is being sold by the state-owned development bank KfW with another block of shares. After the close of trading, the bank announced that 110 million shares of the Dax group were to be sold to institutional investors. According to the Xetra closing price, sales amount to around EUR 2.5 billion. In order to strengthen Deutsche Bahn AG's equity and expand the railway infrastructure in Germany in a forward-looking manner, the federal government will use the net proceeds from the transaction, according to the Ministry of Finance. No sum was mentioned in it.
This means that Deutsche Telekom's price has changed only slightly. As a result, the price opens up 2.7% in the red. In addition, the price of the share price seems to be rising on this day and has already made up half.
Commodities
Crude oil futures continued the weakness seen in Europe and the US yesterday after the OPEC+ meeting, which ultimately laid out a future roadmap for barrels' return to the market.
Cocoa - back to top.
Indices
U.S. stocks ended Monday's session mixed in the end. Growth fears initially weighed on sentiment after the ISM headline for the manufacturing sector in the US fell more than expected. Within the data, the "Prices paid" component slipped below all analysts' expectations.
India's index (NIFTY) fell by 8% after the election results!
Company News
Spotify
The diagram shows a 4-hour view of Spotify Technology SA on Forex.com. The current trading price stands at 321.105.
Analysis of indicators
Trendline: The chart shows a clear uptrend, with the price generally sticking to the ascending trendline.
Moving averages: The 50-period moving average (blue line) is below the current price, indicating continued bullish momentum.
Stochastic Oscillator: The stochastic oscillator at the bottom of the chart indicates overbought conditions, which could indicate a possible short-term pullback.
MACD: The MACD seems to be in positive territory, indicating a possible bullish crossover.
Course Levels
Support: The nearest support level is near the ascending trendline at about 310.
Resistance: The current resistance is at the recent high around 323,740.
Fundamental
Starting in July, Spotify will cost $11.99 per month for an individual premium plan (from $10.99), $19.99/month for a family plan (from $16.99), or $16.99/month for a two-person duo plan (from $14.99). The amendment will come into force in July.
The price increase is part of the company's efforts to become consistently profitable and fund its foray into audiobooks. Investors tuned in to their pump-up playlists as they heard the news, with Spotify shares gaining 5.7% yesterday.
The audio streaming giant continues to grow, gaining 4 million paying subscribers and 30 million monthly active users from 2022 to 2023. And it has a hugely loyal customer base: its 2% monthly churn rate is lower than rivals Apple Music and Amazon Music Unlimited, as well as most video streaming services, according to Antenna data seen by Bloomberg.
Spotify can get away with charging more... without many people abandoning the service, argues Bloomberg reporter Lucas Shaw, because its status as a repository for personal playlists for every mood makes customers addicted.
More corporate news
Alphabet (GOOG) is reportedly laying off employees from multiple teams in Google's cloud unit, one of the fastest-growing companies, CNBC sources say.
Bill Ackman
Hedge financier Bill Ackman wants to take his company public. Right now, Ackman, a billionaire and frequent lead actor in X, is selling a 10% stake in Pershing Square in a private funding round that values him at $10.5 billion, several news outlets reported. But in the future, possibly in 2025 or 2026.
PwC becomes OpenAI's largest client
PwC will license ChatGPT Enterprise for 100,000 employees in the US and UK, making it OpenAI's largest customer for the B2B version of the chatbot. In addition, PwC will also offer it to its clients as a reseller, the first such deal and one that gives a Big Four imprimatur to OpenAI's campaign for broader and deeper adoption in the corporate world.
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