city Square, county Pershing: Last News

Jennifer Maas TV Business WriterThe Nasdaq Composite ended the trading day Monday down 9.49% from where it started at the beginning of January, marking its worst month since March 2020 — the start of the spread of the COVID-19 pandemic in the U.S.The Nasdaq opened Jan. 3, the first trading day of 2022, at 15,732.50.

Todd Spangler NY Digital EditorNetflix and Spotify shares both popped Monday after Citi analysts upgraded both stocks to buy ratings, saying the market is undervaluing their longer-term upside.Shares of both companies climbed in early trading Monday, with Netflix up more than 6% and Spotify up more than 5%.In the previous 30 days, Netflix shares had slumped 32% and Spotify dropped 26% on investor concerns over slowing streaming subscriber growth. The selloff “suggests prevailing equity values don’t assume material sub growth or improving subscriber economics beyond 2023,” the Citi team led by Jason Bazinet wrote in a research note in upgrading the stocks from “neutral” to “buy.”“While Netflix and Spotify may see more modest sub growth, we see other top-line vectors,” the analysts wrote.

Netflix Co-CEO Reed Hastings bought $20 million shares of the streaming giant after a big drop in the stock price following quarterly earnings.

Netflix rose handily in after-hours trading Wednesday following news that Bill Ackman’s Pershing Square Capital has acquired more than 3.1 million shares to become a top-20 stockholder.

Universal Music Group shares jumped 39% in their first trading day on the Euronext Amsterdam exchange.

Chris Willman Music WriterIn a nearly three-hour presentation Wednesday morning, Pershing Square Capital founder Bill Ackman made his love for the music business — and the reasons for setting his sights on Universal Music Group — clear, saying, “I can’t think of an asset I’m more confident in being consumed over time.