Yahoo Finance Trending tickers: Reddit, Apple, Wetherspoons and Vodafone
The latest investor updates on stocks that are trending on Friday
Reddit (RDDT)
Shares in Reddit soared 48% on their market debut after an initial public offering, valuing the social media platform at more than $9bn (£7.14bn).
The initial public offering (IPO) for the San Francisco-based company was first priced at $34 a share, putting its market value at $6.4bn.
However, in the first 24 hours of trading, the stock peaked at $57.80 a share, up 70%, before dropping to $50.44 to close the day.
Within the IPO, Reddit reserved 1.7 million shares for the site's users, friends and family.
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A life-size version of Reddit’s alien mascot Snoo rang the opening bell of the New York Stock Exchange on Thursday, to cheers and applause.
Apple (APPL)
The US has filed a landmark lawsuit against Apple, accusing the tech giant of monopolising the smartphone market.
The Department of Justice accused the company of using its control over the device to unfairly control the market for smartphones, taking illegal steps to thwart apps seen as a threat and make rival products less appealing.
"Apple has maintained monopoly power in the smartphone market not simply by staying ahead of the competition on the merits but by violating federal anti-trust law," attorney general Merrick Garland said at a press conference announcing the suit.
Read more: Stocks that are trending today
"Customers should not have to pay higher prices because companies break the law."
Apple has already been subject to antitrust probes and orders in Europe, Japan and Korea.
Shares of the company slid 4.1% on Thursday, erasing about $113bn in market value and taking their year-to-date loss back to 11%, according to Bloomberg.
Wetherspoons (JDW.L)
Pub chain JD Wetherspoon revealed profits rocketed last year as its chairman issued a swipe at the lockdowns that ravaged the hospitality industry during the pandemic.
The company’s pre-tax profits surged 682% to £36m in the year to the end of January, compared to £4.6m in the previous 12 months.
Wetherspoon's reported that like-for-like sales grew by 9.9% in the 26 weeks to 28 January. But growth since the end of January has slowed, with like-for-like sales up 5.8% in the last seven weeks.
Chairman Tim Martin said: “The company continues to be concerned about the possibility of further lockdowns and about the efficacy of the government enquiry into the pandemic, which will not be concluded for several years.”
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Derren Nathan, head of equity research at Hargreaves Lansdown, said: “A lot of capacity has come out of the market and the hint that there might be potential of about 1,000 pubs compared to a current total of 814, could see the estate start to grow again. That may see the return of dividends kicked further down the road.
“Location is key and recent openings include the Stargazer at the old Millenium Dome in Greenwich and the Star Light at Heathrow Airport. Overall, returning the estate to growth could be a welcome development. But there’s only so much you can grow if pub numbers remain static, and for now like-for-like growth has taken a step down. 5.8% isn’t awful but if it stays at this level for the rest of the year the market’s likely to be disappointed.”
Vodafone (VOD.L)
The proposed merger between mobile networks Vodafone and Three could lead to “customers facing higher prices and reduced quality”, the UK's competition watchdog has warned.
The Competition and Markets Authority (CMA) said the deal will now face an in-depth investigation unless both companies can soon address their worries.
Vodafone and Three first announced the £15bn merger last summer. It would create the UK’s largest mobile phone network.
The two mobile firms have argued the deal will allow them to increase investment and better compete with major rivals, EE operator BT and Virgin Media-O2.
Watch: Reddit stock jumps by nearly 50% in first day of trading
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