UPDATED: The New York Stock Exchange has set a $132 reference price for today's Spotify stock debut. More a guide then a rule, the actual opening price will be set just prior to today's 9:30 AM bell, based on buy and sell orders collected by the NYSE from brokers and dealers.
UPDATE: Spotify stock was trading as high as $150 in pre-market trading overnight.
Spotify's stock could hardly come at a worse time. The markets are in the midst of a volatile downturn that has been particularly unkind to the technology sector. Analysts expect a bumpy ride at best.
Yesterday, co-founder and CEO Daniel EK worked to downplay the importance of today's stock debut. "We are only in the second inning — and I'm more excited than ever for the future," said Ek. "Remember, tomorrow is just another day in our journey to fulfill our mission. Harder, better, faster, stronger."