Happy hump day.
The Dow Jones Industrial Average fell 21 points, or 0.08%, to 25,390 after trading lower for most of Wednesday's session. The S&P 500 fell 0.22%, and the Nasdaq was down 0.36%.
Spotify's Push Into Podcasts
Spotify (SPOT) released earnings that disappointed investors Wednesday morning.
The streaming company missed revenue expectations and provided light 2019 guidance.
Spotify, however, was profitable with operating income, net income and free cash flow being positive for the first time in the company's history. The company reported earnings of €442 million euro ($503.4 million), €0.36 a share, which topped analysts' estimates of a loss of €0.16 a share.
The company also announced that it acquired two podcast companies: Gimlet Media and Anchor.
So, what does that mean for Spotify? Here's what Jim Cramer thinks after his interview with CEO Daniel Ek.
Cramer reiterated that he is bullish on the push into podcasts and that Spotify is one of the subscriptions that he has where he doesn't think about the price. He also said that he was disappointed by the selling of Spotify.
Big Tech's Sealing Their Lips
TheStreet's Annie Gaus takes a look at how companies such as Amazon (AMZN - Get Report) , Apple (AAPL - Get Report) , Alphabet (GOOGL - Get Report) and Facebook (FB - Get Report) are keeping information close to their chests.
First, there was Apple pulling the plug on iPhone unit sales. Then came Facebook which raved about Instagram while leaving out its share of overall revenue. Meanwhile, Amazon, caught between slowing sales growth and continued cloud dominance, left investors searching for clues on how to evaluate the multi-faceted giant going forward.
"We do believe we're in the midst of a tech arms race," said Meghan Shue, investment strategist at Wilmington Trust. "I think investors have to decide what it is they're looking for. They can't have their cake and eat it too."
Preparing for Next Year's Tax Season
It's time to prepare for tax season. And by that, I mean next tax season.
Robert Fishbein, vice president at Prudential, sat down with TheStreet to discuss all things taxes and--most importantly--when you should be preparing for tax season.
"You should always be thinking about actually multiple years. That's the best kind of tax planning to do is thinking over the long term. And so being prepared for this year's return but then also think about opportunities. So one example is the new tax rules and so it's really more important than ever to think about consecutive tax years because given the new rules you may not be able to itemized deductions anymore this year because there's a higher standard deduction but you might find if you bunch deductions that you can actually itemize next year. So you have to think about them together," said Fishbein.