Here comes the Dropbox IPO

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Dropbox Inc's initial public offering, the largest tech stock debut in more than a year, was priced at $21 per share, the company announced on Thursday, higher than expected.

The solid first-day pop in the stock stood in contrast to weakness in the wider USA stock market.

The stock rose $7.48, or 35.6 per cent, to close Friday at $28.48 in its first day of trading on Nasdaq.

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In a follow-up statement , a ministry official said China would "take all necessary measures" to defend its rights and interests. The official sought to directly correlate the "two million more jobs created in China" to "two million jobs lost in the U.S".

Harvard Business School professor of investment banking Josh Lerner explained that "Dropbox is going public at the right time".

Dropbox Inc.co-founder Drew Houston speaks in front of co-founder Arash Ferdowsi celebrate as Dropbox (DBX) is listed for the company's initial public offering (IPO) at the Nasdaq Market Site in NY, U.S., March 23, 2018. Over the years we've seen plenty of tech firms take their companies public (with varying degrees of success), and it was just about this time last year when we witnessed Snap start its IPO with a bang-even if today's price is now below where it started.

"In the case of Dropbox, investors get a chance to get exposure to a next-generation tech company, which is a proven business model", said Tom Taulli, InvestorPlace.com analyst. It competes with smaller rival Box Inc., which went public two years ago, as well as technology behemoths Google, Microsoft and Amazon.

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One person who did not appear at the court hearing was Marta Rovira, general secretary of the Republic Left Party. The court's decision means the vote on Turull's leadership can not go ahead because his presence is mandatory.

Dropbox's foray into the public market comes at a turbulent time on Wall Street and especially for tech stocks, after Facebook's data scandal wiped almost $60 billion off the company's market cap.

At an unpredictable time for tech companies and social media giants, California-based tech unicorn Dropbox looks to be entering a higher gear, following a better-than-expected IPO posting. The company was hacked in 2012, and more than 68 million users' emails and passwords were leaked on the internet four years later.

Dropbox co-founders Drew Houston (left, center) and Aresh Ferdowski ring the opening bell at the Nasdaq on the day of their IPO. Its full-year net loss, meanwhile, almost halved to $111.7 million.

Futures lower on unsettled global markets as trade war fears escalate
Brent crude, the worldwide standard for oil prices, added $1.54, or 2.2 percent, to $70.45 a barrel in London. Dow futures fell 0.4 per cent to 23,859.00 and broader S&P/500 futures were down 0.3 per cent to 2,636.70.

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