Good morning, Quartz readers!
What to watch for today
Nintendo launches its Switch console. The highly anticipated new hybrid mobile gaming platform is expected to be in short supply. But it may be better to wait—early reviewers have found some bugs.
India’s Supreme Court hears a liquor baron’s loan default case. Vijay Mallya is accused of embezzling a 9 billion rupee ($132 million) loan from a government-owned bank. The government is trying to extradite Mallya from Britain, where he moved as banks tried to recover about $1.4 billion owed by his defunct Kingfisher airline.
Quarterly results from the world’s biggest advertising company. WPP, home to agencies like Ogilvy & Mather and clients like Ford, is expected to warn of tough conditions as companies rein in marketing budgets amid widespread uncertainty.
While you were sleeping
Snap popped on its first day of trading, with shares up 44%. The company’s 200 million shares changed hands furiously, accounting for 10% of trading by volume on the New York Stock Exchange. The shares closed at about $24, suggesting a $33 billion valuation and a $1.5 billion payday for CEO Evan Spiegel.
US attorney general Jeff Session recused himself from investigations into Kremlin-Trump ties. Acting deputy AG Dana Boente will stand in for him on any election-related inquiries, after an uproar about Sessions’ newly revealed meetings with Russia’s ambassador during the US presidential campaign.
The US raided Caterpillar. Law enforcement officials searched the farming and construction equipment giant’s headquarters and two other facilities in Illinois. Tax officials and three other federal agencies—including one that oversees sanctions enforcements—were involved in the raid, which triggered a selloff in the company’s stock.
Bitcoin reached parity with gold. As of Thursday, one unit of the digital currency is worth more than a troy ounce of gold for the first time. Bitcoin’s growth has been fuelled by its popularity as an investment vehicle in China, along with global political turmoil.
Marine Le Pen lost her EU parliamentary immunity. The French presidential candidate was stripped of protections for tweeting graphic photos of ISIL executions, opening the way for legal action against her in France. The move may make even more popular with EU-hating supporters.
Quartz obsession interlude
Amy Wang on the alchemy of the perfect pop song: “Rarely does Max Martin, the elusive Swedish songwriter and producer responsible for the bulk of the world’s smash pop hits in the last two decades, give interviews. When he does, they’re revelatory.” Read more here.
Markets haiku
Snap popped while stocks fell
What a dramatic debut
So millennial
Matters of debate
India’s GDP numbers are highly suspect. The stately progress of the economy appears to have been completely unaffected by the chaos of demonetisation.
The Trump administration is better off buying a Muslim registry than building one. Data brokers can legally sell personal information, including religious affiliation, thanks to a legal loophole.
Killing free trade will rob the world of a highly effective deterrent to war. History shows that trade deals are not just about economics.
Surprising discoveries
Netflix’s DIY personal trainer makes you work for your binge-watching. The device gives you encouragement from your favorite characters.
Wild elephants sleep just two hours a night. The pachyderms spend most of their time feeding a massive hunger.
Nintendo’s Switch cartridges taste terrible. The games are coated in a bitter, non-toxic substance so kids don’t choke on them.
Leasing a dog is a terrible idea. Companies like Wags Lending let you avoid upfront payments but charge exorbitant interest rates.
The Deepwater Horizon oil spill led to the discovery of 60 new species. BP hired scientists to scour the area during the cleanup.
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