Cheddar Morning Business Update 01/03: Markets, Spotify and Weight Watchers

Posted: Updated:
NEW YORK -

The year started strong for the markets. The Nasdaq closed above 7,000 for the first time ever. And the Dow raced toward 25,000. It was also an exciting day for Cheddar - which rang the closing bell at the New York Stock Exchange to mark the company's two-year anniversary.

Spotify got hit with a major lawsuit for for playing music by Tom Petty, The Doors and Neil Young without permission. Wixen Music Publishing sued the company, saying it was an exclusive licensee of songs such as "Free Fallin" by Tom Petty and "Light My Fire" by The Doors. Reuters reports Wixen is seeking damages worth at least $1.6 billion. Spotify declined to comment.

DJ Khaled has signed on as Weight Watchers latest spokesperson. Khaled will chart his weight loss progress as he completes the "WW Freestyle" program. Shares of Weight Watchers rose 8 percent Tuesday after the company announced that music producer DJ Khaled will be its "social media ambassador" in 2018.

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