Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon, today is Wednesday, July 2nd, and I'm your host, Kim Khan. Our top story so far.

Netflix has held talks for a partnership with Spotify on music shows, live concert series, big celebrity interviews, and shorter

turnaround documentaries. The Wall Street Journal says Netflix is currently working on rebooting

the classic American talent show Star Search, who can fill Ed McMahon's shoes here,

and is set to launch a new music focus show, Building the Band, debuting on July 9th.

Building the band will be on demand, but the show's

finale could be live if there is a second season, Brandon Rhee, VP of Non-Fission Series and Sports

at Netflix, told the paper. He added that the Star Search reboot will allow fans to vote live.

Sources said that Netflix is planning another music competition, which it hopes to release

in the coming months. People familiar with the industry discussions have said that while executives at Netflix have considered celebrity interviews,

they argued about whether people would be attracted to watch them immediately after seeing

snippets of them on social media. On the economic front, as we head into the June employment

report, arriving Thursday pre-market due to the July 4th holiday, ADP said its measure of private

sector payrolls

unexpectedly fell. Payrolls fell by 33,000 while economists were predicting a rise of 103,000.

But the ADP report has a terrible track record of predicting the official numbers.

Pantheon macroeconomist Oliver Allen says ADP is typically understated the official estimate

for payrolls recently, but there

is no consistent pattern in its forecast errors historically. Rather than add 100K or so to the

June ADP estimate to gauge official payroll growth, we're inclined to ignore it. Among active stocks,

Jeffries threw in the towel on its Apple cell rating, upgrading the stock to hold, due in part

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