Robinhood CEO Vlad Tenev said Robinhood’s move to stop trading in certain speculative names was in the best interest of the company and its millions of users. “In order to protect the firm and protect our customers we had to limit buying in these stocks,” Tenev told CNBC’s Andrew Ross Sorkin Thursday evening. “Robinhood is
Month: January 2021
Robinhood, the online brokerage at the centre of wild trading in GameStop and other hot shares, scrambled to shore up its financial position and public reputation on Thursday after a day of chaos and anger among its clients. The company has drawn down at least several hundred million dollars via a credit facility with banks
The rate of the US economy’s rebound from the coronavirus-fuelled downturn slowed in the fourth quarter, weighed down by a deadly surge of cases over the holiday season. Gross domestic product advanced 4 per cent on an annualised basis, according to figures published on Thursday by the US commerce department. The Scottish government will be
Robinhood Markets, the trading app that’s popular with investors behind this month’s wildest stock swings, has drawn down some of its credit lines with banks, according to people with knowledge of the matter. The firm has tapped at least several hundred million dollars, one of the people said. The company’s lenders include JPMorgan Chase and
A New York federal judge has denied an Ethereum developer’s motion to dismiss criminal charges over allegations he assisted the North Korean regime to bypass U.S. sanctions. The developer and former-hacker, Virgil Griffith, is accused of helping North Korea evade economic sanctions by delivering a speech during a Pyongyang blockchain conference in April 2019. Law360
The coronavirus pandemic has pushed millions of Americans, especially young adults, to move in with … [+] family members. getty Saving for a down payment is one of the biggest barriers to homeownership. But for the record number of young adults who moved back home during the pandemic and are fortunate to still have a job, homeownership
A U.S. court has sentenced Jerry Ji Guo, a resident of San Francisco, to an effective six months in prison for his role in a fraudulent initial coin offering (ICO). In addition to the prison term, the court ordered Guo to pay over $4 million in restitution. Further, Guo will also cooperate with the government
getty Are you a parent or grandparent who wants to make a financial gift to a minor child? Do you want to help fund a child’s education but aren’t sure if that’s the path they’ll take? Do you want to give your children a financial head start in life so that one day they can
Municipal yields were steady across the curve as rising U.S. Treasury yields took some of the shine off of a two-day muni rally, but inflows continued to hit records with another multi-billion week. Refinitiv Lipper reported $2.79 billion of inflows into municipal bond mutual funds for the week ending Jan. 27, a record. It was
Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here! (Kitco News) – Lynas Rare Earths, the only producer of scale of separated rare earths outside of China, today announced record quarterly sales
It’s as if the Super Bowl audience started rushing the field and tackling Tom Brady for a loss – on every play… by John Rubino of Dollar Collapse Wall Street traders have traditionally played hardball with each other. They’ll take a position and then “talk their book” on CNBC, or short a competitor’s favorite stock
AMC (AMC) might be lacking cinema goers, but it has recently done an excellent job in providing enough drama and action to keep any avid market watchers satisfied. The company is one of several struggling names with high short interest, which retailers have recently adopted and helped send shares stratospheric. The buying frenzy has triggering
Visa and Mastercard credit cards. Getty Images Check out the companies making headlines after the bell: Visa — Shares of the payments giant rose 1% in extended trading on Thursday after beating on the top and bottom lines of its quarterly results. Visa reported earnings per share of $1.42 on revenue of $5.69 billion. Wall
Key Takeaways: TD Ameritrade restricts trading of GME, AMC, BB TD Ameritrade Mobile app and Robinhood experienced outages due to high trading volume The unrelenting trading frenzy around GameStop and other highly shorted stocks has led to several broker outages and new restrictions on trading in several securities. TD Ameritrade became the first online broker
Ramin Talaie | Bloomberg | Getty Images GameStop soared yet again, topping $450 apiece in premarket Thursday, as the Reddit-driven retail momentum continued to heat up. Shares of the brick-and-mortar video game retailer reversed losses in overnight trading, with it last jumping 31% to $451.10 in premarket trading. The move followed a more than 130% rally
Manfred Knof, Commerzbank’s new chief executive, will axe one in three jobs in Germany in a last-ditch attempt to turn round the fortunes of the ailing lender whose shares have dropped by 90 per cent over the past decade. The German bank announced on Thursday it has earmarked 10,000 jobs to be cut in the
Neil Hume and Henry Sanderson Shares in silver miners and exchange-traded funds backed by the precious metal ripped higher on Thursday as the Reddit army of day traders turned their attention to producers of the volatile precious metal. Fresnillo, the Mexico-focused miner that was hammered a day earlier following a disappointing trading update, rallied as
Traders on the floor of the New York Stock Exchange. Source: The New York Stock Exchange The short-squeeze craziness has implications for trading, regulations and investor psychology: Is there a power shift on Wall Street? What action, if any, will the SEC take? Should there be position limits on options? To get a better appreciation
The Reddit-spurred market madness is spreading to even the most placid corners of the passive world. A more than 400% rally in GameStop this week is ramping up the company’s weighting in retail indexes. That’s unbalancing usually predictable ETFs from the likes of State Street and Invesco, and prompting a warning from analysts at Citigroup.
Bitcoin’s (BTC) violent price swings could become a thing of the past as institutional buyers with stronger hands continue to push the asset higher, according to a prominent crypto whale. Eric Peters, the founder and CEO of One River Asset Management, told Bloomberg Thursday that Bitcoin’s path to maturity should help stabilize its price. “There
Case Study No. 4 has four-bedrooms, seven bathrooms and an 850-pound custom teak front door. UnvarnishedCo Scott Gillen is many things. Builder. Artist. Designer. Perfectionist. Visionary. Bold. Unapologetic. “I’m not here to impress anyone, and that’s the truth,” said Gillen. Still, there is no denying that his latest development called The Case — five oceanfront
The New York-based Skybridge Capital cofounder, Anthony Scaramucci, recently explained that this week’s Gamestop fiasco is positive for the global cryptocurrency bitcoin. Scaramucci’s statements follow the global investment manager’s recent dive into the crypto economy by gathering exposure to over $300 million worth of the cryptocurrency. Skybridge Capital Cofounder Says Gamestop Stock Activity Bolsters the
By Kerry Hannon, Next Avenue getty Six months after Tamara Schumer, of Fairfax, Va., opened her home-based window-treatment business in 2016, it took off. “I was fortunate,” says Schumer, owner of Budget Blinds of Arlington & Alexandria. “But it was very stressful trying to handle customer service, scheduling, follow-up, orders, sales — all of that
The Foothill-Eastern Transportation Corridor Agency received so much interest in a tender offering that it eliminated the need for the vast majority of a planned open-market refunding bond deal. “We were so successful with the tender and exchange that we ended up issuing fewer bonds,” said Amy Potter, chief financial officer for the California toll
Silver price attempted to break 25.00 level yesterday but it returns to fluctuate around it, and the price keeps its stability below 25.50, while the EMA50 forms continuous negative pressure against the price. Therefore, we will continue to suggest the bearish trend for the upcoming period, which targets 24.30 as a next main station, noting
The Fed fiddles while the dollar burns… by Doug French via Mises The Federal Reserve and the confederation of central banks which follow Chair Powell and his lieutenants at the Eccles Building have flooded the world with fiat script which is only limited by Keynesians’ and modern monetary theorists’ imaginations. In this flurry of metaphorical printing,
Perspecta shares closed 9.7% higher on Jan. 27 after the US government services provider agreed to be acquired by Veritas, in an all-cash deal worth $7.1 billion. The transaction is expected to close in the first half of this year. As part of the transaction, Perspecta (PRSP) shareholders will receive $29.35 in cash for each
Take a look at some of the biggest movers in the premarket: American Airlines (AAL) – American’s stock is surging more than 40% in premarket trading after a better-than-expected fourth quarter. The airline lost $3.86 per share, less than the anticipated loss of $4.11, and revenue came in above analyst forecasts. American did post an
by Michael Snyder Retail investors have banded together to turn over the tables on Wall Street, and it has created a wild frenzy that is making headlines all over the globe. Unprecedented short squeezes have pushed the share prices of GameStop, AMC, Macy’s and BlackBerry to insane heights, and prominent voices in the financial world are
Your paycheck and pay stubs contain a variety of information about your income and the amounts your employer deducts from it, such as for taxes and insurance coverage. One item you may notice is group term life insurance, or GTL for short. If you see GTL or a similar reference to group term life on
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