FirstFT: Robinhood soared after traders poured into stocks

Robin Hood Update

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Robinhood is a trading application used by many retail investors to promote the crazy rebound of “memetic stocks” this year. It has the following characteristics: A meme stock itself.

The stock price of the brokerage firm rose 50% on Wednesday to close at US$70.39, with a market value of US$58.9 billion. Volatility caused multiple suspensions of trading on the Nasdaq exchange, and Robinhood soared by 82% at some stage.

Less than a week after the rise Robin Hood goes public In a disappointing initial public offering. Traders and analysts said that this week’s reversal reflects the acceptance of the stock on social media by retail investors and the new availability of options contracts related to Robinhood stock. As of 4 pm in New York, more than 171 million shares have changed hands.

The California-based company’s app is a central place to trade so-called meme stocks, as customers organize on social media platforms such as Reddit to elevate stocks such as troubled theater chain AMC and video game retailer GameStop.

There are five more stories in the news

1. Uber’s earnings report is weaker than expected The huge spending on incentives to solve the driver shortage has put pressure on Uber’s ride-sharing business. Drag down Its overall performance as it continues to respond to the impact of the pandemic.

2. Archegos employees face up to $500 million in bonus losses Employees at Archegos Capital Management faced loss After the value of the company’s deferred payment plan collapsed along with other investments, it was about $5 billion.

3. SoftBank acquires Roche’s US$5 billion stake This Japanese technology group acquired $5 billion in non-voting shares According to two people familiar with the matter, the Swiss pharmaceutical company Roche acquired the Swiss pharmaceutical company Roche through its division responsible for the “Nasdaq Whale” transaction.

4. The Federal Reserve outlines the conditions for reducing monetary support Richard Clarida, the vice chairman of the U.S. Central Bank, laid the foundation for the Fed on Wednesday. Downscaling The Fed’s $120 billion asset purchase plan and interest rate hikes in 2023 will be the first time since the pandemic began to reduce interest rates to zero.

5. DoorDash is negotiating to invest in Gorillas, a grocery app The largest food delivery group in the U.S. prepares to make its first investment in Europe Gorillas, The fast-growing German grocery delivery app. According to people familiar with the matter, the transaction may be completed later this month. As negotiations with investors continue, the size of DoorDash’s shares remains unknown.

Tokyo Olympic finals

Sakura Yosozumi of Japan

Japan’s 19-year-old Sakura Yosozumi won the women’s park skateboarding competition and demonstrated dominance for the host country in the sport’s Olympic debut © AFP via Getty Images

  • Japanese young skateboarders Continue to dominate Olympic games. Sakura and Sumi19. Yesterday, I won the women’s park championship, followed by my compatriots Hiraki Yukina, 12, who won the silver medal.

  • Jamaican Elaine Thompson-Hera Ran the second fastest 200m sprint in women’s history Win gold. She also won the 100m event.

  • Sfan Hassan |This 15-year-old refugee from Ethiopia arrived in the Netherlands and began an unprecedented challenge to win the 1500m and 10,000m races. Blow away her opponent In the 5000m final.

  • Olympic bubble Stopped the spread of Covid-19 The doctor who led Japan to take countermeasures said that the views of athletes and officials, but the public’s vigilance has declined.

Add to ‘Tokyo Olympics‘Go to myFT to learn about all our coverage of the Olympics, don’t miss our “Alternative Medal Table”.

Coronavirus Digest

  • Daily coronavirus infections are increasing India After a steady decline for several weeks, Increase anxiety Regarding the third wave of threats in the country.

  • This British Covid-19 vaccination plan Will be extended For children aged 16 and 17 years old.

  • WHO urges rich countries Postpone Covid booster injection At least until the end of September, because of severe shortages in low-income countries.

  • Full vaccination Transmission halved According to new research, the Delta variant of the coronavirus is 60% effective in preventing Covid-19 symptoms.

Without the right absorptive capacity-the infrastructure to obtain weapons-the Covid-19 vaccine will be wasted, Tony Blair wrote, Former Prime Minister of the United Kingdom. register For us Coronavirus business update Newsletter and follow the latest developments Our live blog.

the day before

Hong Kong Democratic Singer Appears in Court King Anthony Appear in a Hong Kong court On Monday, he was charged with “corruption.” According to Hong Kong’s anti-corruption regulator, these allegations stemmed from an election rally in 2018 in which Huang provided “entertainment for democracy activists to induce others to vote”. (Reuters)

income Companies that announced earnings today include Nintendo, Lufthansa, Bayer and Siemens.Read the full list here.

Bank of England interest rate decision UK interest rate setters will have a lot of explanations to do Announce their latest decision And Thursday’s latest assessment of the economic outlook.

What are we still reading

Afghanistan after the U.S. Kabul is getting ready to meet siege After the U.S. retreat caused the Taliban to launch attacks across the country, it weakened its motivation to negotiate a political solution. The question now is whether the power of the Islamic insurgents makes the government’s downfall inevitable.

Olympic sponsors need to “consist words and deeds” in their values The rise of a new generation of radical athletes, including Japanese tennis stars Naomi Osaka And American gymnasts Simone Byers, Requiring companies to take a stand on broader issues such as racial injustice and gender inequality.This poses a challenge to traditional Japanese methods Towards the world of sports marketing, Wrote Inagaki Kana.

Watch: How to build an artificial tree A small startup founded by three Stanford University graduates believes that its laboratory holds the secret to reducing climate change. This video Showcasing how their technology can convert unwanted carbon dioxide into useful products such as car parts, sports shoes and alcohol.

How Andrew Cuomo’s support disappeared Governor of New York State Political support After five months of investigations revealed that he was suspected of sexually harassing multiple women, he was falling apart.Our New York reporter Joshua Chaffin reported on friends and allies, including Joe Biden, Keep your distance with Cuomo.

All lonely people-the power of connection Three books test The danger of loneliness -This problem will only intensify during the pandemic-and provides practical solutions and solid medicine.At the same time, Emma Jacobs wrote about how the blockade allows us to Re-evaluate our approach drink wine.

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