Robinhood Markets Inc. is expanding its cryptocurrency offerings for US clients by adding Solana, Cardano, XRP, and the memecoin Pepe, which surged 51% to $0.000019 following the announcement. This move comes after the brokerage had previously removed Solana and Cardano amid SEC lawsuits alleging these tokens were unregistered securities.
Fintechs Upstart and Toast surged following strong earnings reports, with Upstart's stock jumping 46% and Toast rising 14%. Upstart's revenue increased 20% to $162 million, while Toast's adjusted earnings forecast exceeded expectations. Meanwhile, Coinbase shares soared 48% amid a favorable political climate for crypto, while Robinhood rose 27%. However, Block's stock fell slightly after disappointing revenue results.
Richard Farley, a partner at Kramer Levin, and Norm Champ from Kirkland & Ellis are among the candidates to succeed Gary Gensler as chair of the US Securities and Exchange Commission. Other potential contenders include Dan Gallagher of Robinhood, current SEC Commissioner Mark Uyeda, and former CFTC chairman Heath Tarbert.
Tesla shares surged 8% in overnight trading as investors speculated that a potential Trump victory would benefit CEO Elon Musk, a major supporter. Musk's recent $75 million donation to America PAC and his promise to lead a government efficiency commission if Trump is elected have fueled optimism, despite concerns that a Trump presidency could negatively impact the EV industry overall. Analysts suggest that Tesla's unmatched scale may provide a competitive edge in a market less reliant on subsidies, especially with anticipated higher tariffs on Chinese EV manufacturers.
Coinbase shares plummeted 10.6% following weaker-than-expected earnings and a cautious revenue outlook, marking its largest drop since June 2023. The decline was compounded by a broader market downturn and a 2% dip in Bitcoin prices, while other crypto-related stocks also suffered losses. Analysts suggest this may present a buying opportunity for long-term investors, despite concerns over subdued trading volumes and potential impacts from lower U.S. interest rates on stablecoin revenue.
On Thursday, major analyst calls were made regarding several prominent companies, including Meta, Coinbase, Microsoft, Robinhood, Wingstop, and Target. These evaluations are expected to influence market perceptions and investor decisions as the companies navigate their respective sectors.
Robinhood Markets Inc. experienced a decline in stock value after reporting third-quarter net revenue of $637 million, falling short of analyst expectations of $663.5 million. The company also reported a net income of $150 million, which was below the forecast of $169.8 million, attributed to a customer promotion program that impacted revenue.
Filmmaker Olivia Wilde has co-founded an investment firm named Proximity Ventures in New York, alongside Neil Sirni. Wilde, known for her roles in "Tron: Legacy" and directing "Booksmart," partnered with Sirni, who previously led investments in notable companies like Sweetgreen and SpaceX while at Roc Nation’s venture division.
Robinhood has entered the prediction betting market, allowing users to trade contracts for Kamala Harris and Donald Trump ahead of the 2024 presidential election. This move follows a recent ruling favoring election outcome trading, despite ongoing concerns about market manipulation and low trading volumes. The platform aims to democratize access to real-time decision-making through event contracts.
The New York Stock Exchange plans to extend trading hours on its all-electronic exchange to 22 hours a day, pending regulatory approval. This change will allow trading from 1:30 a.m. to 11:30 p.m. ET on weekdays, reflecting the growing demand for all-day trading in U.S. markets. The initiative aims to enhance access to U.S.-listed stocks, ETFs, and closed-end funds for global investors.
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