Robinhood Stocks Jump Like Meme Stocks It Activates


Robinhood, meme yourself.

The stock trading app that helped drive small investors crazy earlier this year was released on stock crazeThis has raised the prices of companies like AMC Entertainment and Game Pause.

Shares of Robinhood rose as much as 65 percent to $77, doubling in price at the end of last week, and trading was briefly paused by the Nasdaq exchange. Toward noon, shares dropped slightly and rose about 35 percent. It was the second day of sharp gains after jumping 24 percent on Tuesday.

Robinhood became a public company just last week. It priced its initial public offering at $38 per share, but the stock stumbled on its first trading day on Thursday, losing more than 8 percent.

But since then, buyers have emerged, especially among individual investors that the company caters to. The stock topped the list of orders from traders in Fidelity’s brokerage unit on Wednesday, showing demand from day traders fueling the stock’s rise.

Money management firm Ark Invest, led by social media-savvy stock picker Cathie Wood, is also buying Robinhood stock for exchange-traded funds that serve as investment vehicles. Disclosures of its shares on a daily basis – which are closely watched and sometimes imitated by day traders – showed that Robinhood had purchased more than 1.5 million shares of its stock, with over $100 million a share at its peak Wednesday morning.

Here’s what else is happening in the markets today:

  • The S&P 500 fell 0.4% in early trading on Wednesday. The Nasdaq composite rose slightly.

  • The Stoxx Europe 600 was up 0.7 percent.

  • As oil prices continued to fall, the US crude benchmark West Texas Intermediate fell by 2.7 percent to $68.66 a barrel.

  • Spirit Airlines said it expects flight cancellations to relax by Thursday. The airline canceled more than 60 percent of flights on Tuesday, and nearly 50 percent of Wednesday’s flights in the afternoon. Spirit said in a statement that it had “extensively restarted the network” and blamed the outage, which began over the weekend, affecting hundreds of flights each day, with “overlapping operational challenges such as weather, system outages and staff shortages.” Shares of the airline fell nearly 3 percent in early trading.

  • Lyft fell more than 7 percent in early trading Wednesday. Despite reporting strong growth for the second quarter on Tuesday, it lost $251.9 million. Uber is set to release its second-quarter financials after markets closed on Thursday.

  • Shares general engines It fell more than 8 percent in early trades. The company reported a jump in profits in the second quarter, but GM’s CEO, Mary T. Barra, said the global computer chip shortage will continue to be a problem well into next year.


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