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Robinhood surge: Gamestop 2.0?



Robinhood was off to a rocky start last week on its first day of trading, but its fortunes have turned

Shares in Robinhood have surged, climbing as much as 82 per cent. The volatility led to Nasdaq pausing trading several times to accomodate for the wild price swings.

It comes less than a week after the Californian-based company listed in a disappointing IPO. The app’s commission-free transactions has attracted investors who have ample time and money to spare during the pandemic.

Yesterday’s gains have lifted the platform’s market valuation above hundreds of blue-chip companies such as Ford and Heinz.

Social media frenzy

But this week’s reversal reflects retail investors embracing the stock on social media and the availability of options tied to Robinhood’s shares. There is speculation the firm could be seeing the same frenzied trading that surrounded the video game retailer Gamestop.

Momentum has also sped up as some big-name investors have bought in. this includes Cathie Wood, who manages the investment fund Ark Invest.

There was “considerable cheering for Cathie” Wood on Reddit said Ivan Cosovic, founder of Breakout Point.

Cathie Wood, pro stock-picker and founder of $60 billion ARK Invest,

Meme stocks

Robinhood is a trading hub for meme stocks, which blew up earlier this year. Users of the platform used social media platforms such as Reddit to organise buying up stocks from GameStop and AMC.

Mentions of ‘Robinhood’ blew up on Reddit yesterday morning. Investors rallied around the goal of a $60 share price, a huge jump from $35.15 on Friday.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Bank accidentally deposits $86M into client’s account



A financial institution mistakenly deposited over $86 million into a client’s account, causing shockwaves in the banking industry.

The error came to light when the client, a small business owner, checked their account balance and discovered the astronomical sum. It is being hailed as one of the most significant banking errors in recent memory.

The client, who wishes to remain anonymous, reportedly contacted the bank immediately upon noticing the massive windfall. Bank officials were left scrambling to rectify the error, which has raised numerous questions about the institution’s internal controls and safeguards.

The client’s account, initially holding just a few thousand dollars, suddenly displayed a balance that could buy luxury yachts, mansions, and more.

The incident has prompted investigations by regulatory authorities to determine how such an egregious error occurred in the first place.

While the bank has issued an apology and assured the client that the funds will be corrected to the proper balance, it remains unclear how this mistake could have happened on such a colossal scale.

The financial institution may also face potential legal consequences for the error, as well as reputational damage that could impact its future business.

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Tech giants drive global mega-cap surge amid inflation relief



Tech giants have taken the lead in propelling global mega-cap stocks to new heights.

This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.

The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.

The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.

Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?

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Real reason bosses want employers back in the office



As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.

The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.

Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.

This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured

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