Connect with us

Business

Robinhood surge: Gamestop 2.0?

Published

on

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.

Business

EU plans to force USB-C chargers for all phones

Published

on

EU plans to make USB-C connectors the standard port for all smartphones and tablets, angering Apple

The European Commission rules to force manufacturers to create a universal charging solution for phones and small electronic devices. The European Commission is aiming to have a common charging port for all mobile phones, tablets, cameras, headphones, and handheld videogame consoles.

The ruling has been in the making for a decade, with environmental concerns the main driving force behind the historic move.

Reducing waste

The rule will reduce waste by encouraging consumers to re-use existing chargers when buying a new device. Politicians have been pushing for this uni9versal charging rule for over a decade.

Disposed and unused charging cables generate approximately 11,000 tonnes of waste per year.  Research shows the average person owns around three mobile phone chargers.

A decade ago there were about 30 different types of chargers, now, phones use either USB-C, lightning, and USB micro-B.

Rotten Apple

The move would see all smartphones in the EU sold with the same charger, a motion Apple is not happy about. The tech giant says this move would damage ongoing innovation.

The tech giant is the main manufacturer of smartphones using a custom charging port, as its iPhone series uses an Apple-made “Lightning” connector. Apple argues its Lightning connector is used by one billion active iPhone users.

“We remain concerned that strict regulation mandating just one type of connector stifles innovation rather than encouraging it, which in turn will harm consumers in Europe and around the world,”

Apple spokesperson

The proposed changes would apply to the charging port on the device body and will also standardise charging speeds. It may be a number of years before the proposals come into effect.

It will be thoroughly debated by the European Parliament and national Governments.

Continue Reading

Business

Trade war fires up as U.S companies pass tariffs onto consumers

Published

on

Japan Exports

The trade war between the United States and China is continuing to heat up, but this hasn’t stopped American businesses from leaving the Chinese mainland

This all follows the US implementing tariffs on billions of dollars worth of Chinese consumer products in a bid to bring manufacturing back to American shores.

A new report has found this is hurting the US economy and has not been successful in pressuring China to change any of its economic policies.

Meanwhile, businesses based in either China and America have remained “deeply integrated” with the other… with foreign investment into China hitting a record high of US$144.4 billion in 2020.

This comes as Joe Biden moves to review US policy towards China, including the previous policies of Donald Trump.

Continue Reading

Business

Energy prices soar for Europeans as winter chill approaches

Published

on

There are growing concerns for European residents as energy prices continue to skyrocket in the lead-up to winter

The wholesale prices of natural gas in Britain, France, Spain, Germany and Italy have reached record highs, with overall household bills now through the roof.

This all comes as the continent braces for a cold winter and fuel is needed for increased electricity generation.

Meanwhile, the Europen Consumer Organisation warns it has seen a huge price increase… saying “It’s worrying ahead of the winter when gas consumption will necessarily increase.”

This latest price hike is being caused by a number of factors… including a depletion of natural gas stockpiles during a cold spring and a growing demand for gas in China.

Russia is also supplying less gas to the market than it ever has before.

Continue Reading

Trending on Ticker

Copyright © 2021 Ticker Media Group Pty Ltd