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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.


Why luxury brands are not feeling inflation



New data shows luxury brands are not feeling the pinch of inflation, thanks to the ultra-rich indulging in their products

Luxury brands are not worried about the impact of the global economic meltdown.

While prices of food and gas have skyrocketed, spare a thought for the ultra-rich dealing with the rising cost of sneakers and sports cars.

High end retailers like Dior, Louis Vuitton and Versace are all reporting strong sales and are hiking their profit forecasts.

The upbeat view is at odds with fears for the global economy.

However, this is nothing new, in fact it’s in line with past economic slowdowns according to the experts.

The rich are often the last to feel the impacts of a tightening economy, while spending among lower income consumers is squeezed by inflation.

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Johnson & Johnson will stop selling talcum baby powder



Amid a rising number of lawsuits, Johnson & Johnson will officially cease production of its talcum baby powder.

Company executives say the decision follows a severe decline in sales right around the world.

The move also follows a number of lawsuits which claim the product causes cancer due to its contamination with asbestos.

Mined from the earth, Talc and lies very close to where carcinogenic asbestos comes from.

J&J says demand has fallen due to so-called ‘misinformation’ about the powder’s safety.

“We stand firmly behind the decades of independent scientific analysis by medical experts around the world that confirms talc-based Johnson’s baby powder is safe, does not contain asbestos, and does not cause cancer,” it said in a statement.

But an investigation by Reuters back in 2018 discovered the organisation knew for decades that asbestos was present in its talc products.

The global shift away from talcum powder comes more than two years after the healthcare giant ended sales of the product in both the U.S. and the UK.

The company says the powder will now be created from cornstarch.

“As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio,” it said in a statement.

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Twitter will crack down on false reporting ahead of U.S. Midterms



Twitter is seeking to put the truth first as this November’s mid-terms fast approach

Twitter says false and misleading posts will be fact-checked in a bid to promote accurate reporting.

Twitter will apply its ‘civic integrity policy’, which was first rolled out in 2018.

The policy stops users from posting misleading content that can dissuade people from voting.

There will also be a crack down on claims that undermine the public’s confidence in the results.

It follows the 2020 Presidential election, where the company was accused of not doing enough to stop the spread of misinformation.

All 435 seats in the U.S. House will be up for grabs alongside around a third of senate seats.

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