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Robinhood surges 25%, blowing past IPO price
After going public last Thursday, Robinhood today saw its share price surge well beyond its IPO rate, as investors flocked towards the brokerage firm.
Shares in newly listed $HOOD rose by as much as 25% in Tuesday’s session, hitting an intraday high of $47.40 per share.
Robinhood initially began trading at $38 per share, which many considered to be the low end of its offering range.
The move seems to have already paid dividends, with investors believing that the firm was undervalued, and have risen the value of the stock as a result.
As of writing, the NASDAQ listed stock was up by over 22%.
BP earnings sends FTSE 100 higher
Shares in UK based oil giant British Petroleum were up in today’s session, as markets reacted positively to the company’s better than expected earnings call.
BP reported net profits of $2.8 billion, which beat analyst expectations of $2.06 billion, resulting in the company increasing its shareholder dividends.
The company announced that it will buy back $1.4 billion of its own shares in the Q3 and raised its dividend by 4% to 5.46 cents per share.
As a result of today’s move in the FTSE 100 listed company, the UK index rose to its highest level in 2-weeks, hitting a high of 7123.20 in the process.
BP ended today’s session trading 6.37% higher.
A company which did not make it into the green today was McDonald’s, as shares in the fast food giant fell as a result of new mask mandates.
The company announced that it will now require both customers and staff in the United States restaurants to wear face masks inside of the premises.
This mandate will be mainly enforced in sections of the country with a higher rate of coronavirus infections, however all unvaccinated customers, and staff across the country will be required to wear masks without exception.
News of this comes, just as New York Governor, Bill de Blasio today stated that New Yorkers will need to provide proof of vaccination for entry in certain venues.
He stated, “If you want to participate in our society fully, you’ve got to get vaccinated, it’s time.”
Shares in McDonald’s were down 1.26% as of writing.
Quote of the day – “There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.”
– Jack Schwager
