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    SINGAPORE — Asian markets were mixed on Monday morning, with the Hang Seng index in Hong Kong tumbling more than 2%. Trading in shares of China Evergrande was halted, as investor concern surrounding the indebted property developer returned. Trading in the shares of Evergrande Property Services was also halted. There were no reasons given for the trading halts. At the same time, the shares of another Chinese property developer Hopson were also suspended. Hopson said in a filing that it has halted its shares pending a "major transaction" under which it has agreed to acquire the shares of another company. Investors will continue to monitor the situation surrounding the debt worries of Evergrande, which has missed two bond interest payments in the past weeks. Meanwhile, shares in Asia-Pacific were mixed after Merck announced its new Covid oral antiviral treatment that cuts the risk of hospitalization or death. In Japan, the Nikkei 225 shed 1.27% while the Topix index dipped 0.8%. Australian stocks jumped, with the S&P/ASX 200 up 0.9%. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.33% lower.Stock...
    Tiffany Hagler-Geard/Getty Images   Robinhood on Wednesday denied placing a halt on stock trading for AMC Entertainment, telling users to instead blame the New York Stock Exchange. “Speculation that Robinhood has halted trading in AMC is not accurate,” the company wrote on Twitter. “Earlier today, the NYSE implemented a volatility trading pause of $AMC.” The company shared a link to a page explaining that halts can be imposed by stock exchanges, sometimes in cooperation with the Securities and Exchange Commission. Trading for the theater company’s stock was halted numerous times on Wednesday as it doubled to $72 from $31 on Tuesday — and $17 just a week earlier, a difference of more than 400 percent. It’s up 2,800 percent for the year to date. The message on Twitter came just four minutes after Barstool Sports CEO Dave Portnoy expressed preemptive skepticism about the company’s explanation, writing, “If you still use Robinhood that’s your fault. How many times are you gonna fall for the old banana in the tailpipe? Having said that, this is still outrageous.” If you still use @RobinhoodApp...
    GAMESTOP stocks surged again as share price more than doubles sparking trading to halt again and Reddit to crash. Shares of GameStop surged more than 104 percent on Wednesday, until trading was halted for a second time moments before the market closed. 4GameStop stocks surged by more than 104 percent on WednesdayCredit: AP:Associated Press The gaming company's shares continued to surge in after hours trading Wednesday evening, raising by another 83 percent. The rapid rise came as Reddit - the home of Redditors WallStreetBets, who managed to send the shares for GameStop skyrocketing in January - went down temporarily. On Wednesday, Reddit was down for many users, however the company did not say what caused the outage and instead said it had identified the issue, fixed it and that "systems are beginning to recover". The sudden jump came one day after the company announced its chief financial officer Jim Bell would resign next month to help "accelerate GameStop's transformation". 4GameStop's stock price on WednesdayCredit: Google 4GameStop's shares rose by another 83 percent in after hours trading Wednesday eveningCredit: Rex...
    (Reuters) - Shares of videogame retailer GameStop Corp resumed trading on the New York Stock Exchange after being briefly halted following a 42% slump when the markets opened on Tuesday. The stock has been at the heart of a battle between amateur investors and Wall Street hedge funds in a social media-driven trading frenzy since last week. It was last down 49% at $115. (Reporting by Susan Mathew in Bengaluru; Editing by Arun Koyyur) Copyright 2021 Thomson Reuters. Tags: Canada, funds, United States, United Kingdom, Europe
    ROBINHOOD CEO Vlad Tenev has told Elon Musk there was nothing "shady" about the firm's decision to halt trading in Gamestop shares and insisted it was "reasonable". It comes after the move attracted criticism and accusations of market manipulation from businesspeople and politicians from both sides of the political divide. 4Robinhood CEO Vlad Tenev has said there was nothing 'shady' about the firm's decision to halt trading in Gamestop sharesCredit: Reuters 4Tenev was discussing the decision with Tesla CEO Elon MuskCredit: Getty Images - Getty 4Reddit users bought GameStop shares in large quantities last week in order to disrupt a short sell by Wall Street tradersCredit: The Mega Agency On Thursday, Robinhood restricted trading on thirteen equities, including GameStop and AMC Entertainment. Shares in the retailer had risen dramatically in price over the previous few days as users of internet forum Reddit bought them in large quantities in an attempt to disrupt a short sell by a number of hedge funds. A short sell is a process in which traders borrow shares and immediately sell them on in...
    Robinhood CEO Vlad Tenev on Friday refuted the 'conspiracy theory' that hedge funds prompted his company to halt trading on GameStop.  During an interview with Yahoo Finance, Tenev was asked to set the record straight on why the mobile brokerage firm made the decision to restrict trades involving GameStop shares as prices surged last week.  'Oh, on that conspiracy theory, I think I've over and over again said that it's not true,' Tenev said.  'Our decision to temporarily restrict customers from buying certain securities had nothing to do with a market maker or a market participant or anyone like that putting pressure on us or asking us to do that.  'It was entirely about market dynamics and clearinghouse deposit requirements, as per regulation,' he added.  Robinhood CEO Vlad Tenev (right) on Friday refuted the 'conspiracy theory' that hedge funds prompted his company to halt trading on GameStop Calling the claims conspiracy theories, Tenev (pictured) said: 'Our decision to temporarily restrict customers from buying certain securities had nothing to do with a market maker or a market participant or anyone...
    Getty This photo illustration shows the logos of video grame retail store GameStop and trading application Robinhood in a computer and on a mobile phone in Arlington, Virginia on January 28, 2021. Editor’s note: GameStop stock resumed its dramatic ascent after a popular no-fee online broker said it would lift restrictions on trading its shares. In recent days, frenzied activity in the video game retailer’s stock led the New York Stock Exchange to briefly halt trading multiple times, while Robinhood and other brokers restricted purchases of GameStop. That prompted outrage among some lawmakers and investors, leading to calls for investigations in Washington. Jena Martin, a law professor who studies securities regulation, explains what’s going on, why trading is sometimes restricted and how to tell if it’s a sign of any funny business. 1. What Prompts Trading in a Stock to Be Halted? Typically, there are two reasons that an exchange might stop trading in a stock. The first occurs when an exchange – often at a company’s request – halts trading in that stock for a big announcement,...
    A viral Reddit post claimed that Joe Biden’s White House pressured Robinhood to halt GameStop trading as Redditors drove up the company’s value and took down two prominent hedge funds. “Vladimir, yes founder Vladimir, and the C-Suite, received calls from Sequoia Capital and the White House that pressured into closing trading on GME etc. I guarantee you the same took place at E-Trade and the others who closed trading,” the post read. The user claimed to be a low-level Robinhood employee and said he overhead other employees talking about the alleged pressure campaign. Not long after, Sequoia Capital denied pressuring Robinhood, Newsweek reported. Conversely, Biden’s White House has yet to address the accusation. The claims have not been verified and have generated both support and pushback on social media. “This has all the things QAnon loves 1) anonymous insider, 2) blames Biden, and 3) secret plots to controll the population,” public scholar Marc-André Argentino tweeted. “The reports alleging the White House ‘pressured’ RobinHood, etc, to halt trading must be taken seriously,” another user wrote. Elsewhere, author James Surowiecki compared the...
    Rapper Ja Rule is the latest entertainer to weigh in on the trading turmoil caused by the app Robinhood. The 44-year-old hip-hop star took to Twitter to denounce Robinhood and accused it of criminal behavior for temporarily halting users from acquiring Gamestop stock as its value surged this week. "Yo this is a f--king CRIME what @RobinhoodApp is doing DO NOT SELL!!! HOLD THE LINE...WTF," the "Put It on Me" rapper tweeted Thursday. In a separate tweet he continued: "They hedge fund guy shorted these stocks now we can’t buy them ppl start selling out of fear... we lose money they make money on the short... THIS IS A F--KING CRIME!!!" DAVE PORTNOY SLAMS ROBINHOOD APP AMID GAMESTOP TURMOIL: 'I THINK PEOPLE HAVE TO GO TO JAIL' He then ripped Wall Street for derailing "the American dream." In an interview with Rolling Stone, Ja Rule, whose real name is Jeffrey Atkins, discussed how easily things can change overnight as just a day prior to Robinhood's delisting of stocks -- which prevented millions from trading in GameStop and AMC, among others --...
    Shares of GameStop tumbled 44% down on Thursday after Robinhood and other stock-trading platforms halted trading for several hours. The struggling video game retailer's stock has been making stupefying moves this month in a drama that seemed to pit deep-pocketed Wall Street investors against a group of anonymous day traders posting on Reddit. The frenzy hit new heights Thursday when trading platforms including Robinhood, E*Trade and Interactive Brokers halted trading for GameStop, AMC Entertainment, BlackBerry and other stocks recently popular with retail investors. GameStop shares were trading at $257 after hours — down significantly from an intraday high of $482. Shares of AMC Entertainment were at $10.90 after hours, a drop of one-third from intraday highs, while BlackBerry was trading at $16.50, a drop of about a quarter from its peak that day. Meanwhile, the trading action has caught the attention of lawmakers in Washington, D.C. Democratic Senator Elizabeth Warren of Massachusetts has called for greater regulations of market rules, while Senators Sherrod Brown, a Democrat from Ohio, and Ted Cruz, a Republican from Texas, both condemned the trading...
    CHICAGO -- A Naperville man has filed a lawsuit in U.S. District Court in Chicago against stock market trading app Robinhood for removing his ability to trade stock in AMC, Blackberry and other companies.Robinhood restricted trading of GameStop stock and some other companies after it became the focus of an effort by investors on Reddit in the WallStreetBets forum to retaliate against hedge funds and other large financial firms who are short selling the video game retailer's shares.Other stocks for Blackberry, Nokia and AMC Theatres were also bought up by hordes of online investors who are taking on big hedge funds that bet they will fail.Robinhood said Thursday that investors would only be able to sell their positions and not open new ones in some cases. Robinhood will also require investors to put up more of their own money for certain trades instead of using borrowed funds.Besides GameStop, Robinhood said trading in stocks such as AMC Entertainment, Bed Bath & Beyond, Blackberry, Nokia, Express Inc., Koss Corp., American Airlines, Tootsie Roll, Trivago and Naked Brand Group would be affected by...
    Members of Congress on both sides of the aisle found rare agreement Thursday in their outrage at trading app Robinhood, after it took the highly unusual step of curbing trading in GameStop and another stock whose price has increased exponentially, AMC Entertainment Holdings Inc. Firebrand lawmakers Sen. Ted Cruz, a Texas Republican, and New York Democratic Rep. Alexandria Ocasio-Cortez appeared to be united on the matter — for an hour, at least. "This is unacceptable. We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit," the AOC tweeted. "As a member of the Financial Services Cmte, I’d support a hearing if necessary "Fully agree," Cruz responded. Fully agree. ???? https://t.co/rW38zfLYGh— Ted Cruz (@tedcruz) January 28, 2021 Ocasio-Cortez, though, made clear that she is not interested in working with Cruz due to his objection to certifying the Electoral College results, which she blames for encouraging or sparking the mob that stormed the U.S. Capitol on...
    Nasdaq CEO Adena Friedman suggested Wednesday that her exchange could halt trading activity for stocks to enable investors to “recalibrate” in the event they were targeted by internet users. She made the comment in a Morning interview with CNBC’s Joe Kernen, speaking in reference to price surges inspired by Reddit users. Members of the website’s “WallStreetBets” forum caused stock prices to surge to obscene heights this week for companies including GameStop and AMC Theatres. “I think that, in general, when we evaluate how we would manage through a situation where you see a significant run-up in a stock not based on news, not based on fundamentals — what we do is we do have technology that evaluates social media chatter. If we see a significant rise in the chatter on social media channels … we also match that up against unusual trading activity, [and] potentially halt that stock to allow ourselves to investigate the situation, to be able to engage with the company, and to give investors a chance to recalibrate their positions.” GameStop, as well as AMC Theatres, appear on the...
    GameStop's sales may have taken a hit from the coronavirus pandemic, but its stock price has surged roughly 400% since the year began thanks to an "ugly" fight prompted by day traders on a Reddit investing thread. After closing Friday at roughly $65 per share, shares of GameStop surged on Monday morning to more than $140, even prompting the New York Stock Exchange to issue a temporary pause on trading the stock four minutes into Monday's session, according to the Wall Street Journal. A bunch of bored Redditors singlehandedly destroying the efficient market hypothesis feels like it should be a bigger story. https://t.co/U3afl6t6Y5— Kevin Roose (@kevinroose) January 25, 2021 GameStop's troubles extend far beyond the pandemic. In 2019, the company laid off dozens of regional managers amid a yearslong stock slide, according to Wired. The company isn't expected to turn an annual profit until at least 2023, and in November of last year, major stakeholder Ryan Cohen, a co-founder of online pet products seller Chewy, wrote a letter to GameStop's board urging it to take dramatic steps to...
    World shares were mostly lower on Wednesday after U.S. President Donald Trump ordered a stop to talks on another round of aid for the economy. U.S. futures were up slightly after dropping on Trump’s announcement the day before. Markets were down slightly in Germany, France and Japan but closed higher in Hong Kong. Hours after his tweets about ending the stimulus talks, Trump appeared to edge back a bit, calling on Congress to send him a “Stand Alone Bill for Stimulus Checks ($1,200)” Trump’s announcement via Twitter that he was suspending the talks until after the election came after Federal Reserve Chair Jerome Powell urged Congress to come through with more aid, saying that too little support “would lead to a weak recovery, creating unnecessary hardship.” Some analysts characterized Trump’s move as likely a negotiating ploy. “I do not believe hopes of a stimulus deal are now gone forever,” said Jeffrey Halley of trading and research firm Oanda. “One of Mr. Trump’s favorite negotiating tactics, judging by past actions, is to walk away from the negotiating...
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