NEW YORK (AP) — Growth slammed into reverse at the start of this year for Robinhood Markets, whose trading app has turned millions of people into investors for the first time. The company said Thursday that it took in $299 million in revenue during the first three months of the year, down 43% from a…
(Reuters) – Robinhood Markets Inc, the brokerage at the center of last year’s retail trading frenzy, posted a 43% fall in first-quarter revenue on Thursday as transaction volumes declined across asset classes. Shares of Menlo Park, California-based Robinhood were down more than 9% at $9.19 in extended trading following results. The shares, which have lost…
By Svea Herbst-Bayliss (Reuters) -Activist investment firm Elliott Management is pushing Canada’s Suncor Energy Inc to add new board directors, overhaul management and begin a strategic review, arguing that its shares have lagged even as crude prices surged to multi-year highs. U.S.-headquartered Elliott, which owns 3.4% of Suncor, called the company a leader in the…
By Abhijith Ganapavaram and Aishwarya Nair (Reuters) – Caterpillar Inc on Thursday warned that demand for excavators in China, one of its largest markets, could slip below pre-pandemic levels in 2022, as construction activity takes a hit in the country from strict pandemic lockdowns. Shares of the Deerfield, Illinois based-company fell 3% to $207 in…
LONDON (Reuters) – Russian businessman Oleg Tinkov, who last week criticized Russia’s war in Ukraine, has sold his 35% stake in the company he founded to a firm controlled by Russian billionaire Vladimir Potanin, the companies said on Thursday. The assets of Tinkov-founded TCS Group Holding include Russia’s second-biggest credit card issuer, Tinkoff Bank, which…
By Chris Prentice and Tom Wilson WASHINGTON/LONDON (Reuters) -The U.S. dollar touched its highest level since 2002 on Thursday, as Wall Street rose and European shares moved off six-week lows as strong earnings reports offset gloomy U.S. economic data. The yen dropped to a 20-year low after the Bank of Japan vowed to buy unlimited…
WASHINGTON (AP) — The average long-term U.S. mortgage rate edged down for the first time in two months following a swift ascent to levels that have not been seen in more than a decade. After seven weeks of increases, the average rate on a 30-year mortgage inched down to 5.1% from 5.11% last week, mortgage…
We enter the heart of Q1 earnings season with the VIX trading above 30. The combination of headline noise with skittish market sentiment sets up for volatile price action. Tracking the winners and losers can be difficult as price action will not necessarily match fundamentals. We want to break down some key earnings and price…
(Reuters) – French construction materials group Saint-Gobain on Thursday posted record first-quarter sales but flagged the higher impact of energy and raw material costs in 2022 amid a challenging geopolitical situation and supply chain issues. Saint-Gobain, which manufactures and distributes materials in sectors ranging from automotive to health, security, and food and beverages, also confirmed…
By Chris Prentice WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission (SEC) on Thursday sued Brazilian miner Vale SA for allegedly making false and misleading disclosures about the safety of its dams ahead of a 2019 disaster that killed 270 people. Beginning in 2016, Vale manipulated dam safety audits, obtained fraudulent stability certificates and misled…
