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Hey there, Bullets Fans –
Your Morning Bullets Brief Updates are here! And that means trivia is, too.
On this day in 1892, this company was incorporated.
Think you know the answer? You can check it in the closing area down below!
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After a wild week on Wall Street, the Dow Jones Industrial Average was slated to open in the red on Friday, with a dip of approximately 300 points.
Johnson & Johnson released the latest data about their vaccine today, sharing that it was 72% effective in the U.S., but less so in Latin America and South Africa. Shares decreased in premarket trading by about 3%.
Meanwhile, Robinhood reopened limited trading of the heavily-shorted GameStop stock, after tapping its credit for $500 million and seeking an additional billion from investors (the latest on the mania is below.
And a set of Elon Musk tweets sent Bitcoin shares soaring.
Finally, Democrats seem prepared to push forward with President Joe Biden’s hefty stimulus, even without the support of their Republican colleagues.
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GameStop saw its shares skyrocket during premarket trading this morning after brokers at Robinhood declared they would permit “limited trading” of the heavily-shorted stocks they had previously restricted.
This morning, GameStop shares were going for $393 apiece–an increase of more than 100%.
Robinhood, an app with over 13 million users, had to draw on credit as the GameStop uprising continued. The decision to limit trading sparked outrage in seemingly everyone, from Representative Alexandria Ocasio-Cortez to Senator Ted Cruz.
Retail investors have been creating a short squeeze, where the hedge funds that bet against GameStop’s success would have to log losses and further increase shares.
In a statement released yesterday, Robinhood officials said:
“Amid this week’s extraordinary circumstances in the market, we made a tough decision today to temporarily limit buying for certain securities. As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today.”
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