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Hey there, Bullets Fans –
Your Morning Bullets Brief Updates are here! And that means trivia is, too.
Who can be credited for the following quote: “The stock market is filled with individuals who know the price of everything, but the value of nothing.”
Think you know the answer? You can check it in the closing area down below!
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Futures fell this morning ahead of the government’s latest jobless claims report. Economists anticipate about 20,000 fewer filings this week, predicting about 773,000 first-time requests for unemployment assistance.
Meanwhile, shares of Walmart slipped 4.5% during premarket trading after the retailer reported less-than-anticipated earnings and greater-than-expected revenue. The CEO also announced that hourly employees in the U.S. will see their pay increase to more than $15 an hour.
And the much-anticipated GameStop hearing is finally here. You can read more about the expected testimony, below.
As of this morning, over 500,000 homes in Texas still had not gotten their power back.
“You have to go back to World War II, the 1940s, to find a decline like this,” said Robert Anderson of the CDC.
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Make sure you’re on the right side of this emerging megatrend
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Top executives from Robinhood, Reddit, Citadel, and Melvin Capital will testify before the U.S. House Financial Services Committee today, addressing last month’s GameStop mania. The Reddit trader who goes by “Roaring Kitty” will also attend.
“We think the congressional hearing will focus on understanding exactly what occurred during the week of service disruptions, making sure that all activity was appropriate and also determining how to avoid a similar event in the future,” analyst Devin Ryan said.
Shares of the heavily-shorted GameStop stock briefly soared to $483 apiece last month as retail investors organized a short squeeze. Shares eventually plummeted 90%. At one point, during the frenzy, the Robinhood app even restricted trading, which drew a great deal of criticism.
“What we experienced last month was extraordinary,” said the CEO of the app, Vlad Tenev. “And the trading limits we put in place on GameStop and other stocks were necessary to allow us to continue to meet the clearinghouse deposit requirements that we pay to support customer trading on our platform.”
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