Friday’s Headlines: Robinhood Files For IPO

Friday’s Headlines: Robinhood Files For IPO

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Stitch Fix (SFIX) +4.5%

Lemonade (LMND) +3.1%

Paycom (PAYC) +2.8%

nCino (NCNO) +2.4%

Markel Corp (MKL) +2.3%

Moving Down ⬇️

Boston Beer Co. (SAM) -5.3%

Roku Inc. (ROKU) -5.1%

Duluth Trading (DLTH) -5.0%

ShotSpotter (SSTI) -3.3%

Etsy (ETSY) -3.1%

1. We knew that Robinhood was going public following its confidential filing earlier this year, but now we’ve got its S-1! The commission-free trading platform submitted its prospectus with the SEC on Thursday, highlighting its intention to IPO on the Nasdaq under the ticker symbol ‘HOOD’, as well as plans to raise $100 million from its debut. More importantly, the filing also revealed the company’s financial position: it manages more than $80 billion for some 18 million users on its platform, more than half of which are first-time brokerage accounts, while it also turned a $7.5 million profit last year, a significant improvement from a $106.6 million loss in 2019. No official IPO date has been given yet, but you can read its S-1 filing here.

2. Amazon (AMZN) is about to enter the greatest unknown it’s ever experienced as founder Jeff Bezos prepares to step down as CEO from Monday. While its stock price remains little affected, the company is taking things in stride, adding two new entries to its vaunted “leadership principles,” a list of more than a dozen business philosophies meant to guide employee decisions and goals. The first is “Strive to be Earth’s Best Employer,” calling for the creation of a just work environment, while the second says, “Success and Scale Bring Broad Responsibility,” highlighting how Amazon’s status as the world’s largest online retailer and cloud computing company brings with it new challenges. Only time will tell if Amazon will apply these philosophies, or what it will mean for its stock price sans Bezos. Read more here.  

3. Twitter (TWTR) was feeling rather open yesterday, sharing a number of new ideas that it’s working on — though this did nothing to prevent its stock price from falling marginally. The first proposed update is a ‘Trusted Friends’ feature, which allows users tweet to a group of their own choosing based on pre-made lists, geography, or other factors. Another change would allow Twitter users to choose phrases they don’t want to see in their replies. Finally, in a bid to combat misinformation, Twitter is expanding on its misinformation labels using color-coded designs that are more eye-catching than the current iterations. Some of these features may be seen in the coming weeks. Read more here

JamieJamie

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