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Tomorrow, Robinhood will let its users buy in a limited capacity the stocks it restricted purchases in today.
It also stressed that the moves were made only for risk management.
in addition, Robinhood has had to tap several hundred million dollars from its credit lines with banks, Bloomberg reports, citing people with knowledge of the matter. JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) are among its lenders.
“Starting tomorrow, we plan to allow limited buys of these securities,” Robinhood said in its blog. “We’ll continue to monitor the situation and may make adjustments as needed.”
Several of the restricted stocks ended the day sharply lower, including GameStop (NYSE:GME) down 44%, AMC (NYSE:AMC) off 57%, Nokia (NYSE:NOK) down 28%, Koss (NASDAQ:KOSS) down 28% and BlackBerry (NYSE:BB) down 42%.
Those stock are now rallying sharply in after-hours trading.
GameStop is up 43% postmarket, AMC is up 25%, Koss is up 23% and BlackBerry is up 10%. Nokia and Bed Bath & Beyond are little changed.
“As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits,” Robinhood said. “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.”
Hedge fund Citadel Securities, which handles order flow from Robinhood and also injected money in to Melvin Capital when it was stuck on the wrong side of the GameStop trade, said today it was not involved in any decision to halt trading in stocks.
Robinhood was in the sights of Washington after its decision today, with some lawmakers calling for hearings into its decision to limit trading for individual investors.
Months of sour sniping is turning toward legal action: Facebook (FB +3.2%) is looking to take its feud with Apple (AAPL -2.1%) to court, according to The Information.
For months, the report says, the social network has been preparing an antitrust suit in which it would say Apple abused power in the smartphone market by enforcing App Store rules on other developers that Apple’s own apps don’t have to follow.
Facebook has been in a war of words over Apple’s privacy-focused changes to iOS that make it harder to track users across apps.
But the new move looks like a broad legal case challenging the App Store rules as anticompetitive.
And while the case might not eventually be filed, it still indicates a deeper split at Facebook, which is facing internal resistance from employees over its feud with Apple.
Through a partnership with Nimble prescription delivery service, Uber (NYSE:UBER) Eats customers in New York City can now request on-demand deliveries from neighborhood pharmacies through the Eats app.
Uber previously launched pilot prescription delivery programs in Dallas, Austin, and Houston.
“At Uber, we’re hard at work making Uber Eats your go-to destination for much more than food from your favorite restaurant, corner store, or grocer. Today I’m excited to announce that we’re one step closer to delivering that reality to our consumers everywhere with the launch of on-demand prescription delivery in the US, powered by our partner Nimble,” says Kiran Vinta, Uber’s US GM for New Verticals.
Soaring demand for Uber Eats during the pandemic helped the company offset losses in the ride-share side of the business.
Uber shares are up 8.4% to $52.14 after a bull thesis pitch from Morgan Stanley.
