Robinhood (NASDAQ:HOOD) will launch a new 24-hour trading service next week, making the company the “first brokerage to enable customers to trade individual stocks at their convenience — 24 hours a day, 5 days a week.”
The announcement came after the company laid out the goal of 24/7 trading recently.
Under the new 24-hour market, Robinhood would offer trading from 8 p.m. ET Sunday to 8 p.m. ET Friday for 43 securities, according to a report from the Wall Street Journal.
The new trading will roll out next week with all customers expected to have access by June.
Stocks confirmed to trade will be Apple, Amazon, and Tesla stock.
Robinhood has also applied for a Futures Commission license in March and expects to launch futures trading by the end of 2023 if approved.
“It’s the next step in evolving the market to how it should work, which is 24/7, and more like a piece of software rather than a brick-and-mortar institution that’s tied to U.S. east coast working hours,” Vlad Tenev told the WSJ.
“We’re continuing to ship aggressively, increase customer satisfaction, and deliver strong financial performance on the path to GAAP profitability.”
The company is hoping to gain some increased engagement from investors it had during the COVID-19 pandemic, according to the report.
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Latest Robinhood News 2023
Robinhood (NASDAQ:HOOD) is currently being sued in a class action lawsuit by Klafter Lesser LLP, Pessah Law Group, and PC and Chelin Law Firm in California.
The firms are seeking to represent investors who held call options on the Robinhood trading platform as of the close on January 27, 2021 to purchase any of the following stocks:
American Airlines Group Inc. (NASDAQ:AAL), AMC Entertainment (NYSE:AMC), BlackBerry Limited (NYSE:BB), Bed Bath & Beyond Inc. (NASDAQ:BBBY), GameStop Corp. (NYSE:GME), or Nokia Corporation (NYSE:NOK).
The latest Robinhood class action lawsuit alleges that on January 28, 2021, Robinhood prohibited purchases of the stocks underlying the affected options on its platform and also prohibited purchases of the exercise of the affected options, and only allowed the closing out of such positions.
The lawsuit further alleges that during the period January 29, 2021 through February 4, 2021, Robinhood imposed significant limits on any purchases and continued to prevent the exercise of the affected options on its trading platform.
Consequently, the value of the affected options dropped dramatically and remained suppressed throughout the month, causing investors to suffer big losses, says the press release.
Robinhood might also have another lawsuit coming their way from AMC Entertainment.
The trading platform falsely published information stating the movie theatre company had filed for bankruptcy.
CEO Adam Aron did not take it well.
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