kate rooney. karen, you're commenting on the crypto line. >> i thought it was interesting, i think i read in their comments, they tie it to stimulus so i don't know if the end of stimulus will cool that engine a little bit i don't know it's interesting that they even call it out. that's kind of amazing. >> again, the sustainability question when it comes to visa and the stimulus, will it keep up? >> that really is a million dollar question, what is going to be the consumer behavior and we're seeing that in a lot of the different companies that we've been speaking about. essentially is this going to be a covid related type of dynamic or are these trends going to follow through in the new world? your guess is as good as mine. i will say i think part of the reason visa is trading the way it is after hours, this stock absolutely was on a tear on the back of am ex earnings and i think it had to give up something. it's another one of those situations where i think a lot of this already been priced into

this is kate rooney kate, how your holiday weekend been any barbecue this weekend. much barbecuing. lot of fireworks going on outside our studio right now. that's pretty much the most 4th of july celebrations doing. i outside of our studios right now. it feels like we're right in the firework. there were some fireworks in arizona. the giants were the first team and baseball to 50 winds. everything was great and then they hit a wall. they lost 4 games in a row. 2 of them came to their bitter bitter rivals to the south. the dodgers and then one was to one of the worst teams in baseball. so people were kind of concerned. but they're starting to tighten backup during this final stretch before the all-star break. let's go down to arizona and. >> if you look at jackson giants fans in the valley of the sun. well represented out there in arizona top of the first guys already up one. nothing darin ruf. he finds the gap. >> and left center field buster posey comes on home to score from second it's 2 nothing giants top of the 3rd same score in austin slater. he takes this one

by the way, i'm kate rooney here with you tonight. all and giants trying to salvage the final game of a disappointing series against the lowly pirates. they dropped the first 2, including a 10 to drubbing yesterday. and we've got some giants fans with some. we had bumgarner jeff kent crawfordsville here, the first batter of the a way junior. goes deep to triples alley. >> it's a solo homer way gets off great start. lead one. nothing. let's go to the bottom of the 3rd guess, too little way junlor again. what a season this guy is having. it's 2, one giant wave has 12 home runs in just a 148 at that. he is definitely answered the call when they went to him. >> yeah, was really great today. nice outing also for alex wood. he only gave up a run on 5 and a 3rd innings and struck out 8, including this frees job in the 5th. but shortly after he left the game. the giants in a bases loaded jam. but jay jackson induces kevin newman to hit into the 4, 6, 3, double play to end the inning giants clinging to a 2 to one lead. >> it was a tight game u

kate rooney and jason dumas here with you. we're watching golf history unfold and the gulf are in question. has bay area ties exactly. kate was just telling me she's a mini golf. the fiction otto. >> this guy's pretty good on the main course piketon the tiny ones to yet for sure. the final round of the open was this morning and our boy collin morikawa, the berkeley alum. he was simply fantastic on this weekend. let's head out to saint charles site of the historic british open jordan speith to 2017 open winner. he was great all weekend to and ttday was no different. he shot a 4 under 66 to stay in contention. but one colin is on that much you can do. he sinks the birdie putt to go to 15 under par for the tournament. it takes a 2 shot lead over speed. he's not known for being a great putter, but this weekend when he's puts like this, he will be hard to beat column takes the walk up on the 18th and on the final hole well, in control of his destiny. the crowd loves it and he taps it in on the 18th to take the title becoming not onl

i'm your host kate rooney. jason dumas is off tonight.re starting our show tonight with some baseball. it's hard to believe, but we've reached the end of the 1st half and things couldn't be any better for the giants looking for the sweep of the nationals today at oracle park. some jet skiers in the seems like they have a little bit of an unfair advantage over the kayakers looking for splash. it's anyway. bottom of the second, chris and sally, he has been doing a great job filling in for buster posey and keeps it going here with a three-run home run. this. ali hitting 5.22 with 4 homers against the lifetime that they don't like going up against him. it's 3 nothing san defense to bottom of the 3rd. check out this play by 3rd baseman wilmer flores feel that they're handed. it makes the throw to first in time. still 3 nothing giants meanwhile, haven't gusman putting in an all-star performance ahead of his upcoming all-star appearance gets him looking to keep the scoreless game intact and end the 3rd. and then giants double play in the 4th. it

kate rooney is taking a look at the declines for us. hey, kate. >> hey, bill great to see you bitcoin's drop has been part of this broader move, the cryptocurrency has been falling alongside equity markets and some investors saying it's a hedge against inflation, bitcoin is not proving itself to be that asset like gold, for example, which is up today. bitcoin saw a low of about 32,000 today and some investors see this as a positive, in the near term of at least $30,000. ethey are seeing deeper losses down about 9% today. this crypto drop really started overnight in asia. a state of emergency overnight citing rebounds in covid cases global regulators do not seem to be warming up. we had senator elizabeth warren writing a letter to gary guns letter on the market and the central bank this week called for the shutdown of yet another company that was suspected of providing, quote, software services for virtual currency transactions. guys, back to you. >> just really curious, watching some of your reporting on china actually moving some of tho

kate rooney with who is benefiting the most. kate >> reporter: that rescue package for robinhood is turning out to be a really good deal for the venture capital firms who were in on it index ventures nea swooped in back in january to back robinhood. the startup needed emergency funds to meet capital requirements during the gamestop saga they own more than 30% of robinhood's shares the funding in january was in the form of convertible debt as of today that turns into equity hence the name convertible it was also at a 30% discount to the ipo price and the debt accrued. interest at a 6% rate. and, kelly, if you remember this showed up as a big loss in the first quarter and robinhood has warned about if they have to raise more capital going forward, they can't call up their vcs next time they have an issue. index ventures is one of thehol% stake worth more man $3 billion and led robinhood's seed investment, full circle for that firm nea has stakes worth more than $2 billion along with ribbit there is also a lockup period for the earl

pitch it to kate rooney for sport. a >> and now kron 4 sports. >> could make a diving catch, but i'm going settle for that. all right. 3 games into the 2nd half of the baseball season and the giants still have the best record in baseball. but the dodgers right there behind them. so today san francisco was trying to avoid losing a series to the st. louis cardinals for the second time in 2 weeks. the gateway arch in louis iconic landmark players gets too much of scoreless game in the 3rd. paul dejong turns around a hanging breaking pitch from johnny cueto. it's gone. >> for a solo home run that made it one nothing cardinals. pretty early on. we've got to the top of the 4th darin ruf stern to crush a hanging curve and we have ourselves a tie game that was rough 10th home run of the season. bottom of the 7 harrison bader checks. his swing, the ball goes down. the first baseline kicks off the glove of a motley junior. he flips it to the pitcher that it's too late. infield, single the eventual winning run. it's a tough way t

kate rooney, what do we know >> that is right, brian. good to see you.ngeles county will now require its residents to wear masks inside this is after a rise in kocovid cases and new protocols will go into effect saturday night at 11:59 p.m. he said the requirements will be similar to what was in place prior to california's june 15th reopening. it comes just two weeks after the county recommended similar protocols but they are now requiring masks indoors in l.a. county back to you. >> kate rooney thank you. >>> listen, guy, i'll go to you. guy, i'm not going to ask you to comment on masks or what california does or the right to make their own rules talk to us more about the potential for a reopening stall, an economic stall. by the way, the yankee game postponed tonight, the three pitchers who tested positive for covid, they were all vaccinated. they're probably asymptomatic. but there is still maybe a bigger reopening risk here than we're making, maybe, i don't know >> yeah, and none of us want to be alarmist by any stretch but some of the headlines are

it gives us a lot of information about how their business actually works kate rooney is here with theat do we know? >> robinhood out with its s1 filing with the s.e.c. just a few moments ago. trading has a place holder on the first page offering size of about $100 million. that figure will likely be multiple times higher when it does go public listing on the nasdaq under ticker hood. the main underwriters on this deal, the bankers, goldman sachs, jpmorgan, barclays and citigroup. financials here, robinhood did report a loss in net income in the court. $1.4 billion last quarter. revenue, though, about $522 million. for the quarter, some user numbers here a lot of interest in that. it now has 18 million net funded accounts that's up from 7 million a year ago. so about 150% increase there assets rnd management also a massive jump $80 billion in assets under management for robinhood that's up from $19 billion a year ago and kelly, interesting note on customer allocation. robinhood says they expect underwriters to reserve approximately 20 to 35% of shares for retail traders. for robinhood

and while it started as a retail trading app, the company cease a much more diversified future kate rooneyod hinted at new product lines over the week this was in a virtual stop on the road show on saturday, specifically for retail investors. and during q&a with robinhood customers the ceo saying the startup is considering expanding into retirement accounts with iras and roth iras and they are working on cryptocurrency. executives talked about a single money app, as they called it not a brokerage firm they focused on areas outside of trading that included adding more savings and spending products to diversify the business payment for order flow came up a couple of times and the cfo jason warnicke saying if regulators if so far as to ban the practice robinhood and the rest of the industry will adapt and will explore other revenue sources. the management team chose the questions. they had thousands of submissions from customers and picked at least one question that had nothing to do with the ipo. what ceo vlade tenev's favorite planet was putting aside 35% of its shares on the app they are e

kate rooney's got the details. >> hey, melissa. paypal shares down more than 5% here after reporting lower than expected revenue for the second quarter and coming in light on guidance i spoke to ceo dan shulman right before the earnings call kicked off. he says the weakness was due to ebay transitioning off of paypal's platform. the ecommerce giant has been moving away from using paypal and onto its own payment system. he said it's happening faster than we expected and he describes this as really a timing issue they knew that volumes were going to go away eventually and the sooner they're flushed out, the better shulman says it will highlight how strongly the core business is growing for paypal. on the call, schulman says he expects ebay to make up about 2% of volume by the end of the year he mentioned the delta variant and renewed fears around covid potentially moving people back to online shopping that could weigh on travel and leisure spending he does say online shopping has been resilient even as economies reopen total payment

kate rooney has those stories and more coming up. when a truck hit my son, i had so many questions about his case. i called the barnes firm. it was the best call i could've made. call the barnes firm now and find out what your case could be worth. ♪ call one eight hundred, eight million ♪ why hide your skin if dupixent has your moderate-to-severe eczema, or atopic dermatitis under control? hide our skin? not us. because dupixent targets a root cause of eczema, it helps heal your skin from within, keeping you one step ahead of it. and for kids ages 6 and up, that means clearer skin, and noticeably less itch. hide my skin? not me. by helping to control eczema with dupixent, you can change how their skin looks and feels. and that's the kind of change you notice. hide my skin? not me. don't use if you're allergic to dupixent. serious allergic reactions can occur, including anaphylaxis, which is severe. tell your doctor about new or worsening eye problems, such as eye pain or vision changes, or a parasitic infection. if you take asthma me

. >> the a's have the loan bay area representative kate rooney tell you how he did. coming up. when a truck hit my car, the insurance company wasn't fair. i didn't know what my case was worth, so i called the barnes firm. i'm rich barnes. it's hard for people to know how much their accident case is worth. let our injury attorneys help you get the best result possible. >> 4 more bodies have been found in the rubble of that collapsed condominium in surfside, florida. the death toll now standing at 9422 people unaccounted for the mayor of miami dade county says it is getting more and more difficult to identify the recovered remains. >> at this step in the recovery process. we must rely heavily on the work of the medical examiner's office. they're undertaking technical and scientific across the seas to identify human remains the process is very methodical and it careful and it does take time. >> champlain towers, south condo collapse in the early morning hours of june. the 24th so far a lot of speculation, but no official word on the exact cause of that collapse. >> a family who su

do they ever cried for sports reporter kate rooney. she's live at oracle park. get ready to take on the dreaded dodgers gate. >> the dreaded dodgers familiar foe biggest division rival after the second time in 2 weeks. san francisco is set to take on los angeles. now, last time. for the san francisco. they won 3 games in l a and tonight there will hopefully be no shortage of the drama that we saw last time in los angeles. 3 of the 4 games in that series came down to the 9th inning thrilling plays that that really emblematic of the tension in this series. there is a lot at stake right now. the dodgers are just 2 games behind the giants in the division standings. so say, for instance, if the giants were to sweep the dodgers in this three-game series. they would take a 5 game lead in the standings conversed late. any losses mean that much more ground, that the giants could have to make up later on in the season. but today giants manager gabe kepler tried to stress the importance of approaching this series the same way they would any other. >> i know that. >> i know

kron. 4 sports reporter kate rooney joins us now with the latest information on that. ally troubling situation. this all started unfolding late last night into very early this morning. and while we're still. >> gathering a lot of information. here we are with a few of the things we do know richard sherman was arrested around 02:00am this morning. that's currently being held on suspicion of burglary domestic violence. sherman's wife called 911, from her parents home in redmond at around one 40 this morning, the audio from those calls is upsetting. she explained to the dispatcher that sherman was intoxicated. behaving aggressively and threatening to kill himself when police arrived. they found sherman trying to forcibly enter his in-laws home. that is the burglary piece of this. and while police say he didn't physically harm anyone. it's considered a domestic violence incident since their his relatives. the police said that sherman was initially amicable. but once told he was being arrested he resisted and they used a canine unit to subdue him. he was booked into jail a f

outbreak among unvaccinated players may have to forfeit games kron four's care of sports reporter kate rooney joins us now. cape of the players can imagine. are they behind it. well, mixed reaction so far, some of the ones who are speaking out or not. of course, the ones who are vaccinated are hoping that they'll be able to play as much as possible this year and they did that so that they could have that opportunity. so we're going to see how this affects things. but we're going break it down a little bit for you here to understand what's different today. >> the league sent out a memo to teams explaining this new policy. now, last year there were some covid-19 outbreaks in the nfl and those games were postponed and rescheduled. so no games were missed. all games are played within the 17 week framework of the nfl calendar. this year. if those games cannot be rescheduled within the already established calendar. the games could be forfeited the most important piece to understand is this if an nfl 19 covid-19 outbreak occurs among or is sparked by an vaccinate players and staff and that outbreak

kate rooney has that story.reads rapidly the debate over whether we should all go back to wearing masks is happening again in is happening again in washington. the when a truck hit my car, is happening again in wthe insurance company wasn't fair. i didn't know what my case was worth, so i called the barnes firm. i'm rich barnes. it's hard for people to know how much their accident case is worth. let our injury attorneys help you get the best result possible. why hide your skin if dupixent has your moderate-to-severe eczema or atopic dermatitis under control? hide my skin? not me. by hitting eczema where it counts, dupixent helps heal your skin from within, keeping you one step ahead of eczema. and that means long-lasting clearer skin... and fast itch relief for adults. hide my skin? not me. by helping to control eczema with dupixent, you can show more with less eczema. don't use if you're allergic to dupixent. serious allergic reactions can occur including anaphylaxis, which is severe. tell your doctor about new

kate rooney has a look at how it's trading >> robinhood making its nasdaq debut after pricing near the it's down about 7%, more than 6% heading into the close the stock was down as much as 10% earlier today. analysts tell me the weakness has been in part due to the large allocation robinhood reserved about -- on its app, employees being able to sell also a factor here. robinhood has been private for eight years, so folks may beau cashing in, finally some negative sentiment by customers online i've been on these reddit forums so you don't have to be, a number of people taking joy in the price drop, including dave portenoy. >> because they're still mad at robinhood -- >> yeah, a lot of mentions of gamestop and what happened in january and some of the trading restrictions some people are not over that, but definitely a lot of comments taking joy in the fact that the stock was moving lower a lot of comments in general we have seen in the past some of any viral vents, regardless of whether the comments are negative or positive, have actually been good for their growth. >> kate rooney, thank

kate rooney has a closer look at what's driving this pop in bitcoin today. >> carl, market holding near the highs, pivot on balance. it's a familiar story, certainly not an all-inclusive rally, but plenty to get a new report also up pretty significantly, the u.s. open has been a pretty good bid for risk assets recently also, we've kind of put in the books year to date i would say the sixth significant pullback or single-digit percentage pullback and quick snap back to a new high only one of these you would say we rallied in new highs and never looked back. the others you have a revisit. another big story in real adjusted yields, derived from looking at the ten-year tips yield. this is a ten-year chart a marginal new low this is, all things being equal, supportive of valuations and other risky assets, but it also tells you maybe some muted long-term growth expectations, because they're not very much increased. that would also put yields lower. i also want to point out what happened here in 2012 and 2013, this is a lot of doubt about the resilience of the post-crisis recovery and also the

kate rooney with the details does it have to do with the chip shortage >> it does. >> global foundriessinger has promised to get more manufacturing of chips analysts are split on the merits of this deal one saying, quote, a deal like this seems almost certain to be a huge distraction the companies declined to comment. >> mike, what does the market think about this deal? what is the general narrative? >> it's tough to see a read. intel did open higher, and nvidia is down 4%. amd down just about as much, but i think in general there's an apprehension, a debate around the professed intention to do more manufacturing, and essentially ramp up their ability to actually do this. they already spend a ton on cop exevery year, so i think the idea that intel need to do something bold is not necessarily controversial. i think there's some benefit of the doubt with the new ceo here on how he wants to carve a path. definitely would be, you know, enough risk involved in a big deal like this to merit a bit of concern, because, you know, there's not a lot of track record for this on intel's part. >> an

lots of juicy details in there kate rooney has it hi, kate >>> robinhood listing under hood a little bit on the revenue and where robinhood makes its money. most of that came from options trading at 38% offence action. equities at 25%. cryptocurrencies 17% that was up from just 3% a year ago. so a huge jump in cryptocurrency, revenue and trading revenue there. and, kelly, i know you did ask about the quarterly loss i have a few more details on that the $1.4 billion loss had to do with gamestop. you remember that in january be robinhood raised roughly $3 billion. that was a convertible note. they did that debt at a 30% discount so if you take 30% of that roughly $3 billion, that is what robinhood had to write down. this might be a one-time loss. interesting that it harkens back to the gamestop days be robinhood now as far as total net funded accounts $18 million, up from $7 million a year ago, so 150% increase there big beneficiary of the recent retail boom. assets under custody $830 bil billion. and some of the risks here, a lot of interesting nuggets in terms of what robinhood sees

impact on the film's willingness to bet on chinese start ups or at least it could indicate rooe -- kate rooneynder if the latest is making them to think twice and reconsider their strategy? >> hard to do it historically. venture capitalist investors whether invested in china or not are paying attention all of it that's been going on with didi it's a reminder of the risk for foreign investors and another reason to avoid backing chinese start ups. there's not many firms investing in both china and the u.s. for those who do like sequoia, lightspeed, nea they have separate offices and teams there. one described it to me as parallel universes still some -- investors are increasingly worried about their current portfolio companies and potential ipo prospect lately. you mentioned linkdoc. beijing yesterday stepping up oversight on listings saying the rules of overseas listings for domestic enterprises are going to be updated and those growth prospects we talked about, beijing reminding investors it could essentially shut that down and shut down the trajectory, for example barring didi from adding new

a new survey shows institutions are more bullish on crypto with 70% still expecting to buy kate rooneyidelity is out with the annual institutional investors survey today showing increased exposure and bullishness on cryptocurrencies the firm surveyed more than 1100 institutional investors. money managers, hedge funds, mutual funds more than half of those guys say they now have some exposure to crypto that average was higher in asia at 71% 56% in europe. meanwhile, the u.s. has the lowest exposure at 33% ownership is climbing across the board. it was up 6 percentage points in the u.s. 71% of institutional investors say they plan to invest in digital assets in the future and of that group, 90% say that they plan to make a move in the next 5 years and have at least some allocation to crypto number one barrier to entry still is price volatility. that was followed by lack of fundamentals to gauge value and concerns around market manipulation joining us to talk about these results, tom jessup, the president of fidelity digital assets great to see you thanks so much for being here. >> my plea

we'll check back in with you soon kate rooney is monitoring it soon >>> still ahead, are we witnessingream why a majority of americans are worried about their kids' financial futures. and boeing besieged by setbacks. why is one major wall street firm calling it a top reopening play do our trarsde agree that's next on "power lunch. this past year has felt like a long, long norwegian winter. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again. >>> welcome back to "power lunch. boeing taking flight after baird reiterated an outperform rating and named it a top pick in the air space segment. production cuts and issues with the 787 dreamliner planes. let's bring in the "trading nation" team to discuss. jim gordon and quinn of jewell financial. this is a company at the intersection of industrials and travel shares down about 7% this month. >> yeah, it's tough to make an argument to hold the stock i used to own

gamestop trading 20% below our kate rooney taking a look at where retail traders stand >> reporter: some of the recent meme stock activity is fading but crypto traders appear to be picking up the slack here. the peak of day trading for stocks was back in january during, of course, the gamestop saga nece dropped 30% from the first to the second quarter of this year. goldman sachs lays this out and downgraded schwab and according to another research firm, weekly purchases of meme stocks, notably gamestop and amc, are down from a peak of nearly a billion dollars in june to roughly $300 million this week in the past week purchases of those meme stocks dropped by about 28%. it shows investors are, quote, falling out of love with that segment of the market. stock prices are catching up with some of that weaker demand. shares of gamestop, amc, down about 30% and roughly 6% for the month. still big gainers for the year crypto trading hit a new high. that was as bitcoin touched a high of roughly $60,000 back in may. it's around the $30,000 range and trading around $33,000 today. goldman expects t

. >> thank you, kate rooney. >>> it's been almost six years since square debuted at $9 a share.ed 1800%, now at a $110 billion market cap which is a third of its main competitor but paypal is up to $350 billion now that square is getting bank licenses and entering broader financial services, can they continue growing at breakneck paces. joining us is the managing director at mizuho you're likening investing in square today to investing in jpm way back when, right >> 100%. thanks for having me on the show, it's a pleasure. we think this is the opportunity just like getting into jpmorgan in 1871. and the reason for that is kind of touching on what kate just said now, you're getting square becoming more and more of a bank basically saying you've had jack dorsey saying we don't need banks anymore and this is the quintessential example of how square is getting into banks both on the commercial side on the b-to-b side and later down the road on the cash app side. >> as i was listening to kate, i was thinking about my husband who started his own company back in january and getting a bu

firm also announcing today former intel ceo bob swan will join as an operating partner let's go to kate rooneyo investing. kate >> thanks, julia aria simpson one of the newest and youngest general partners, getting promoted a year after joining the firm great to see you thank you for being here >> thanks for having me, kate. excited to be here >> you're only 30, you started your first vc firm at 24 that's really a dream for a lot of people why leave that behind? and talk us through your role as a general partner verse a deal partner. what's really changing here? >> one of the things that really drew me is it's been the only large vc who has had early conviction and maintained that conviction throughout multiple crypto cycles. and i think that's one thing that sets the firm apart from most traditional vcs i saw the opportunity to do something big here the firm's operating model has -- well, we tried to deliver a lot of value to entrepreneurs. the ability to do the kind of investing i was doing but at a bigger scale seemed like an amazing opportunity. i'm very glad i took it. in terms of how my

sports, a slugger matt olson shows he's more than ready to get ready for the all-star home run derby kate rooney the highlights. plus giants highlights as well. stay with us. come on back. >> and now kron 4 sports. >> best record in baseball. not the first time i've said those words about the giants this season. but here we are at the end of the 1st half. and it's still true. san francisco has won 4 straight games heading into the all-star break. let's check in on today's match up with the nationals. the giants trying to go 3 know wearing those new city connect uniforms looking pretty good there we go. to the bottom of the second curt casali doing a great job filling in for buster posey any keeps it going here with a three-run home run. this. ali is hitting 5.22 with 4 home runs against the nets. >> a lifetime, a pretty good 3 know san francisco. you kevin gausman should bring putting in an all-star performance as he often does. he gave up only a run over 6 innings striking out 9. >> it's a standing ovation from the oracle crowd. why not for that performance. >> next up for him to be in tuesday'

kate rooney is tracking the moves in a big bitcoin conference today >> hey, wil. bitcoin bounting back today. rallied around 23,000. investors in the past hour are closely watching comments today by three of the most influential people in crypto jack dorsey, elon musk and kathy wood the three are on a panel that i think is going on -- i just turned the volume off. hosted by the crypto council for innovation a lot coming out of this and a lot of topics. musk says that on balance he supports bitcoin but brought up the environmental impact of crypto mining. he owns bitcoin, etherium and dogecoin it's a combination of dogs and memes and talk about the irony of this becoming so popular. he also says tesla, of course, holds it -- or holds bitcoin on its balance sheet. another headline, spacex also owns bitcoin as well talked about some of the accusations musk has been manipulating prices. here's what he said about that >> i might pump, but i don't dump so it's not a case of -- i definitely do not believe in getting the price highs and selling or anything like that. so i

> and speaking of bitcoin, robinhood and coinbase are squaring off over revenue from crypto our kate rooney has new data on where the trading money is going. kate >> hey, julia. these two are now competing for the same traders, as robinhood's crypto business grows, coinbase still has more total accounts, but according to some new data, robinhood is growing faster than coinbase this year that growth has been really tied to viral events like elon musk on "snl" dogecoin rallies, and gamestop it could be at risk going forward. according to data from sensor tower, when the meme inspired cryptocurrency dogecoin spiked in april, robinhood saw about 1.6 million new app installs, more than 25% higher than coinbase at the time, and in a week that elon musk was on "snl" robinhood saw roughly 2 million installs that was better than coinbase by about 3% both got a boost from daily installs 8 to 10 times higher than their regular run rates one possible reason for robinhood's lead gamestop also gave them an edge in user engagement robinhood users were spending more than an hour per week on the app in janu

kate rooney has the details. >> robinhood plans to list on the nasdaq under the ticker hood we got a look at the trading app's financials with the ipo paperwork earlier. for the full year, 2020, robinhood was profitable with net income of $7 million compared to a loss the year before for most recent quarter, robinhood lost $1.4 billion, i'm told due to a one time writedown on debt it issued to stay afloat during the gamestop saga they raised $3.5 billion from vc investors in convertible bonds and 30% discount, i'm told that's what's behind the quarterly loss the majority of that was transaction revenue or payment for order flow mostly. and most of it comes from options trading. that made up about 38% of revenue, and equities about a quarter of revenue and cryptocurrencies now accounts for 17% of quarterly revenue that was up from about 3% in the same time a year ago dogecoin accounted for 34% of total crypto revenue in q1 robinhood has 18 million net funded accounts. that's 150% increase in assets -- accounts year over year assets, 80 billion, up from 19 billion ayer ago and setting

so get the latest from kron. 4 sports reporter kate rooney. she joins us here live now in details. good afternoon. kate - had just seen. will this arced all started unfolding late last night into very early this morning. and we're still gathering a lot of information. >> here are a few of the things we do know richard sherman was arrested around 02:00am this morning and is currently being held in the king county correctional facility in seattle on suspicion of burglary, domestic violence. >> he's being held without has not been part of a judge for a hearing and will be charged with any crimes until that time which will likely be tomorrow. so let's break this down a bit further. the burglary term stems from sherman attempting to force entry into a home at which time the police were called. it was determined that the home belongs to his in-laws and because they're related. that's the domestic violence piece. he was arrested in redmond, washington and the redmond police said sherman did not get inside the home, nor did he physically injure anyone when the police told sherman he was und

kate rooney has a breakdown of that >> it is a mixed picture for champ chamath palihapitiya's deals theit down the middle on performance. let's start with virgin galactic he sold his personal stake in that company sending shares down double digits at the time. his firm social capital still owns about 6% of the space tourism company. sofi is another spac winner in chamath's portfolio, year to date, up 30% from the listing price in january it is struggling this month. it is down more than 13% so far. we have clover health as well, the medicare provider is a big underperformer and s.e.c. investigation weighing on that stock. down more than 40% this year and real estate company open door, that name is down roughly 27% this year. two other shell companies, by social capital, haven't announced deals yet. those are flat four social capital biotech spacs that debuted in late june are also flat. the former facebook executive has been the face of this spac renaissance this year so far chamath and his firm raised more than $4 billion for blank check companies. he's also promoting a lot of investme

we appreciate it, kate rooney. and that does it for "the exchange." "power lunch" starts right now tyler? >>> thank you very much. ahead this hour the rally faces a new test with earnings from mega cap tech kms on the docket this week. we'll talk to a manager who expects solid results but also has one big worry. and crypto's comeback. bitcoin having its best day in weeks, but is it a picture perfect short squeeze? we will take a look at what's driving that move. tesla's road ahead, earnings out after the bell former tesla board member will tell us what elon musk has to say to kick start the stock and what tesla needs to do to stay one step ahead of the intensifying competition "power lunch" starts right now >>> and right to the markets we'll keep an eye on the momentum with two hours left to go in the trading session. hasbro is one of the top-performing stocks after they reported strong quarterly results. the ceo said price increases will go into effect in the fourth quarter and commented that costs are four times higher than a year ago. up 12.5% toda

> meantime, robinhood teasing retirement accounts and crypto trading during their ipo road show kate rooney has the details. a fair amount of randomness in that ipo road show as well, like what's your favorite planet? i just googled, pluto is still a planet, i don't think it is. >> it is not i'm told he was joking about that one the astronomy question fell out of the blue and they did get to pick those out of thousands of questions. we did get hints about the future of robinhood toward the end of that virtual session on saturday during q&a with customers. vad saying the startup is considering expanding into retirement accounts with i.r.a.s and roth i.r.a.s he also says they're working on cryptocurrency wallets, so customers can hold their own digital assets robinhood executives talked up robinhood more as a single money app as they described it, not a brokerage firm and they focused on areas outside of trading including adding more savings and spending products executives also highlighted those as ways to diversify the business away from transaction-based revenue. that makes up more than 80

so is it time to get in or abandon ship kate rooney has been following the ins and outs of this crazy year so far for crypto we have seen bitcoin become mainstream. >> that's been one of the big themes is that bitcoin is now mainstream, pay pal lunched a bitcoin offer early in the year and now it is being talked about on wall street in the same way it is being talked about around the dinner table i'm sure you heard more people mention the currencies this year in terms of prices, bitcoin is up 15% year to date. that is pretty much in lockstep with the s&p if you look at the chart, like a matterhorn, you have a huge up and down and it is now right where it was if you bought in january, you didn't look at it. you might be pretty happy with your returns and people compared it to crypto winter which was sort of the next worse performance, that is when crypto was down or bitcoin in particular was down, about 80% at this time of the year it is definitely different this time, it has matured a lot it has taken more seriously as a mainstream asset within the crypto community, almost to the poin

let's get to kate rooney for more >> hey, leslie one big risk here.e of what happened back in january for robinhood. he talked about customer dissatisfaction, litigation as well as congressional investigations around gamestop they also highlighted the need to raise capital pretty much overnight in order to meet deposit requirements bottom line, robinhood says, quote, we cannot assure similar events will not occur in the future at the time robinhood was able to call up its venture capital investors to secure more than $3 billion. that deal was in convertible debt at a 30% discount to the upcoming ipo price and as a result, robinhood reported a $1.4 billion loss for the first quarter. that had to did with the dead deal as for the public company a similar event could hit shareholders when available cash is not sufficient for our liquidity and growth deeds, the start-up might need to engage in equity in debt financing to secure more funds they cannot be sure that would be on attractive terms, as they put it and if additional funds are raised through debt,

kate rooney explains maybe say more risks >> more risks. exactly.he latest risk, deirdre, for robinhood is another regulatory inquiry. stock trades said in a filing late tuesday one of its regulators finra, looking into the fact ceo live tenant not licensed by that agency. not clear how much of a blow this could be. jack dorsey runs square, for example, not registered with them either and another ceo running robinhood securities who is registered's deidre, you mentioned, adds to a long lichte of other inkwurpies revealed originally in robinhood's s1 executives have requests for information and subpoenas regarding trading restrictions around gamestop from january quayle from doj, s.e.c. and states attorneys general order flow remains another uncertainty for robinhood as it goes public tomorrow, and the rest of the brokerage industry this week analysts add now constructs adding if regulators banned payment for order flow, robinhood's revenue severely affected, creating an alarming way for investors. also implies it can keep up with coronavirus growth

kate rooney has the highlights. plus a rundown about the giant. today's did. that's coming up. >> and now kron 4 sports. >> nothing says summer like backyard barbecues. the mlb all-star game well, and in our area, the san francisco fog. but luckily they didn't have to worry about that at the aforementioned all-star game in denver tonight. they had a beautiful night at course field, even venture. call it perfect. baseball weather and shohei ohtani was making history. first he led off the game as the dh only a very nice play by the pirates. adam frazier at second base prevented ohtani from getting a hit. he went o for 2 at the plate. then in the bottom of the first he went to the mound to pitch show. hey, pitched a 1, 2, 3, frame and his only inning and he becomes the first player ever to hit and pitch and an all-star game. we go to the 3rd inning now vladimir guerrero junior just crushes this one to left center that is a 468 foot home run to put the american league up to nothing and vladdy with his signature hop. rounding 3rd base that is the 2 100th homer in a

introducing business, checking, savings and loans this morning kate rooney has the details.y right, it has its own chart cer which separates i from other finteches >> that is the headline here we have this suite of new banking products, but the key part is that for the first times square is not using a bank partner. this is all backed by square financial services that's the fdic insured bank that square launched in march and it fits into the bull case for square becoming that money center bank of the future, as mizihou put it they have square loans, these won't have fees, minimum deposits, transaction limits or overdrafts it works within the square ecosystem you think of with things like payroll and that payment processor. square has had some similar products in the past, and they use sutton bank for those. they're still using sutton for some products. the economics tend to be better if square can issue the loans and cut out the middle man here. i spoke to the head of product at square for this, she told me this is really aimed at small businesses, no plans yet to move over

let's get to kate rooney with all the highlights. >> three of the most influential people in the industrywere paying close attention to this panel. first, ethereum got a boost after tesla's ceo elon musk says that he owns that cryptocurrency musk was wearing a bitcoin shirt, though. he says he's still a fan of that cryptocurrency and he owns bitcoin. he also owns doge coin and talked a bit about that. he highlighted tesla holding b bitcoin on his balance sheet musk says spacexowns bitcoin a well musk talked about some of the accusations that he's manipulating prices or is somehow anti-bitcoin take a listen. >> i might pump but i don't dunk, so you know, it's not a case of -- i definitely do not believe in getting the price high and selling or anything like that. so -- and i would like to see bitcoin succeed. >> the tesla ceo once again brought up the environmental impact of crypto mining. tesla stopped taking bitcoin as payment earlier this year, but musk says the car company will most likely resume accepting bitcoin again at some poin point. he didn't say when jack dorsey talked about sq

part of the all-star festivities for mlb has a bay area representative kate rooney joins us.u how he did. plus another shocker with the u.s. olympic basketball team dream on dame. it's going on. that's all next in sports. >> and now kron 4 sports. >> better than the home run derby to spice up an otherwise dull monday, especially with one of the bay area's very own all stars in action. 8 players in this year's derby at coors field in denver representing the bay area, of course, is first baseman. matt olson who hit 23 home runs the 1st half of the season also had a tough first round tonight having to beat the 24 home runs the baltimore stray hit right before wilson got his turn. he did not disappoint, though polling multiple shots into the 3rd death. the farthest even went 472 feet. thrilling fans all the way up in the nosebleeds came down to the final few seconds olson needing one more time and see it was long but hoped. >> the foul missed it by that much check out all son's reaction as you saw go foul the things he was robbed padres superstar fernando talk. he's also can't be

headlines including reports that the doj is investigating for potential bank fraud let's get to kate rooneysentiment appears to be turning around in crypto markets with bitcoin back above 40,000 today. but it is losing some steam as amazon denies reports that it is getting more serious crypto. a.m. saying that they plan to incorporate bit koip into payments by the end of the year but an amazon spokesperson telling cnbc, notwithstanding our interest if the space, our specific plans is not true one other factor that had fueled the rally earlier in bitcoin, new data shows that more than $800 million in bitcoin short positions were liquidated on sunday night and in other crypto news, some leverage may come out of the marks. two of the world's largest crypto exchanges ftx and finance announced they are lowing the leverage that users could trade with more than 100 to one down to about 20 times. and the justice department meanwhile is reportedly investigating possible bank fraud by executives tied to the cryptocurrency tether, according to bloomberg news. diedra bosa asked the general council abou

kate rooney, is it going to work >> this definitely says something about them wanting to own the supplywn source material, getting ahead of the idea that people care about the carbon footprint it's a multi-year deal they say if this whole extraction process bears fruit, i think there is some uncertainty on whether this will work and fruit bearing as they put it so, too soon to tell for gm. >> what? what, jon, what? >> speaking of risks to the a model, mining lithium in the united states. you think it matter what is political party is in power? i don't know, maybe. >> along with local parties, environmental concerns, all the rest of it kind of in this vein of just a quick comment that bitcoin mining has become a little bit easier to do after the china crackdown because people have gone to less power or cheaper power sources. and the bitcoin miners are flying do you think it's a one-time move >> yeah, exactly speaking of buying, this goes back to the china reaction and shutting down miners the bitcoin network itself lost half of what's known as a hash ri that's the computing power it take

kate rooney will be live from oracle park tomorrow. pre and postgame. now, meanwhile, the a's have had a struggle. against the mariners. it was a struggle. i should say, and the separation between them and astro's. it's growing day by day by day 5 and a half games at this point. but despite the recent struggles the a's have been known as a 2nd half team. we're optimistic that that spark will soon sooner rather than later. >> it's a big hit you know, a blowout away something to just get a little momentum. hopefully we go into the san diego, obviously really good you know, we can money when a couple games. aaron, you know, to take that momentum on no, there's nothing that that we're going to pass. for learn from it. move on and go into ball games. >> the nba draft just 3 days away and does a nation patiently waiting to find out what border state will do with their 2 lottery picks here. a couple of former lottery pick for the warriors. some want them to straight. both of those picks in get someone can come in and help immediately while others thinking of t

kate rooney has the highlights.rundown of ho >> and now kron 4 sports brought to you by xfinity the 2nd half speculation is about to begin will the giants hang on to their spot in first place. with a's close. the gap on houston in the al west. >> big questions. but for tonight it was only about some good old fashioned fun for the all-star game. it was a really beautiful night at coors field. a perfect night for baseball shohei ohtani making some history tonight. first he led off the game as the dh only a very nice play. but the pirates, ada- frazier at second base. >> prevented ohtani from getting hit. he went over to at the plate. then in the bottom of the first he went to the mound to pitch and show, hey, pitched a 1, 2, 3, 4, a in his only inning. he becomes the first player to hit and pitch in an all-star history made. we've got to the 3rd inning. vladimir guerrero junior just crushes one to left center, looking. fernando is reaction. that is a 468 foot home run to put the american league up to nothing. glad he

kate rooney joins us with the latest on that kate. >> reporter: hey, andrew good morning robinhood's startup is interested in expanding into retirement accounts with iras and roth iras. they're working on wallets for cryptocurrencies that would let robinhood customers own their own digital assets they talked up robinhood as a single money app executives highlighted ways to diversify the business model away from transaction based revenue especially as payment for order flow comes under new pressure that included spending and savings products management team chose the questions. they said they had thousands of submissions. tenev appeared to be reading from a teleprompter when answering q&a. he fielded one question that had nothing to do with the ipo user asked him about his favorite planet, which is pluto, by the way robinhood is allocating money to customers. it is expected to list on thursday on the nasdaq guys, back to you. >> so how much do you think talking about the retirement accounts and that piece of it changes the way the investor class, if you will, is going to value this co

kate rooney, was there in cat catalyst. >> 30,000 had been seen as a key support level for bitcoin. wiped out most of its gains year to day, down about 50% from its high. still positive from a year ago in the last day or so, the entire crypto market cap has dropped by about $89 billion analysts tell me it's not any crypto headlines specifically driving this it's still trading -- it'ses a big lockup for grayscale's bitcoin trust ending this week, that's the publicly traded bitcoin proxy. the markets are just quieter in general. volume is a lot lower. one analyst described it to me as a boring market right now >> kate, thanks so much. >>> after the break, colin morikawa scoring a historic win other the weekend. "closing bell" is back in a couple the rule in business used to be, "location, location, location." now it's, "network, network, network." so you need a network that's built right. verizon business unlimited starts with america's most reliable network. then we add the speed of verizon 5g. we provide security that's made for business. and offer plans as low as 30 dollars per lin

should robinhood shares staging a comeback today kate rooney has more. >>> closing about 8% lower, yesterdayhat robinhood investors were hoping for. it set aside the highest allocation ever in an ip oo investors appeared to be focused on some of those regulatory risks, and fears about a possible peak. according to some new data from similar web, monthly active visits and time spend are all down significantly in the past three months web traffic growth fell to its lowest levels. that website growth and mobile apps typically translace, of course we should note that robinhood is still finally cathie wood is officially a buyer. guys, back to you. >> kates, this discussion is -- it's always at, to some degree , so it seems like this is a tension in this company in the conversation surrounding it for a while. >> such a good point, mike that is really fintech in a nutshell square, paypal, they do associate of toe the line being tech focused, user-friendly, apps that keep people engage, yet they operate in a high le regulated industry i think you're spot on, and the difficulty of sort of categorizin