so robin hood is a free trading platform, came under fire from the ftc.ally, it didn't properly discuss close how it makes money. retail investors, they know they don't have to pay piece on their trades, but the way robin hood makes money for selling those trades to market makers. and now this is a very common practice, but the issue was that robin hood didn't properly disclose that, and what the ftc found was that some of the prices on those trades weren't advantageous to retail investors. they found that, basically, retail investors lost about $34 million over a three-year period, so they were fined about $65 million for that the, and they did not have to admit or deny wrongdoing. jack: we should explain that's not a huge hit for each individual investor, it's a fairly small amount. but what might be more troubling is something barron's called out back in august and recently regulators have been talking about, and that's the so-called gamefi case of trading. sometimes the potential gains are highlighted more than the potential losses. that's something t

claimed that its execution quality matched that or that of its competitors so now robin hood is saying that it's working with additional market makers to improve its trading executions but this is going to continue to be a problem especially as robin hood targets demographic and these novice traders with little to no experience in the markets and they are especially vulnerable as robin hood's business model is to kind of investing like one giant casino without providing opportunities for new investors a lot of people joining in times of need much like we said to earn extra income michael i want to turn back to these jobless claim numbers that we mentioned it was supposed to slow modestly but it went from 825002885008 3rd that have the highest number we've seen since september right so how is the u.s. going to dig itself out of this hole. oh it's not going to without crashing 1st unfortunately you know in challenger year 2020 the government will have 4 trillion dollars who are doing dollars assuming this latest iteration of stimulus gets passed and mr powell has promised well in

galvin told cnbc that robin hood was too focused on growth at whatever cost. >> it's very clear thiss a reckless company when it comes to these customers they're interested in expanding their market base. not in servicing their investors. >> robin hood plans to defend the company vigorously they worked to scale up those systems after outages. they say they made improvements to option products and added more safeguards. kelly? >> yeah, it seems like the first of a wave that could be coming from different states and people directed in robin hood's way kate, thanks. >>> that does it for "the exchange." we're moments away from the fed's latest rate decision lemais fn tyr thenor "power lunch." digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. america's been waiting for. get iphone 12 on the 5g this new iphone plus verizon 5g is incredible. switch now and get iphone 12 pro max on us. unlimited plans start at just $35.

how has robin space hood -- how has robin hood foundation been able to get funds and other people toeedy people around the five bouroughs safely? wes: leverage our existing punitive partners, but also a whole new portfolio of new community partners. over 700ave supported organizations this year throughout the five boroughs. for this project, when we knew this is the area we wanted to go , we went to an organization call the streetcar vendors project to identify who they are and provide grants up to one thousand dollars each to all these vendors. alwayswhat robin hood does, go to our community partners, people in the communities who we work with and serve every day, and asked them to help lead us as to where we should go. >> this all comes as new york city is struggling badly. a lot of wealthy individuals have been moving out of the city. we reported this week that goldman sachs is thinking about starting a bigger florida base. so how is all this going to impact broader new york as we move along? what concerns do you have, and what responsibility is there in the financial community th

the complaint alleges that robin hood lured in younger inexperienced traders, manipulating them with video game-like tricks such as showering their screen with virtual confetti every time they made a trade. the company is also accused of failing to prevent some 70 outages that inhibited users' ability to make sensitive trades. back to you guys. >> that's interesting. it's a popular app. thank you, michael. >>> well, rain is on the way to the bay area. we are already seeing some sprinkles in spots. you'll get details on the >>> we need to find out about the rain. let's get to meteorologist sandhya patel. sandhya. >> yeah, ama, you're going to neet those umbrellas late tonight going into tomorrow. some spots in the north they've already seen some spotty showers. rosa a couple hundredths of an inch. novato in sonoma county. low-level hoist yur may result in a couple of sprinkles but we have to wait until later tonight. this is where the rain is up around crescent city, eureka area. it has been coming down heavily in some spots. it is on the way. it's pretty well defined here on the wide

sofi, robin hood and square also offer that feature clients can send shares to an existing brokeragedial account on behalf of kids or relatives. schwab tells me they've seen 18% of all stock slices, as they call them, being sent to custodial accounts in december that's up from about 15% a month earlier. td ameritrade, which is set to merge with schwab, doesn't offer fractionsal trading but they say they've seen a large increase of gifting stocks to individuals and charity in recent weeks. and there are companies like give a share and stockpile that specialize in gifting stocks, which sometimes come with a framed certificate but the gift could come with tax implications you might have a capital gain tax, which then gets transferred to the recipient back to you. >> yeah, good warning. love the festive country background, kate while we have you, robin hood hit with a class-action lawsuit today. what is the latest they're continuing to face some legal trouble here >> yeah, busy couple weeks for robin hood it comes on the heels of an s.e.c. settlement last week. it's really around the sam

it's a televised adaptation of robin hood's annual hero's breakfast.nity partners, community members, and people who served as a great deal of inspiration for us. so it's actually going to be executive produced by a long-time board member of ours. it will include luminaries, new york luminaries. jon stewart, ice-t. a celebration of those getting up and doing the work. when we talk about things people can do, we have been incredibly fortunate that we've had people giving donations to our organization. we've raised over $16 million in our relief fund alone. it's gone toward food and shelter and cash assistance. mental and million health services. but the other thing i think it's important for people to understand now is while it's important for us to to be generous on giving tuesday and also every other day after, is that we need to resist the idea that good deeds alone are going to be sufficient to lead us out of this darkness. and that we have to create better systems that don't leave us consistently with such a deep sense of fillen thrphilanthropi. ev

now, you can argue the robin hood kids don't know what the heck they are doing.s much money, maybe it is time to consider lobotomy. they're betting on resurgence once we are vaccinated it is really a question of when that is, is it we know in other stock, too. the cloud plays or they like the docu sign. and it keeps getting more expensive, $47 yesterday they like simon properties, i don't know it is a mall stock they think that's the ultimate reopening play it is run by david simon and it is probably the best in the business it is remarkable runs in the cruise line that's makiing the robinhoods big money >> they want the best and they are seizing the warning or if not the day to do so i would like to say there is always a bull market some where. i will find it for you >>> i'm shepard smith. on cnbc and this is the news >> americans need help, and they need it now. >> the virus surging job gains slowing. the economic recovery stalled. tonight, who is hiring and the plan to get america back to normal >> so fast we barely, barely could get out. >> fast and furious.

we've seen that that specially retail investors have been on the rise with online brokers like robin hood for instance who offer their trading for free so that also is lowering and you are investors into the stock market. joining us from a rather noisy new york there thanks for joining us. now the likes of disney pixar and dream works are the undeniable heavyweights of animation but now an african player has entered the ring ghana based animax f y b has just secured one of its productions a slaughterhouse and prime. 'd me to my friend an online educational and entertainment platform created am putting east in the name means children in a con one of ghana's widely spoken languages and as it suggests the channel is aimed at kids aged 2 to 14. france's yeshua brown set up an emacs f y b in across 6 years ago my friend represents his breakthrough. in just 3 months my friend could rake in $1000000.00 u.s. dollars something the studio head is rightly proud of that amazon prime do is a huge role for me because. not just me about europe or africa because there is a 1st there and that's really hav

at the very top we need to think more seriously about paris distribution so it's not just about robin hood and redistributive policies but that seems to me what you were getting at with property rights, different arrangements, ownership arrangements, a little bit about redistributive policies and ways in which that could help attenuate the degree. >> with a lot of that, with pre-distribution, as a way to say we should do that and both at the same time. the system, you need to have it, making the id so everybody -- as i was saying, 120,000, so people would receive that much, people who receive 1 million or receive that. you once my opinion, not medical at all just trying to be consistent but if you want to go in that direction. in the direction to address extreme poverty in order to take that and you need progress of taxation and lift dad and income from one way, very extreme competition and also quasi-system tax rate to execute the competition and from 1930 and 1917, whatever is sufficient we need to look at another system, and at the same time to choose between that, we want to move in th

most of the time we seem to be attributing this to the increase in retail traders particular robin hoodre you seeing this in your own operations what do you attribute it to and how do you feel about robin hood and the rise of the retail trader in 2021 >> fantastically unusual thing happened among our customers about a week ago our customers traditionally long the market a week ago it has changed. so our customers tend to be on the selling side of options. there is such demand for these money options that our customers tend to become sellers so they carry a long position in stocks but they override in ratios four to one or five to one against the stock. and it's usually about tesla and amazon and apple that's where most of the action seems to be. so they are long these options and the broker customers are short these options. it's a very interesting situation. it has never happened in our history that our customers as a whole short the market but as of yesterday that is the case >> thomas, this is leslie. i think that's a remarkable stat i'm curious if you think that's a directional play

after that the restaurant can use an app like robin hood to deliver to customers online. through this initiative the bank aims to increase its customer base and expand its lending activities. for restaurant owners there's no commission fee to use the app whereas they might have to pay a fee if they use a rival delivery app. that could allow the restaurant to offer dishes at lower prices to attract more customers. >> translator: our goal is to create a business model in which we benefit and also help small restaurants. >> reporter: with no certainty about when the pandemic will end, it seems a number of food delivery bikes speeding through the streets of bangkok will only increase. nhk world, bangkok. >>> okay, let's get a check on the markets. >>> and that's it for "newsline biz" from our tokyo studios. i'm ramin mellegard. thank you very much for watching. calling -- fighting in northern mozambique displaces thousands. this is "inside story." ♪ imran: hello and welcome to the program. i am imran khan. fighting in northern mozambique is worsening a humanitarian crisis. th

i am not in the stock right now, but i would not bet against the musk >> it is not just the robin hood traders, but the esg funneleds looking for a home >> it is not just esg. it is the future in so many ways i loved tesla two years ago, not because of the cars but because of the intellectual property we will see the trucking industry transform from the autonomous vehicle we will see batteries optimized. and the early adoption of passenger vehicles has given them credit on the street, but there are so many pockets of value that can grow and make our grandchildren breathe easier autonomous trucking and more, it is good news long-term >>> oracle just announcing it is moving its headquarters from silicon valley to austin, texas. governor abbott is on the phone. >> glad to be with you >> it was tesla's cyber truck factory and elon musk is moving to texas what are you doing a lot of tax breaks? >> this is big news, but you talked about elon musk and tesla, we just had the announcement about hewlitt packard enterprise -- also -- formal opening of the charles schwab headquarters moved to the

can names like instacart and robin hood keep the strength going into next year we have a preview. let's begin with a check of the markets. dom chu has that for us. >> the color of the day is green. a lot on the screens dow industrials up just 105-point gain not that bad it's about a third of the percent upside s&p, 3716 the last trade there, 0.50% gains. nasdaq for the composite index leading over 0.50 gains. s&p and nasdaq hit record intralevels today as well as the russell small cap. what's happening with the home builders specifically lenar because it came out with better than expected profits and revenues. you can see here there's been this kind of consolidation move in recent areas and months, so we're waiting to see if that blackings o breaks out for the home builders you mentioned the bitcoin. this is the bitcoin up 11%, off the session highs today. at the highest level we were north of $23,700 per token at the lows during the pandemic, it was below $5,000 per token. look at that over four times, nearly five times return in just that amount of time. we wonder whether or not

every say that is delayed because we're seeing whether or not he's going to be robin hood or not, peopleg in this country. and the check's not going to come. >> they are, chris. but you're looking at the roll call and you're assuming that those votes in the senate and the house hold firm. >> right. >> i don't know what tomorrow brings. i don't know what the reaction is on am terrestrial talk radio and the other cable station and so forth. i'm sure they're thumping their chests in support of the president, and that base may shake those votes. >> that would be awesome. but then you get back to existential question, anthony, which is where you been? the democrats have been fighting for 2,000 for six months. and his own staff have been fighting against it. i don't think he's going to get the clean kill on this and be robin hood the way michael suggests because the facts are against it. but what do you think the chance is his party doesn't veto and go michael's way which is there's too much pressure, he's the guy, he'll haunt us, we've got to give him this. >> i appreciate what michael is say

know, sort of tell our audience who you think investment wise benefits the most from this and as robin hood potentially prepares to go public. >> sure. there's so many interesting themes right now you had a huge way of consolidation rights schwab just finished the acquisition of ameritrade and now they will be focused on integrating that company but that's 30 million account firm at this point so just tremendous platform, and i think they are going to drive a lot of evolution from here in the industry because it is so powerful there's a lot of earnings that will come from that deal so schwab would be one to watch here morgan stanley just acquired e-trade so, you know, i think that's pushing them hard on kind of the digital strategy and moving a little bit downstream in terms of the size of customers so morgan stanley would be another firm i think that will benefit from that and then you mentioned, you know, there's a number of mobile first platforms, whether it's the robin hoods or e-toro, these platforms that have seen tremendous growth over the past year are really gaining market share of

a robin hood foundation and a robin hood app and put the ceo of the foundation on the cover -- not ona criminal, looking like a criminal in hand had to run a correction for this. it's the "new york post," not "the new york times," people have different expectations for a tabloid. but they have to be called out when this he photoshop the wrong guy. >> let's be honest. they are photoshoping an african american ceo trying to help people, mixing it up, as you say, with an app with a similar name. acknowledge the report on it, gave one of the most heartfelt apologies on twitter i have seen in a long time from a journalist, seemingly not acting under legal threat, acknowledge that he had nothing to do with the graphic created. >> right, right. >> they have a history of getting these kinds of things wrong particularly involving people of color. i am not saying that's what happened here, but i am certainly saying there has been a pattern of that. and "the post" has given in some ways a grudging but real correction and apology for that. >> a different murdoch owned property, "the wall street j

so it's not just about robin hood and redistributing policies but pre- distribution. but that is something that you were just getting out, when you talked about property rights, different work arrangements, ownership arrangements, like you mentioned earlier intellectual property, so i wondered if you might say little bit about pre- distributive policies and the ways in which that could help antics and she likes the degree of income and wealth and inequality. >> right so as you just said. [inaudible] no no odd but some people as a way to say we don't need this no no odd we need to both at the same time so you know it's clear if you want to. [inaudible] you need to have a way to to give you the numbers. [inaudible] 120. [inaudible] so people who make zero and in order to pay for that people who are making 1 million they would receive 600. which the stills inequality about children as you will see. we should. [inaudible] the notion that is you should want to go to the direction which should always be again. [inaudible] the direction of wealth and extreme. [inaudible] [in

throughout our 4—year journey, we got several awards. 0ur pantomime that we just did last year, robin hoodthe top five pantomimes in the country for the british panto awards as best pantomime, which was huge, it was brilliant. and we really worked hard to get to that stage, and for it to so abruptly stop and bejust culled instantly wasjust like, yeah, i can't even put into words how soul—destroying that was. pantomime‘s origins can be traced back to italian street theatre in the early 16th century. from there, they spread across europe from italy to france before becoming popular in the uk. i've got to say, i've always had a real affection for pantomime since i was a child and then i took my children to the theatre. but you know what? i've got a sneaking sympathy, affection for the bad guy in pantomime, because the bad guy, you know, everyone boos and hisses them but actually, they‘ re really important. hang on, hang on, hang on a minute. it's notjust the bad guys who are important in panto, it's also the good guys — and i happen to be one of them as well. why are you important, basil brus

in bids, and you can see the stock go up to 35, 1 is 00, and if you have an open market order on robin hoodtually pay that price instead of the other. and really one more fascinating point, it's actually become the term we use for that thing, that's a powerful brand that will stand the it in good stead. we'll watch that closely and talk about it next week, i'm sure. thanks, guys. up next, round table members will give their investment ideas for the coming week. stay right there. ♪ ♪ we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. ♪ usaa hi susan! honey? yeah? i respect that. but that cough looks pretty bad... try this new robitussin honey severe. the real honey you love... plus, the po

in bids, and you can see the stock go up to 35, 1 is 00, and if you have an open market order on robin hoodtually pay that price instead of the other. and really one more fascinating point, it's actually become the term we use for that thing, that's a powerful brand that will stand the it in good stead. we'll watch that closely and talk about it next week, i'm sure. thanks, guys. up next, round table members will give their investment ideas for the coming week. stay right there. ♪ ♪ ♪ you work hard for your money. ♪ ♪ stretched days for it. juggled life for it. took charge for it. so care for it. look after it. invest with the expertise of j.p. morgan, either with an advisor or online, through chase. after all, it's yours. chase. make more of what's yours. (teen) ♪ mom... it happened again. (vo) add some thrill to your wish list. at the season of audi sales event. ♪ ♪ jack: jack, being a good stock picker is hard enough, but this week in your street wise column you write it's actually selling stocks that investors tend to time really a badly. >> yeah. and, you know, there's a research note

in bids, and you can see the stock go up to 35, 1 is 00, and if you have an open market order on robin hoodtually pay that price instead of the other. and really one more fascinating point, it's actually become the term we use for that thing, that's a powerful brand that will stand the it in good stead. we'll watch that closely and talk about it next week, i'm sure. thanks, guys. up next, round table members will give their investment ideas for the coming week. stay right there. ♪ ♪ trelegy for copd. ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze drifting on by you know how i feel. ♪ ♪ it's a new dawn... if you've been taking copd sitting down, it's time to make a stand. start a new day with trelegy. no once-daily copd medicine has the power to treat copd in as many ways as trelegy. with three medicines in one inhaler, trelegy helps people breathe easier and improves lung function. it also helps prevent future flare-ups. trelegy won't replace a rescue inhaler for sudden breathing problems. tell your doctor if you have a heart condition or high blood pressure before taking it. do not t

in bids, and you can see the stock go up to 35, 1 is 00, and if you have an open market order on robin hoodally pay that price instead of the other. and really one more fascinating point, it's actually become the term we use for that thing, that's a powerful brand that will stand the it in good stead. we'll watch that closely and talk about it next week, i'm sure. thanks, guys. up next, round table members will give their investment ideas for the coming week. stay right there. ♪ ♪ [ engine rumbling ] ♪ [ beeping ] [ engine revs ] ♪ uh, you know there's a 30-minute limit, right? tell that to the rain. [ beeping ] for those who were born to ride, there's progressive. verizon 5g is next level.e 5g america's been waiting for. unlimited plans fit everyone in your family starting at just $35, with 5g included at no extra cost. plus, you'll get the entertainment and gaming the whole family will love. 100% obsessed with "the mandalorian." (man) i watch a lot of sports. (woman) it has all my favorite shows. switch now and save $700 on galaxy s20 plus. it's like a gift on top of another gift. gifts k

in bids, and you can see the stock go up to 35, 1 is 00, and if you have an open market order on robin hoodtually pay that price instead of the other. and really one more fascinating point, it's actually become the term we use for that thing, that's a powerful brand that will stand the it in good stead. we'll watch that closely and talk about it next week, i'm sure. thanks, guys. up next, round table members will give their investment ideas for the coming week. stay right there. ♪ ♪ i'm kalvin, and there's more to me than hiv. i'm a peer educator,... a fitness buff,... and a champion for my own health. i talked with my doctor... and switched to... fewer medicines with... dovato. prescription dovato is for some adults who are starting hiv-1 treatment or replacing their current hiv-1 regimen. with...just 2 medicines... in 1 pill, dovato is as effective as a 3-drug regimen to help you reach and stay undetectable. research shows people who take hiv treatment as prescribed... and get to and stay undetectable... can no longer transmit hiv through sex. don't take dovato if you're allergic to any o

so as not just about robin hood and redistributed policies. but pre-distribution. talking about property rights, different worker arrangements, ownership arrangements you mentioned earlier. i wondered if you may say a little bit about pre-distributed policies and the ways in which that could help the degree of incoming wealth inequality. >> right. as you just said, -- [inaudible] as a way to say, okay, we don't need to publish this the taxation. you know that it is clear. [inaudible] zero or that much. 1 million. receiving 600. just trying to compete with the notion. it is not as therapeutic of an opportunity. it is extreme productivity. [inaudible] [inaudible] an option of the competition. [inaudible] we also need to act in the liberal system. we do not want taxation and unequal rights. we want to move in the same direction. i think that pre-distribution,. [inaudible] and access -- [inaudible] and access to -- i think to set that to say the opportunity, it just works. we need to have confidence with it. the same problem -- [inaudible] [inaudible] that is what we s

is filing a complaint against robin hood.lem, ashley? ashley: well, regulators are reportedly accusing the popular trading platform that boasts more than 13 million customer accounts of exposing investors to unnecessary trading risks. regulators claim the company uses the modification tactics encouraging you there-- users to engage citing one customer with no investment experience at all that made 12700 trades in just over six months. massachusetts is the california-based company is falling far short of the fiduciary standard that was adopted this year requiring dealers to act in their client's best interest. the committee says they have not seen complaints yet, but it will work with regulators. stuart: here come the regulators. thank you governors being sued over their shutdown orders, but will any of these lawsuits actually go anywhere? was the endgame with these lawsuits? he will put his legal hat back on-- he's an attorney and he joins me in that 11:00 a.m. hour to answer those questions. next, tom cruise puts on a passio

. >> we saw headlines earlier today that they are getting ipo down the line for robin hoods. >>> we are just getting started. here is what is coming up next >>> new year, new stock picks? a stock technician joins us to give us his three best ideas for 2021 you can't afford to miss this. plus we will dive into the options pits with a look at what to expect. that and a lot more when "fast money" returns (♪ ) keeping your oysters growing while keeping your business growing has you swamped. (♪ ) you need to hire i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. claim your seventy-five-dollar credit when you post your first job at indeed.com/promo >>> welcome back to "fast money. pop quiz time. what do cars, metals, banks all have in common our next guest says they are some of the best looking charts in the market right now. chris, take it away. >> thanks for having me. i want to talk about three names. there are 18 trading days left in the year. what are going to be the st

money is cheap so these types of companies they can attract all kinds of investors especially the robin hood investors who are the the only ones in these names for pop and not for the long term support holders of these names so if you look at the recent i.p.o.'s you have see 3 ai down over one percent today on top of yesterday's 10 percent slide door dash is down almost 3 percent b. is down over 4 percent on top of yesterday's 7 percent debt so you see all these big massive retracement which is very predictable because that was the same trajectory as and live when they i.p.o. as well so you have a ton of hype going in but not a lot to show for it afterwards and the excitement dies down and those there's no clear path towards any sort of probability that sentiment die down pretty quickly but i want to move overseas to the u.k. where the country you mentioned job losses here in the united states well in the u.k. is also facing a record high in job losses in the last 3 months through october the labor market is continuing to deteriorate how is the government tackling this especially as we get i

throughout our 4— yearjourney, we got several awards. 0ur pantomime that we just did last year, namib —— robin hoodtop five pantomimes in the country for the british pa nto pantomimes in the country for the british panto awards for best pantomime which was huge, it was brilliant. and we really worked hard to get to that stage and then fruit to celebrate the stop and be just cold instantly was just like, yeah, i can't even put into words our soul destroying that was. wright pantomime's origins can be traced back to italian street theatre in the early 16th century. from there, they spread across europe from italy to france before becoming popular in the uk. i've got to say. —— i've got to say i've a lwa ys say. —— i've got to say i've always had a really action the pantomime when i was a child and then i took my children to the theatre but you know what? i've got a cease —— sneaking sympathy affection for the bad quy sympathy affection for the bad guy in pantomime because the bad guy, everyone boos and hisses them actually, they are really important. hang on hang on hang on a minute. it's not just th

i know a lot of people who have made a lot of money using robin hood and great for them.sion free and can be very attractive but look at the track record of day traders, most of them lose money so be careful. i don't use it to be one susan. susan: i like it but it brings in new market participants but if you look at it and looks look at video game i've seen on my friend's phone with all these colors and arrows and lots of jingle jingle. i understand it. stuart: i'm an investor, not a gambler. there is a difference between the two. so, i'm an investor but moving on. judy ratigan wants to know when will the entire team returned to the studio? i missed the live interaction between you and your other coanchor's and guests. can't give you a timetable. i'm grateful that susan managed to get in here and sit 6 feet away from me but i wish we could get lauren and ashley back but only time will tell as they say. but we would love to be back together and that's a fact. sue writes this -- we recently stated your soldier florida home. i'm only hoping you did not abandon our beautiful