however, i do applaud robin hood for jumping on the bandwagon because it was a very smart move for them. the point of robin was to game of the stock market, so it's like a video game for users. so windows, when started looking like the ultimate casino game, the ultimate game of taishan of crypto currency. it was smart for robin hood to then put it on the platform to take advantage of the trend. but now a significant portion of its revenue is derived from those clients. and that's dangerous because of the highly i can nature. like you said, there can be amazing applied if it goes to moon, which i doubt, but it can also suddenly without warning. so i think it's okay for a company to hold hold if it wants to, but then investor will just have to be aware of it and the company has to trade like, especially those with name in the future. it's almost no different, like a farmer company holding a speculative asset that could be the next cancer here. or on the other hand, a complete waste of aren't the money that never gets approved or an early stage tech on the whole, the next big app or just a

so robin hood can actually control this. it's completely dependent on the clary houses and clearing houses. they just set requirements that fluctuate daily based on volatility in the market. so if we have another flurry of this mean trading, this could actually happen again. and as a result of setting these trading limits on those names, robin hood based a lot of backlash from outreach customers who lost their money, threatened to leave the app, threatened to sue litigation, etc. that also received us congressional inquiries and investigations, negative media tedra, all of which caused reputational harm to the name and what poses the risk in the future as a publicly listed company to affect the price of stock. yeah, and it's interesting to see the fact that robin hood is now admitting that this could happen again. it's just all up to those read it users who decide to come together. now ben, this is a sentence that would not make any sense if you heard it before this year. but robin hood has also listed don't coin as a risk f

it is no surprise to hear that robin hood's i. p. o is raising questions about the power of mean stocks to disrupt the financial market. robin hood, which can names it is democratizing finance, has found herself caught in the middle of mean stock traders and the s c c. now in its ip filing, robin hood says it cannot assure investors that mean mania like game stop or am see won't hit again. so joining us jobs are boom bus, co host ben. so on and christy i. christy, let's start with you here. now in an i p o filing companies have to list specific risk factors for investors. why would robin hood claim that means stocks are a risk factor? well, it's not exactly the mean talk that are the risk factor, the trading frenzy that comes with that because it's a big risk. and that's because robin hood, like all brokerages, they depend on query houses to clear their trades and execute climes trade. and these clearing houses have certain capital requirements that are raised stream curious of increased and heightened volatility. so that's exactly w

this robin hood going the same route.ng to be part of the bigger technology crowd, you might say. you can see what the trading has done over time. you will hear, you talk about a 55% increase last year. estimated from 2019. another 14% increase this year. clearly, in -- clearly, there are some estimated figures pulled together before this -- before the perspectives came out. we have a better idea with $959 million in the first quarter as opposed to self -- 278 million a couple of numbers -- a couple of years ago. numbers like that pop out. matt: the numbers that pop out to me are the net income and net loss. katie, it's a little bit confusing. only $7 million, but it's better than a stick in the eye. $1.4 billion versus a loss in the same quarter a year ago of a $53 million. are they earning money or losing a lot of it? >> i was a bit surprised. we know they were very active. bloomberg intelligence has a on that. that compares to about 10% a decade ago. that's an environment where you might have expected robin hood to mak

and in other news, robin hood is facing everything from federal, fine to criticism and read it as it files you go public. we'll discuss how all the pressures fans impact the popular app moving forward. and later trade between the you can, you is picking up the fight post wreck, the concert. we'll go over the numbers and see whether the trend will laugh. we have a tax, so today. so let's dive right in we leave the program with by dance, the company behind social media giant tick tock, shelving its plans for an ip mid scrutiny in china. beijing based social media giant last valued at $180000000000.00 in a funding ground in december, had been weighing an initial public offering of all or some of his businesses in the us or hong kong. instead, the companies found or decided that it would be better to wait. joining us out, discuss harpooned by co host, spend swan. christy. i ben, i'm going to start with a big question. why is bite dance, making this move to pull back these plans? yeah, i think there's a couple of big reason for the biggest is that china has this regulator that's essential

however, it's been a slight irony in robin hood doing this given. they were all about sticking it to wall street in a way. and now they've becoming part of that very you know, area place like, you know, as i explained robin, it is a very, very different company in comparison to practice broker or in comparison to charles . many of them broke is that unique strength commission, free and then the really 1st other brokers to adopt this particular strategy. however, i think the area, but investors and traders should be very much mindful of the regulation, something that you touched on here and what that term change. i mean that can change the entire landscape for robin hood. most of the earnings, most of the revenue shows the site it coming from 2 major business areas. number one is auctions, trading, which is completely synthetic and trading. and secondly, crypto. we know that these 2 areas are going to the immense regulatory pressure in the common courses. same thing, and this is just maybe for view as as familiar with with robin hood. do you think the

so robin hood can actually control this. it's completely dependent on the clary houses and clearing houses. they just that requirement that flex.

there's that made it famous thing the world should ignore the robin hood i p o altogether. so what will this mean for the future of the newly public company? joining us now, this guy is michelle snyder, partner and director of training research and education for the market gauge group . now michelle robin hood was just fine $70000000.00 by wall street self regulator for widespread and significant harm to the users. the company is also under scrutiny from the c c over the practices that generate most of its revenue. so how do investors see all of this pressure right now? well, we can add to that by the way, the $12600000.00 they had to pay in restitution. what i like to call the list of their crimes and misdemeanors. for example, false margin information, erroneous margin calls inaccurate account balances, inaccurate options, trading risk mean stocks. they couldn't keep up with the volume. and we had that unfortunate incident where that 20 year old kid committed suicide because he thought he owed a lot more money, which really goes down to i think their biggest issue, which

so where does robin hood make money? first of all, they have interest on their, on investing cash. so in other words, if you don't actually invest the money, they will charge you interest on that. or you also have a subscription service called gold service. they get $5.00 a month on that one from their people and they have $30000000.00 subscribers. but their biggest way that they make money is selling order flow, and that's where a lot of the rhetoric people are extremely upset about. because in essence what they're doing is they're selling your order flow to institutions, which then of course, can jump ahead those trays. so if you put that all together, we have to continue to see where it's going to monetize from number one. obviously it can can itself into too much more trouble at this point. and also just the whole trend of the trading has to continue, which means the market has to face all them if we get any kind of shift in how people are investing, that could be trouble for them. so that's really the bottom line. they had the 0 commission everybody's doing and now it's more c

he and his subscribers have deserted robin hood over those controversies. i think that robin hood has more inexperienced traitors, and therefore, as a proportion encourages riskier trading without the full disclosure of the responsibility. when you have that many inexperienced anderson, robin hood, his racing increased scrutiny from regulators and lawmakers, but with a view on the nasdaq stock exchange, it will now have the money to fight back 6 years. cattle have al jazeera on washington for the mission. ah, this is al jazeera and these are the headlines the philippines has restored a key.

he and his subscribers have deserted robin hood over those controversies. i think that robin hood has more inexperience traders, and therefore, as a proportion encourages riskier trading without the full disclosure of the responsibility. when you have that many inexperienced henderson, robin hood, his racing increased scrutiny from regulators and lawmakers. but with his debut on the nasdaq stock exchange, it will now have the money to fight back 6 years. cattle have al jazeera on washington, the triumphant wait list. highland diaz has arrived home with the olympic gold medal. the philippines has been waiting nearly a 100 years for and she's returned with a message for philippines, politicians who made it a struggle to succeed jamila elling doggone has that story. from manila, she bore the weight of her cuz she is expectations and lifted the spirits of embattled weary filipinos high berlin d. as is the 1st filipino to ever win an olympic gold medal. i didn't speak to the, it's more than it's a we in goal. it came at the time that this country truly is beyond

we didn't build robin hood for the rich or those with decades of experience. we built it for everyone. were humbled to be serving over 22000000 people. the critics say that can also be a bad thing. the gamification has become an issue because it's a little bit like using a virtual credit card. it detaches you from what you're doing. right. so it detaches you from the serious financial implications of the decisions you make, right? because we're used to getting our balloons and confetti when we send each other a text message on our phones. now when we make a potentially of 10 to financial decisions, the company has had several controversies over recent years in june last year, student alec kerns, committed suicide after thinking that he owed more than 700000 dollars on risky investments through the ap, his family later sued the company for negligence. in january of this year, thousands of customers were blocked from buying game stop. shares at the height of its price serves. the company faces a class action lawsuit. and in june this year, us financial regulator

he and his subscribers have deserted robin hood over those controversies. i think that robin hood has more inexperienced traitors, and therefore, as a proportion encourages riskier trading without the full disclosure of the responsibility. when you have that many inexperienced writers, robinhood is facing increased scrutiny from regulators and lawmakers. but with this debut on the nasdaq stock exchange, it will now have the money to fight back years ago. have al jazeera on washington with a head on al jazeera. all of the posters are pretty, pretty spooked out right now. in force, concern from the world record holder is a colona virus. afraid throws the poles of into, into a brought to you by accenture. let there be change the news with me duties by extension that there be change? oh, a 40. i think i can thank you so much. is it a major run about escape hit of the start of the track and field events in tokyo. that will will champion american po vasa. sam kendrick is now out of the games of testing positive because of 19, as a and argent timeko voltage will r

robin hood dropping its s-1.. our next guest has written extensively and crypto makes up 70%. >> great to be here. i'm still trying to recover from that amazon song that was something robin hood's s-1, when so much of the revenue is given in options and crypto and potentially meme stocks, there is a risk. i was even blown away. going from $278 million in 2019 to $1 billion in 2020 to $22 billion this year. astro nom call they went to a $7 million profit in 2020 you never see the hyper growth go profitable they say 80% of their users are organic or referred. i believe it revenue went up 450% >> redity was its marketing until it turned away at the end of q 1 >> we don't have an idea of the cost because frankly, the systems weren't ready. we've seen the upside but we don't see the cost that will come in as necessity of coping with it. right? >> yep risk there's a ton of risk. there's actually 75 pages of risk in the s-1. pretty hard to read through. they list everything temporary outage, customer outage risk. especi

so robin hood has changed all of those models. in south africa, the army has been deployed the cave down to help deal with what local is a calling a taxi war. dozens of people have been killed over the past 3 months. would rival taxi association battling about the ownership of a hotly contested route from cape town? robin smith reports with millions of south africans dependent on public transport. the government is not taking any chances. rival, taxi associations have been fighting for ownership of a busy route. confrontations have raged for years, and it's got worse. with more than a few people killed so far this year. 24 of them in july alone. among those injured a 5 month old baby, i can eat his drivers and bystanders say they are living in fear. we can't exactly drive like the way we used to this is because though the with the, with the got a suit with 2 guys, 3 guys came out on the corner and then just enjoying that fun side of the container where we know mine and those guys came to us, ending with guns and then the shoots. o

here is robin hood, down 34. my opinion it is here to stay. that company. it represents the democratization of investing, robin open 20 million accounts. it is a good thing, see how stock closes at 3398. it is a down day all over. bitcoin dropped below 30,$000 a coin and it is down 38-7. an opinion piece in the new york times calls for noncitizen voting. my opinion, this is why the democrats will not close the border. nancy pelosi friends to arrest members of congress who won't mask up. you can walk into the country with covid but can't walk into the house of representatives without a mask. it is friday july 30th, 2021. "varney and company" is about to begin. ♪♪ fork i'm so excited ♪♪ and i just can't hide it ♪♪ i'm about to lose control stuart: the producers are trying to get this going. susan, good morning. that is my script. >> i'm so happy for cindy lee. stuart: she won the gold medal in the all around. i thought that was pretty cool. isn't that brilliant? that is fantastic. >> in the face of pressure. stuart: she was put on the spot and performed terrif

he and his subscribers have deserted robin hood over those controversies. i think that robin hood has more inexperienced traitors, and therefore, as a proportion encourages riskier trading without the full disclosure of the responsibility. when you have that many inexperienced rangers, robin hood is facing increased certainly from regulators and lawmakers. but with this debut on the nasdaq stock exchange, it will now have the money to fight back years ago. have al jazeera on washington with a mission. ah, this is al jazeera and these are the headlines. the philippines has restored a key defense tax with the united states, which allows joins military exercises. the move was announced during a visit to manila by us defense secretary lloyd olsen. he's trying to bolster ties between the 2 nations which have stagnated during the presidency of rodrigo deter thing us president joe biden has a nice to you push to get more americans vaccinated against covert 19, highly contagious delta. various spreads. he won't states to offer a $100.00 cash incentive and unvaccina

plus robin hood, e*trade and sulfite giving new online competition. the ceo, i started to loyalty and investing one of the biggest names in the market. we will get into that retail sales supply soon take over the retail revolution? one ceo is helping mike the founder, julie will be here to talk about that shopping dining out, hiking threatening to stop america's post- pandemic dharna and changing taxi while on just how dangerous the delta variant really is. information. let's get to the markets on this friday as we head toward the weekend. this past monday, all three major averages it record highs but look where we are right now. nasdaq on facebook worst week in two months and the others heading gone for up nearly 1%, nasdaq one and three quarters%. the question is, what's been driving markets after hitting all-time highs as we said at the beginning of the week inflation fears, rising college 19 delta variant cases all with earnings seasons getting underway. investors are taking a wait and see approach could it be all for it right to the bar and get s

robin hood was accused of getting uses misleading information about their accounts . it must also pay restitution to uses affected by system outages. in march 2020 amazon has formerly asked for us anti trust chief lena con, to step aside from investigations into the e commerce giant con has been a vocal critic of amazon and other us tech firms within at confirmed to appointment as chair woman of the federal trade commission, this month's celebrity investments, encrypt currency has sent value of bit coin and co, soaring and raise their profile mining or making big coins is an enticing prospect in a country like argentine or where the national currency is depreciating rapidly, but there are risk attached people like argentinian alejandro are hard to trace. he's afraid of the tax authorities. he's one of many who mines crypto currency from home lupins. i'm going to go more know any, but we'll get a good investment in argentina because argentina's peso is so weak. you can't get many dollars for it. and you often have to pay for things and dollars. but we have subsidized e

robin hood admits no wrongdoing but neither denies the charges robin hood detailed how it's improvedt, including the ability to call in and talk with a representative for some issues. >>> lumber futures taking a massive nosedive, dropping 42% this month alone, now on pace for the worst month since 1978. cnbc notes that with the massive drop over the month lumber is still twice as expensive as it was before the pandemic. >>> and virgin orbit completing the second successful rocket launch and first commercial mission, sending seven cosmic g off this morning carrying tha satellites from three country noosecountrys the rocket was released over the pacific, then it fired its engine and headed into space virgin now joins spacex in the satellite-launching rocket business >>> on wall street, the dow up 210. the s&p up 6, the nasdaq down 24 i'm shepard smith on cnbc. it's the bottom of the hour, time for the top of the news today's big deadline for every major phone company to roll out new technology that cuts back on those annoying spam calls. how it works and what to expect. manhunt over th

market, he and his subscribers have deserted robin hood over those controversies. i think that robin hood has more inexperienced traitors, and therefore, as a proportion encourages riskier trading without the full disclosure of the responsibility. when you have that many inexperienced strangers, robin hood is facing increased scrutiny from regulators and lawmakers. but with this debut on the nasdaq stock exchange, it will now have the money to fight back years cattle have al jazeera on washington with a mission. ah, hello again. the headlines on al jazeera, the 1st person to be tried under hong kong, national law has been sentenced to 9 years in prison, tony, and was convicted on charges of inciting succession on terrorism. he was arrested last year for writing a motorbike into police officers was flying a fly calling for hong kong with ration. the associated press is reporting the 1st plane, carrying off gun interpreters is arrived in the us. earlier, congress overwhelmingly passed the bill, increasing the number of visas for interpreters in the face, the threat o

. >>> a big business headline, robin hood made debut on the nasdaq under ticker hood. the trading and investment app initially priced shares a the $38 giving a valuation of about 32 billion. stock has been up and down as much as 12% today. robin hood coa gateway for new in under scrutiny for missteps and pr blunders. >>> a live look updow about 173 points. >>> today we learned u.s. economy grew at 6.5% in second quarter. that marks full recovery of losses suffered during the pandemic. a bill making its way through congress may help more. but the hard part is getting it passed. >> reporter: republicans and democrats agree a more than half trillion dollar investment in america's road and bridges will grow the economy. >> massive investment in public infrastructure will create tens of thousands of good paying jobs. that's just what the doctor ordered. >> reporter: two thirds of senators voted wednesday to begin debate on bipartisan infrastructure bill. it invests $110 billion on america's roads and bridges. almost the same would be spent a rail and public transit projects

the company says the issues that were uncovered do not reflect the robin hood of today. we'll see about that one. richard branson version or bit is picking up momentum after its 2nd successful mission to orbit for the year. on wednesday, the mission doug tubular bells, part one, launched for cube satellites for a u. s. department of defense space program. virgin orbit uses a boeing $747.00 to launch and drop rockets from 45000 feet. their rockets then fire and accelerate into space where satellites are released into the orbit around the globe. but check out that finish there. that is incredible. now the 1st successful launch for virgin orbit was back in january, and another mission is scheduled for this month. on that's all for now. you can catch boom bus on demand by downloading the portable t v out for your apple or android device. that's also where you can check out our new a show. i don't understand what's william shatner coming in. we'll see you here next time. and as always, don't forget to question more me. i i use the ah, is your media a reflection of reality? in

robin hood filing to go public what challenges lie ahead.s on two billionaires vieing to blast off within days of each other. soupds like a movie but it is real we'll bring you the details as the final hour of "squawk box" begins rightnow. >> hello and welcome back. u.s. equity futures are not the story. the s&p up seven we have the jobs report about a half hour away treasury yield prior to the release we'll see if there is an impact. 1.444% some of the big stories the china cyber space chigs conducting an investigation asking didi to stop new user registration it just went public in the u.s. this week. we just got news as it was added to the dow jones july 12 coronavirus vaccine j&j said its shot showed promise among the delta variant with a day up mor than 33% >> phil la bow is covering tesla and brian will tell us more about some new in fighting at opec first to phil. >> becky, we think we'll get the q 2 numbers from tesla this comes the second day of the quarter when tesla puts out those numbers. here is what the street is expecting. mod

robin hood bound for one -- [ indiscernible ] the popular stock trading app will be listed under the od. it is aiming for an evaluation of over $40 billion. the move comes as robin hood faces dozens of lawsuits and a historic fine over its business practices. >>> the irs is working to finish more than 35 million unprocessed tax returns. that is according to a report from the national tax payer advocate. the delays come as the agency remains severely under staffed while working through initiatives including several rounds of stimulus checks. >> so the billionaire race to space is moving at light speed, huh? what is the latest on this? >> well, richard is planning to travel to space as early as july 11th. that is nine days ahead of jeff's trip with blue origin. both billionaires are on their respective company's inaugural missions as they try to create the space tourism industry. i will be excited to see and hear what happens with those trips. i don't have the money to go but i'm thankful to say right here on the ground. >> i'm with you. i don't have the money either. maybe we can put t

robin hood sets sail as a public company today. it is making debut on the nasdaq under ticker hood.d at $32 billion and price shares on the low end of expected range between 38 and $42 a share. robin hood has become a gateway for new investors. it experienced record levels during the main frenzy earlier this year but came under scrutiny for some of its missteps. >> cbsmoneywatch.com. thank you much. >>> in a few weeks students will be heading back to the classroom. >> this morning one school district facing a big problem. not enough teachers. ryan is with us from mount diablo with how the district plans on fixing this. good morning. >> good morning. glad to be with you. >> good morning. we hear this is an issue across the board. what do people need to know? >> we are hiring classified and certified staff. by no means is this a mount diablo issue. i believe this is statewide education issue due to retirements and because of cost of living. those interested in applying, we have psychologist jobs, behavior assistant technician, behavior therapist jobs, teachers, para professionals. we

what does this mean for robin hood which just filed its f1 to go public.d has been a big part of this retail trading boom, bringing in new investors to the market you don't exactly agree with this method what some call the gamefication of trading. >> oh, boy great to be here, guys robinhood's business model is as old as time going back 100 years. i'm conflicted with robinhood. they have tens of millions of people that wouldn't have been investing in the financial markets. the problem is, you know, their stated mission is democratize. that's a noble ambition. we say it's like mcdonald's saying they are going to democratize food you teach all the wrong lessons. if you eat milk shakes and hamburgers and french fries you'll have high blood pressure and diabetes and learn all the wrong lessons. so if you view robinhood and also any financial institution through this lens, okay, robinhood in many ways casino or gaming company then it's totally different. in the financial world you have to separate out, you want partners that are either fiduciaries or where the i

in a statement robin hood said it is working on improving the plat form stability among other issues. >>> it is already painful to fill up the gas tank in the bay area, get ready. it ready to spend more. tomorrow, the gas tax is going up about $.51 and it has been increasing every year since 2017 when the senate bill was signed into law to pay for road and bridge work. >> it is tough to get used to. we see gas hikes before and it's always a tough expense to swallow, but it is what it is. >> state gop leaders are pushing for a gas tax holiday giving us a break from the gas tax increase for year. gas analysts say they expect prices to drop come fall. >>> a live look at the golden gate bridge. we are paying more for gas. also tomorrow the golden gate bridge district is set to raise tolls and it keeps on coming. if you have fast track, it will cost you $8.05 and the drivers who opt to pay as you go, that rate will pay $.55 more. >>> still ahead and streaming on cbsn bay area. >> she has no pulse and not breathing. >> a sam is a woman suffers from a heart attack minutes after being pulled

but it robin hood's mission to bring the financial markets to have is working, it's also causing somes of recent years when big investors who bet shares would fall found themselves outgunned by retail investments. and many of them found themselves unable to trade. all of which got the ceo of gamestop and audience in the senate. it continues to attract government scrutiny. he is being investigated by one of the main market regulators. but unlike many tech companies and they come to market, robinhood can point to the fact that they made a profit last year. it's popularity as an investment tool just popularity as an investment tooljust might popularity as an investment tool just might translate popularity as an investment tooljust might translate into popularity with investors. do stay with us on bbc news. still to come, while record why record numbers of bits will be taking to their boards this summer. this is bbc world news. just a quick reminder. federal employees could be told to get jabbed or get tested. the past two decades were warmer, wetter and sunnier the past two decades than

stuart: robin hood going public today.you placate china and compensate investors. just last month, 984 after the 10% rally. stuart: uber is down 2.7%, soft bank pulling down. >> offloading 45 million shares to cover their didi losses, the biggest didi shareholder, 10% of uber. 100 billion, it is ugly and happened fast. stuart: we work sometimes. gigantic loss some time ago. i'm looking at it now. is president biden thinking? how well will the moderate democrats hang on. a provocative headline, biden is sinking because he has gone too far to the left? >> that is mainly the reason. the gallup poll looks at presidential approval ratings and it was 56%. the one they just put out at 50%, a 6 point drop with 1000 feet of altitude and then the direction of the country, since may '55% of people say they are pessimistic, at 20 point swing. what has been going on since then. if you look at president biden the answer is not much. he shows up read something off a teleprompter, does a good job of that and turns the q and a over to jen

right now robin hood, the best days are behind them. >> charles: all right. note, i would like you to share some ideas. i love your ideas. you have these unique ideas. can you share one or two with us? >> absolutely. number one is alarm.com holdings. everybody's been upgrading their houses over the past year. after you paint the walls, buy more furniture or do some renovations, people look to turn their homes into a smart home and alarm.com is a perfect fit. it is 4th of july weekend, man, i'm going to head down to a few bars this weekend to celebrate. boston bar, ticker sam is my pick. 30% off the highs. great for those who are trying to shed a few pounds like with me with their selzter brand. on a side note i will probably have a few cigars as well. >> charles: i'm going to have a cigar as well. toast to that. happy 4th. see you soon. earnings season coming up real soon. it is right around the corner. i think there will be a slight difference this time. looking for monster gains but i think maybe this time the stocks will go up. would you give up social med

and it is a self-regulatory organization and putting the fine on robin hood was a big enough fine to say, you know what, we don't want the s.e.c. coming in. we don't want big regulators coming in and telling us how to run digital businesses in financial services we have got this figured out, we're going to regulate our way there. and so the financial services firms that you heard jamie dimon speak and others about the opportunity, they want to see this market evolve and they want to compete, i just think you know, the regulators will be pushed off for a while as they try and chart this deal. they chart the course a little bit. >> let me challenge you a bit on that innovators dilemma thesis it seems to wear off after a while in tech. look at walmart, and e-commerce. microsoft in cloud, disney in media. after a while, it seems like smart incumbents do manage too to react more quickly. why in the case of the banks are they not in position with the huge customer bases that they already have they don't have to pay to acquire them in quite the same way. why are they not in a better positio

this comes one day after robin hood agreed to pay a record fine of nearly seven. million dollars. robin hood of giving users misleading information and improperly allowing them to make risky trades on wall street stocks finished broadly higher with another record for the s and p. 500 the dow was up 131 points. the nasdaq gained 18 points and the s and p closed with its fourth record in a row. rising 22 points. energy companies, bank stocks and travel related companies gained ground. investors will also encourage that jobless claims were down to their lowest levels since the beginning of the pandemic. bill cosby up next why his release is so concerning to survivors of concerning to survivors of sexual all of this started when we discovered the benefits of local, raw honey for our family. and then we said "hey, you know what? this is a business right here." we went out and started to sell it. to help us get going, we got the chase business complete banking ℠ account. it's more than a bank account. it comes with quickaccept, which lets us take card payments anytime, anywhere, and get

the trading app robin hood has agreed to pay a $70 million fine to settle allegations that it caused and significant harm over the past few years. now, this is the largest financial penalty ever offered order. excuse me by the financial industry regulatory authority. it oversees hundreds of thousands of brokers all across the us and it accused robin hood of systemic supervisory. failures and hurting investors by giving them false or misleading information. robin hood has neither admitted nor denied the claims on wall street markets were mostly higher, with the new record to close out the corridor. the dow was up 210 points. the nasdaq was down 24 from a record high just yesterday, and the s and p was up five points enough for is third all time high this month. that index is up 8% for the past three months and more than 14% on the year so far. i will miss the people. i'll miss being able to have the latitude to make things happen. menlo park's fire chief saying goodbye to the job his love for 40 years after the break, we take a closer look back at his memorable career and bay area mic

here are the movers we're watching today robin hood falling 10% in the debut.95 is the level there. pinterest. down more than 17% finally, microstrategy, struggling to buy more bitcoin, despite a loss in q 2. for the way bitcoin is classified for accounting purposes, tricky accounting there. michael sailer is going to join us in just a few moments meantime, perhaps the biggest name everybody is watching right now, amazon. after earnings last night, those shares are shrinking after revenue disappointed and bosa, who covered the company so closely is here, specifically, with more on the key metrics to watch on what is a mega tech name >> what's really catching the attention of wall street is that guidance midpoint, excuse me, represents growth of year over year and that would be the slowest growth rate in 20 years it is seeing lasting effects of some of the big tech names they saw downturn in the pandemic so, analysts are focussed on that online growth, which the cfo told us is expected to slow for the next few quarters. keep in mind, andy now officially takes ov

robin hood sets sail as a public company. it will make debut on the nasdaq under ticker hood.s valued at $32 billion. it's become a great way for new investors. app experienced record trading during the meme stock frenzy earlier this year. >>> delta says consumers who buy basic economy tickets no longer have to pay change fees through the end of the year. airlines had dropped change fes earlier this year but didn't have the option. this is amid the delta variant of the virus. >> that's good news. i just bought one and i always go for the bottom barrel fare. >> i understand, i know. i am scraping like oh where is that cheap one? >> how willing am i to commit to this. hate those change fees. for others it looks like they're ready to go post pandemic splurging. >> yeah, oh goodness, impulse buying. nearly 60% of millennials say they are willing to go into debt to celebrate the end of the pandemic. travel is the number one category. they're happy to pilot plastic. that's followed by outside entertainment like concerts. new clothes and accessories are also top. i have to add this,

thanks for being with us, always appreciate it, see you again robin hood, robin hood wants its userses are set aside for retail investors and there's a reason for this according to the wall street journal so retail allocation isn't usually 35%, it is pretty small. what robin hood is trying to do is boost the retail participation to drive traffic to their new platform. that is the reason. this will give users access before they start trading which to individual investors is hard to do without a huge hedge fund. we know robin hood is valued at 11 to $14 billion. stuart: that is interesting. robin hood will make it easier for the little guy to get into ipo before it hits the market. will that be a private sale? >> it is ipo axis. it wouldn't be private but in the trench in the ipos as i said you it is not 35%. if it is air b&b i will see for myself, 10% to 15%. >> anything that makes it easier to get into complex situations i'm all for it. nothing wrong with that. >> do we have one? >> can't do that. they are into go public for the second time today. what is the price today? >> $17 belo

. >>> robin hood revealing more details about plans to go public. a federal filing shows the menlo. the stock is expected to be priced between $38 and $42 a share. company plans to list on nasdaq under ticker hood. >>> blue origins says all systems are go to make history tomorrow in west texas. jeff bezos will blast himself to the edge of space in his new autonomous rocket and he will have company. >> reporter: a day before blue origin's scheduled launch bezos insists he is not nervous, just excited. >> this vehicle is ready. this crew is ready. this team is amazing. we just feel really good about it. >> come into the capsule. >> this simulator is the same one tomorrow's blue origin crew has trained in. cornell directs sales for want to be astronauts. >> these are largest windows that have ever flown in space. >> reporter: in the emerging market, blue origins launches vertically, engine generates 110,000 pounds of thrust, passengers experience 3gs of of force. for an 82-year-old, one of the first women to train for space flight in the '60s, this is the chance of a lifetime. >> i hav

i like the stock here and i wish they'd merge with robin hood wouldn't that be a killer.'t know, maybe you heard someone talk about it, i haven't. wm technology. the post-spac company you know as weed maps consumer cannabis app that helps you find legal dispenries and order ahead of time for take-out or delivery and have 10 million monthly active users and growing as more states legalize and the company sells a cloud-based software offering that helps refer retailers. one-stop shop. pancake with the rest of the spacs it rallied 70% from may lows to its peak the day after it's merger closed in mid-june and pulled back more than 5 bucks to below 17. ah, this, my friends, is an opportunity. rather than betting on individual weed growers or retailers which i think is way too hard i like to go to the picks and shovel place that sell the entire industry. the weed maps business is good but the cloud business is great. so are financial, not only is wming technology profitable, it's profitable, even though it's in the weed business, and more than 100% earnings growth in the latest

caroline: it will be so interesting to watch them fight over the same turf, not to mention robin hood going public tomorrow. our next guest, saying it's time for the fed to directly serve main street. a federal reserve economist joins us next to discuss how the fed could become a bank for the people and how they could be using currency to play their part. this is bloomberg. ♪ caroline: we have just been talking about paypal, but let's look at what facebook gave us as well, revenue beating average estimates. up 56% year on year with advertising revenue climbing higher end monthly active users up 7% where analysts expected daily active users at 1.9 billion. but this fact that growth is likely to slow up and the fact that the stock rallied such a significant extent this year, there's probably a little bit of profit taking going on. romaine: you mentioned facebook here, talking about the yellen concern, yellen, knowing that the treasury has a working group that is considering what potentially to do in this realm and whether the treasury or more specifically the fed should be involved. it'

the online trading app robin hood filed for its ipo today, the menlo park company says it wants to set20 to 35% of its stock for its customers. this comes one day after robin had agreed to pay a record fine of nearly. $17 million regulators accused robin hood of giving users misleading information and improperly allowing them to make risky trades. stocks finished broadly higher today. the dow rose 131 points, nasdaq gained 18 and the s and p closed with its fourth record in a row, rising 22 points. investors were encouraged that weekly jobless claims were down to their lowest levels since the pandemic. the cost of the wildfire protection should not be passed on to consumers, e g any custom, major customers frustrated over a proposed rate hike after the break the extra money the utility says it needs to pay for wild fire safety and warmer weather on the way chief meteorologist bill martin will have your holiday forecast coming up, okay. i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to

also ahead, bay area based stock trading app robin hood makes its market debut on wall street. but it did not meet expectations and more than 100 businesses in san francisco's chinatown targeted with lawsuits that some called frivolous the allegations by two plaintiffs regarding americans with disabilities act violations. i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind. but that one call got her a tow and rental... ...paid her claim... ...and we even pulled a few strings. making it easy to make things right: that's what we're made for. usaa. what you're made of, we're made for. get a quote today. usaa. what you're made of, we're made for. man's puppy after an employee accidentally hit the little dog with a work van ktvu zander smith tells us he is now grateful the company helps save that dog's life. oh change, the seventh month old jack russell terrier mix is one lucky dog. many is recovering a beacon veterinary pet