Robinhood shares surge 60pc on IPO price
Vlad Tenev and Baiju Bhatt, co-founders of Robinhood, attend their company s IPO at the Nasdaq in New York s Times SquareÂ
Credit:
BRENDAN MCDERMIDÂ /ReutersÂ
Shares in stock trading app Robinhood skyrocketed as much as 80pc in early trading on Tuesday, forcing US markets to halt buying amid fears of another speculative bubble, reports my colleague
Matthew Field.Â
After listing last Thursday at a valuation of around $32bn, shares in Robinhood slipped on their first day of trading. But the company has since surged to a market cap of over $50bn. Its shares jumped as high as $85, up from their float price of $38.
Mike Ashley set to step down as Sports Direct boss, according to reports
The retail tycoon is reported to be preparing to hand the day-to-day running of Frasers Group to prospective son-in-law Michael Murray
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North Wales retail park secures new lettings and wants discount supermarket
Flintshire Retail Park has shown resilience with new tenants and lease extensions
Flintshire Retail Park in Flint (Image: Legat Owen)
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Mr Murray is currently head of elevation at the retail group, which also owns House of Fraser and Flannels, and has been tasked with modernising the business and creating a more upmarket image.
However, the report also said sources told the newspaper that the famously mercurial retail boss could still change his plans.
Mr Ashley has been one of the high street s most colourful characters since founding Sports Direct in 1982.
He has rapidly grown his retail operation in recent years, snapping up a number of distressed British brands including Evans Cycles, Jack Wills and Game.
The group is now worth around £3bn and operates almost 1,000 shops.
FTSE on rise as data shows increase in activity for fifth month running for UK service businesses
FTSE 100 begins on front foot with news that the services Purchasing Managers’ Index (PMI) for July come in above forecast, but still marks a slowdown in the recovery.
The seasonally-adjusted IHS Markit/ CIPS UK Services PMI came in at 59.6 for July, which was higher than anticipated, but a drop from 62.4 in June.
The US$40bn takeover of UK microchip designer Arm may be blocked by the government for national security reasons, according to reports. It is being acquired by US tech group Nvidia.