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Robinhood Has the Worst Debut Ever for IPO of Its Size [Bloomberg]
Shares in the broker behind the meme-stock revolution fell 8.4% below the IPO price in the company’s first trading session. That’s the worst debut on record among 51 U.S. firms that raised as much cash as Robinhood or more, according to data compiled by Bloomberg.
It dethroned the 2007 IPO by another brokerage, MF Global Holdings Ltd., as the worst debut among qualifying firms. MF Global ended its first day down 8.2%.

Robinhood Stock Stumbled In Its Debut. The Reddit Crowd Rejoiced. [Barron’s]
After Robinhood stock initially tumbled 12% below its $38 IPO price, a popular post on the forum mocked CEO Vlad Tenev and a commenter quipped that Robinhood would limit trading of its own stock—a reference to late January when online brokerages including Robinhood limited trading in certain volatile stocks like GameStop and AMC Entertainment, citing collateral requirements amid frantic trading…. “Future penny stock,” a WallStreetBets commenter wrote on Thursday.

Goldman Sachs has been super-bullish on the global economy, but not anymore. Here’s why. [MarketWatch]
They’ve cut economic growth projections for the low-vaccination Asian economies including India and Australia but also the U.S. — even while upgrading Brazil and Mexico forecasts…. “The share of Americans reporting to ‘always avoid’ high-contact activities has decreased, but remains substantial at around 50% for public transportation and large events, and 30% for travel,” they said, citing YouGov data. “A further recovery will require not only rising vaccinations and related medical improvements, but also time for individuals to become more comfortable.”

Goldman Sachs, Ontario Pension Fund Close to Deal to Buy Covid-19 Test Provider [WSJ]
The deal would value [Amedes Holding] at close to $1.9 billion, including debt, the people familiar with the matter said. Goldman and Omers, plus AXA Investment Managers—the asset-management business of global insurer AXA SA—are buying the controlling stake from European buyout firm Antin Infrastructure Partners.

St. Paul charter school sues hedge fund over $4.3M investment loss, alleging theft or mismanagement [Pioneer Press]
The parties ultimately agreed that Woodstock would invest in certain types of securities intended to preserve capital. Woodstock not only broke that promise but repeatedly claimed the school’s full $5 million investment remained intact, even as third-party monthly statements indicated otherwise…. According to the school’s year-end audit, which was completed in May, the value of the investment had fallen to $684,762. School officials still don’t know what happened to the rest of the money….
The school says only one of two things could have happened: Either Woodstock has “misappropriated approximately $4.3 million of HCPA’s money” or its “performance and management has been grossly negligent to such a degree that it has lost over 85% of HCPA’s investment in the span of just 18 months.”

Hedge Fund Buys Paper. Hedge Fund Closes Paper. [NYT]
Alden has said in its defense that it saves struggling newspapers from failing outright.



Opening Bell: 7.20.21

Pre-IPO happenings; GameStop doesn’t even when the market does; the littlest recession; and more!


Opening Bell: 6.2.21

Murdick’s meme moment; whistleblower bailout; Robinhood grows up; and more!


Opening Bell: 8.11.21

Inflation inflates; Robinhood buys; Vivendi sells; Coinbase booms; and more!


Opening Bell: 8.4.21

Robinhood steals from the IPO participants and gives to the options traders; markets set to tank for no reason at all; Carlyle failure touts Carlyle success; and more!


Opening Bell: 12.21.21

Worry worry worry worry worry worry worry worry; and more!


Opening Bell: 4.19.22

Dek: Robinhood’s buying; Deezer’s dealmaking; consumers are charging; is booting people; and more!


Opening Bell: 7.29.21

Meme stock minimum; Di-delisting; crunch time for Credit Suisse; Twitter, Google step back; and more!


Opening Bell: 6.10.21

The summer of going public; inflation inflates; GameStop plays a bum card; James Biden got a call; and more!