Robinhood has launched a new desktop trading platform, Robinhood Legend, and introduced futures and index options trading to its app, aiming to attract more active traders and compete with established brokerages.
Robinhood Markets Inc. has made a significant move to expand its trading capabilities by launching a new desktop platform and adding futures and index options trading to its mobile app. This strategic expansion is part of Robinhood's efforts to cater to more sophisticated investors and compete with traditional brokerages.
The new desktop platform, named 'Robinhood Legend,' is designed for active traders and offers advanced trading tools, real-time data, and customizable layouts. This move marks Robinhood's transition from a mobile-only app to a more comprehensive financial services provider, aiming to capture a larger share of the market traditionally dominated by established names like Vanguard, Charles Schwab, and Fidelity Investments.
In addition to the desktop platform, Robinhood has introduced futures and index options trading on its app. Users can now trade futures on the S&P 500 index, oil, bitcoin, and other commodities. The company offers competitive pricing, with futures trading available for as low as 50 cents per contract for Gold members, significantly undercutting competitors like Schwab and Morgan Stanley's E*TRADE.
Robinhood's expansion into these new trading areas is part of its broader strategy to attract more seasoned investors and increase its market share. The company has seen a surge in its stock price, with a year-to-date gain of over 100%, driven by three consecutive quarters of reported profits.
This expansion comes as Robinhood continues to innovate and adapt to the needs of its growing user base, which includes 11.8 million monthly active users and nearly 2 million premium Gold customers. The company is also exploring international markets and expanding its cryptocurrency offerings, further solidifying its position as a leading fintech firm.
The US FDA has placed a hold on Novavax's trials for its COVID-19 and influenza combination vaccine and standalone flu shot due to safety concerns, impacting the company's market position.
General Motors is investing $625 million in a joint venture with Lithium Americas to develop the Thacker Pass lithium project in Nevada, marking a significant step in securing domestic lithium supply for electric vehicles.
Prada and Axiom Space have unveiled a new spacesuit designed for NASA's Artemis III lunar mission, combining luxury design with advanced space technology.
Stellantis faces a significant 20% drop in third-quarter shipments, driven by inventory adjustments and market challenges in North America.
Woodside Energy reports a significant rise in Q3 revenue, driven by increased LNG prices and record production, while announcing its delisting from the London Stock Exchange.
An analysis of the third-quarter earnings reports from major banks, including Citigroup and Bank of America, highlighting investment banking performance and regulatory challenges.
Credit Agricole is set to acquire a 50% stake in GAC Leasing, a move aimed at expanding its presence in China's burgeoning electric vehicle market.
The French government is contemplating acquiring a stake in Sanofi's Opella to prevent potential job cuts and maintain economic sovereignty as Sanofi plans to sell a 50% stake to a U.S. private equity firm.
ASML's unexpected earnings report has caused significant market reactions, impacting the semiconductor sector and global stock indices.