Virtu Financial Stock Gains 10% On News That SEC Won’t Ban Payment For Order Flow

Shares of Virtu Financial, Inc. (VIRT) are gaining nearly 10% on Thursday morning driven by the news report that SEC won’t ban payment for order flow.

VIRT is currently trading at $23.48, up $2.07 or 9.67%, on the Nasdaq. The stock opened its trading at $22.97 after closing Wednesday’s trading at $21.41. The stock has traded between $20.90 and $38.63 in the 52-week period.

Virtu Financial is a financial services company, provides data, analytics, and connectivity products to clients worldwide.

Bloomberg News reported that the SEC would stop short of banning payment for order flow, though the regulatory agency may still make rule changes that could lower the profitability of the practice.

Payment for order flow (PFOF) is the compensation a broker receives for routing trades for trade execution to a particular market maker. This type of compensation structure are widely used by brokerages like Robinhood to process retail stock trades.

PFOF has been controversial as it has been called a “kickback” by its critics. The structure has come under regulatory scrutiny due to the recent meme stock trend, with critics claiming that it has created unfair conditions for retail traders.

Policymakers supportive of PFOF and several people in finance who have a favorable view of the practice have defended it for helping develop new investment apps, low-cost trading, and more efficient execution.

Russia, Ukraine Exchange Prisoners Of War

215 Ukrainian soldiers and their 55 Russian counterparts under captivity were released as part of an understanding between the two countries to exchange prisoners of war.

British, American, Moroccan, Swedish, and Croatian nationals and pro-Russian former Ukrainian MP Viktor Medvedchuk also were released Wednesday night.

Five Britons returned home Thursday, BBC reports.

Those released also include commanders of Mariupol’s Azovstal iron and steel works plant.

Ukraine’s President Volodymyr Zelensky thanked Turkish President Recep Tayyip Erdogan for leading this process.

We remember all those who are in Russian captivity, and we will do everything for their rescue,” he wrote on Telegram.

Columbia Sportswear Backs FY22 Outlook; Stock Up In Pre-market

Columbia Sportswear Company (COLM), a maker of sports and fashion accessories, said on Thursday that it has reaffirmed its guidance for the fiscal 2022, following the company’s strong performance.

In addition, the sportswear firm has set financial target for the period starting from January 1, 2023, through December 31, 2025.

For the fiscal 2022, the company still projects to post EPS of $5.00 to $5.40, on net sales of $3.44 billion to $3.50 billion. Analysts, on average, expect the company to post net income per share of $5.16, on sales of $3.47 billion.

For the period up to December 31, 2025, the firm expects its EPS to grow at a three-year CAGR of 12 percent to 15 percent, compared with the midpoint of 2022, reaching $7.35 to $7.95 in 2025.

Net sales are also expected to grow at a three-year CAGR of 9 percent to 11 percent, compared with the midpoint of its 2022 outlook, reaching $4.5 billion to $4.7 billion in 2025.

Jim Swanson, CFO of Columbia Sportswear, said: “Given the confidence we have in the collective strength of our brands and our ability to execute our strategic priorities, we are setting a 13 to 17 percent total annual shareholder return target over the three-year time period spanning 2023-2025.”

COLM is trading up by 4.23 percent at $73 per share in pre-market on the Nasdaq.

Russia, Ukraine Exchange Prisoners Of War

215 Ukrainian soldiers and their 55 Russian counterparts under captivity were released as part of an understanding between the two countries to exchange prisoners of war.

British, American, Moroccan, Swedish, and Croatian nationals and pro-Russian former Ukrainian MP Viktor Medvedchuk also were released Wednesday night.

Five Britons returned home Thursday, BBC reports.

Those released also include commanders of Mariupol’s Azovstal iron and steel works plant.

Ukraine’s President Volodymyr Zelensky thanked Turkish President Recep Tayyip Erdogan for leading this process.

We remember all those who are in Russian captivity, and we will do everything for their rescue,” he wrote on Telegram.

Global Tech Industries Stock Gains 45%

Shares of Global Tech Industries Group, Inc. (GTII) are gaining over 45% on Thursday morning despite no stock-related news to drive the shares.

GTII is currently trading at $1.1750, up $0.3650 or 45.06%, on the OTC, on a volume of 2.9 million shares, above average volume of 142 thousand. The stock opened its trading at $0.9355 after closing Wednesday’s trading at $0.8100. The stock has traded between $0.4302 and $2.1400 in the past 52-week period.

Global Tech Industries Group operates an online cryptocurrency trading platform in the United States. It operates Beyond Blockchain, a cryptocurrency trading platform, which allows multi-currency clearing and direct settlements in Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin among others.

Baby Trend Recalls Cityscape Travel Jogger Strollers

Baby Trend has recalled Cityscape Travel jogger strollers due to risk of fall and injury.

According to the Consumer Product Safety Commission, the parking brake on the strollers can fail, posing fall and injury hazards to children.

The recall involves Cityscape Travel System strollers. The strollers were sold as part of a travel system including a car seat. Baby Trend is printed on the stroller’s frame. A label with Model TJ75B12A, 1-800-328-7363, CITYSCAPE JOGGER TRAVEL SYSTEM, Baby Trend, Inc. 13048 Valley Blvd, Fontana, CA 92335, and the manufacture date and lot information is located on the inside of the side stroller frame.

The recalled products were sold online at Amazon.com and Babytrend.com from January 2021 through May 2021 for about $175.

The company has asked its customers to immediately stop using the recalled strollers. Baby Trend and Amazon are contacting all purchasers directly with instructions for how to return the strollers at no cost in exchange for either a $175 e-voucher for use at Baby Trend’s online store or a full refund.