IPO buys for Sofi members coming

Robinhood allowing users to access IPO a ‘clever idea’: Ex-SEC chairman

Former SEC chairman Harvey Pitt on Robinhood reportedly allowing retail investors to access its IPO, the boom in SPACs, and cracking down on Chinese companies.

SoFi will allow its customers to invest in initial public offerings (IPOs) of companies, an investment opportunity that has traditionally been reserved for large institutional investors, the online lender said on Friday.

The move by SoFi comes a day after Reuters reported online brokerage Robinhood was building a platform to “democratize” IPOs, including its own, that would allow users of its trading app to snap up shares alongside Wall Street funds, according to people familiar with the matter.

US REGULATOR OPENS INQUIRY INTO WALL STREET'S BLANK CHECK IPO FRENZY

Robinhood plans to carve out a chunk of its shares on offer in its IPO for its 13 million users, and to use technology it is building to administer this part of the offering, the sources said.

It would need to negotiate agreements with companies and their brokerages and get the blessing of U.S. regulators, the sources said. Robinhood could have leverage in these negotiations by arguing it would be acting as a bridge between the IPO and a major pool of investor demand, the sources added.

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UP Fintech Q4 Results Surge

Singapore-based online brokerage firm UP Fintech Holding Ltd. (TIGR) on Friday posted adjusted net income of $10.3 million, significantly higher than $0.3 million in the same period last year.

Quarterly revenues were up 136.5 percent to $47.2 million from $20 million in the prior-year period.

The company said that during the three-month period, total account balance touched $16 billion, up 216 percent from the year-ago quarter. The company added 44,000 funded accounts in the fourth quarter, 3.9 times higher than the comparable period last year.

Looking ahead, Wu Tianhua, CEO of UP Fintech, said, “We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering.”

Avanza Pasta Recalls Beef And Poultry Products

Evanston, Illinois-based Avanza Pasta, LLC. is recalling around 2,237 pounds of meat and poultry pasta products that were produced without the benefit of federal inspection, the U.S. Department of Agriculture’s Food Safety and Inspection Service or FSIS said.

The products subject to recall involves around 65 items under various brands including AMBROSINO’S, CALABRIA IMPORTS, Conte Di SAVOIA, COUNTRYSIDE FRESH MARKETS, FRANKIE’S DELI, Frank’s Deli, Gene’s, Nature’s Best, and Avanza Pasta, among others.

The meat and poultry ravioli and tortellini items were produced on various dates from October 5, 2019 through March 12, 2021. The affected products were shipped to restaurants, distributors, and retail locations in Illinois, Indiana and Wisconsin.

These items do not bear an establishment number and the USDA mark of inspection. FSIS found out the issue during in-commerce surveillance activities.

There have been no confirmed reports of adverse reactions due to consumption of these products to date.

Consumers who have purchased these products are urged not to consume them, and to either throw away or return them to the place of purchase.

In similar incidents, Food Evolution in early February called back around 6,806 pounds of ready-to-eat or RTE dip and salads products containing meat that were produced without the benefit of federal inspection.

CLS Gourmet CL Saigon Food Co. in December last year called back around 128,841 pounds of various meat products for the same concerns.

LaMarcus Aldridge, Andre Drummond highlight NBA’s top buyout candidates

The NBA buyout market has gained a lot of attention in the past decade usually because it’s a big name or at least well-recognized name that becomes a free agent midseason, usually after the trade deadline.

But how often does a buyout player change a team?

It sounds good in theory but the impact rarely matches the hype. You have to remember a team usually isn’t getting the player in his prime. That doesn’t mean he doesn’t have something to offer in the right situation with the right team.

The Brooklyn Nets recently signed Blake Griffin in the buyout market, and the remainder of the season will determine how he helped the Nets.

Gold Little Changed In Cautious Trade

Gold prices were little changed in cautious trade on Friday as benchmark 10-year Treasury note yields edged higher following the previous day’s disappointing 7-year note auction and further signs of a solid post-pandemic economic recovery.

Spot gold was little changed with a negative bias at $1,727.11 per ounce, while U.S. gold futures were marginally higher at $1,725.70.

Risk sentiment improved somewhat as strong U.S. economic data and progress on vaccination rollouts supported hopes of economic recovery.

Overnight data showed that the number of Americans filing new claims for unemployment benefits dropped to a one-year low last week and U.S. economy grew at a faster pace than previously estimated in the fourth quarter of 2020.

In his first formal news conference, U.S. President Joe Biden promised to deliver 200 million doses of Covid-19 vaccine within his first 100 days in office.

Traders await U.S. data on personal income and spending and University of Michigan’s final consumer sentiment index due later in the day for further hints about the strength of the economy.

German business confidence improved more than expected in March, while U.K. retail sales recovered in February largely driven by non-food store sales, separate reports showed earlier in the day.