Robinhood's Record Net Deposits

And, Zillow surges as new CEO arrives.

August 08, 2024

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Today is Thursday, August 8, 2024.

The Early Bird Index today is 63.59.

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Robinhood's Record Net Deposits

Share of Robinhood Markets (Nasdaq: Hood) grew 2.22% in after-hours trading on Wednesday after the fintech company posted good financial earnings results.

Financials: Robinhood reported earnings of 21 cents per share in the past quarter and revenue of $682 million; both were better than expected.

Details: The company said it achieved record net deposits of $13.2 billion. Transaction-based revenues jumped 69% due to a 43% increase in options revenue.

Early Bird’s Nest Egg Gains: In 2024, the allure of high returns from speculative trades is driving some investors to buy options (which is risky). This approach, sometimes referred to as "lottery trades," involves placing small bets on stocks expected to perform well.

Final Thoughts: Robinhood is up over 38% this year.

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Notables

Notable Earnings Today: Eli Lilly (NYSE: LLY), e.l.f. Beauty (NYSE: ELF), Plug Power (Nasdaq: PLUG), Unity Software (NYSE: U), Hanesbrands (NYSE: HBI), Datadog (Nasdaq: DDOG), Paramount Global (Nasdaq: PARA), Expedia Group (Nasdaq: EXPE), Under Armour (NYSE: UAA), Papa John's (Nasdaq: PZZA), The Trade Desk (Nasdaq: TTD), Novavax (Nasdaq: NVAX), GoodRx (Nasdaq: GDRX), Krispy Kreme (Nasdaq: DNUT), Sweetgreen (NYSE: SG), Cheniere Energy (NYSE: LNG), Rocket Lab (Nasdaq: RKLB), CleanSpark (Nasdaq: CLSK), News Corp (Nasdaq: NWSA), Warby Parker (NYSEE: WRBY), Yelp (NYSE: YELP), CyberArk Software (Nasdaq: CYBR), Array Technologies (Nasdaq: ARRY), SoundHound AI (Nasdaq: SOUN), Himax Technologies (Nasdaq: HIMX), Akamai Technologies (Nasdaq: AKAM), Amicus Therapeutics (Nasdaq: FOLD), AMN Healthcare (NYSE: AMN), Amplitude (Nasdaq: AMPL), Arlo Technologies (NYSE: ARLO), Arrowhead (Nasdaq: ARWR), Bloom Energy (NYSE: BE), CarGurus (Nasdaq: CARG), Cars.com (NYSE: CARS), Choice Hotels (NYSE: CHH), Cogent Communications (Nasdaq: CCOI), Commscope (Nasdaq: COMM), CONSOL Energy (NYSE: CEIX), Cronos Group (Nasdaq: CRON), Cytokinetics (Nasdaq: CYTK), DigitalOcean (NYSE: DOCN), Diodes (Nasdaq: DIOD), Doximity (NYSE: DOCS), Dropbox (Nasdaq: DBX), First Advantage (Nasdaq: FA), Five9 (Nasdaq: FIVN), Frontier Group Holdings (Nasdaq: ULCC), Funko (Nasdaq: FNKO), Genpact (NYSE: G), Geron (Nasdaq: GERN), Gilead Sciences (Nasdaq: GILD), Ginkgo Bioworks Holdings (NYSE: DNA), Green Dot (NYSE: GDOT), Hilton Grand Vacations (NYSE: HGV), Insmed (Nasdaq: INSM), Iovance Biotherapeutics (Nasdaq: IOVA), Kelly Services (Nasdaq: KELYA), Koppers Holdings (NYSE: KOP), Lamar Advertising (Nasdaq: LAMR), LifeStance Health Group (Nasdaq: LFST), Martin Marietta Materials (NYSE: MLM), MDU Resources (NYSE: MDU), Medical Properties Trust (NYSE: MPW), MeridianLink (NYSE: MLNK), Murphy Oil (NYSE: MUR), Natera (Nasdaq: NTRA), Nexstar (Nasdaq: NXST), NRG Energy (NYSE: NRG), Nu Skin (NYSE: NUS), Open Lending (Nasdaq: LPRO), PAR Technology (NYSE: PAR), Parker-Hannifin (NYSE: PH), Paymentus (NYSE: PAY), PENN Entertainment (Nasdaq: PENN), Piedmont Lithium (ASX: PLL), Pitney Bowes (NYSE: PBI), Privia Health (Nasdaq: PRVA), PubMatic (Nasdaq: PUBM), Rackspace Technology (Nasdaq: RXT), Sally Beauty (NYSE: SBH), Savers Value Village (NYSE: SVV), Solventum (NYSE: SOLV),Spectrum Brands (NYSE: SPB), StepStone Group (Nasdaq: STEP), Synaptics (Nasdaq: SYNA), TechTarget (Nasdaq: TTGT), Tennant (NYSE: TNC), The Beauty Health Company (Nasdaq: SKIN), TKO Group Holdings (NYSE: TKO), US Foods (NYSE: USFD), Viatris (Nasdaq: VTRS), Viavi (Nasdaq: VIAV), Vital Farms (Nasdaq: VITL) Walker & Dunlop (NYSE: WD), Westrock Coffee Company (Nasdaq: WEST), Wheaton Precious Metals (NYSE: WPM), XPEL (Nasdaq: XPEL), YETI Holdings (NYSE: YETI).

Notable IPOs Today: High Roller Technologies, Inc. (NYSE American: ROLR).

Notable Equity Crowdfunding Campaigns Ending Today: Old Rabbit Club (Honeycomb), Wanderlust Wine Co. (Honeycomb), Eddis & Sons Cheesesteaks (Honeycomb).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Zillow Surges As New CEO Arrives

Zillow Group (Nasdaq: Z) jumped 11.73% in after-hours trading on Wednesday after announcing strong financial earnings results and a leadership change.

Powering the Story: COO Jeremy Wacksman has been promoted to CEO. He succeeds co-founder Rich Barton, who remains on the board of directors.

Final Thoughts: Wacksman has his work cut out for him. The stock is down in 2024.

AppLovin Reports Strong Results

The mobile tech company AppLovin (Nasdaq: APP) ticked up 1.21% in after-hours trading on Wednesday after reporting strong financial earnings results.

Final Thoughts: AppLovin is up over 73% this year.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.