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Retail investors are building digital trading floors on Clubhouse

Audio chat app Clubhouse has enabled solo investors to build their own digital trading floors. Why it matters: The live, audio-only aspect of Clubhouse gives retail investors a way to mind-meld with more decorum than other platforms, and a way to pick up on insights hard to find elsewhere. Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeThe big picture: Retail trading activity kicked up during the pandemic and coincided with the rise of Clubhouse, which turned 1 year old in mid-March. Individual investors contributed roughly 20% of stock market action on average as of July last year, up from 10% in 2019.Meme stocks and the SPAC boom have been two key drivers of retail interest and growth, pushing individual investors to seek out more information in new ways.What’s happening: Investors with varying degrees of experience can spend a few minutes, hours or a whole day on the app listening to speakers discuss new trends, like marijuana or space, react to breaking news, such as Jeff Bezos stepping down as Amazon’s CEO, or answer questions about investment terms and strategies.Who’s in the room: Crypto entrepreneur Mihai Dinulescu was active during the initial AMC and GameStop frenzy. He described one room as having a mixture of retail investors, hedge fund investors and fundamental analysts. A.J. Lloyd, who has been investing for about five years, moderated meme stock rooms almost daily for weeks. “We’ve had journalists come through, celebrities, billionaires, writers, football players and athletes, and beginning retail investors and veterans,” he told Axios from Paris.A former M&A executive who goes by SPAC Guru, or just “G,” joined the app in early February as part of his search for the “next big thing.” He told Axios he uses the app after trading hours to get away from his nine computer screens as a way to unwind and to give back.What you hear: There are discussions about strategy (who’s long what, how do I use options in my portfolio), there is worry, excitement and laughter (“to the moon!”), an atmosphere of respect and camaraderie, and an eagerness to teach or to learn. During the GameStop trade, “the dominant theme from the questions was confusion,” Dinulescu said of one room. “People were getting lucky, but they didn’t know how to get smart. ‘I got lucky. I got this. What does this mean? How do I turn my momentary gains into a consistent strategy?’”In a recent room about Lilium, a new eVTOL company going public through a SPAC, G heard from an engineer who discussed different technologies they feel are far from viable, which made him reevaluate his investment in Lilium’s upcoming merger with Qell Acquisition Corp. “These are not things you’d read in filings,” G told Axios. On an average trading day, a moderator for the Trade All Day room who goes by May told Axios that she likes to say good morning to others. “I like the people in the room, so that starts my day in a nice way,” she said. “I like to trade happy. The Trade All Day Room has a great vibe.”Maurice Byron Boone, who also hosts with May, told Axios he likes being able to talk to someone somewhere else in the world and ask if they see the same things he’s seeing on a technical chart. Yes, but: Misinformation on Clubhouse could lead to bad trades, and there can be a lot of self-promotion.The bottom line: “Clubhouse expands the limitations of other social media apps,” said trader Lamar Francis. Like this article? Get more from Axios and subscribe to Axios Markets for free.


Amazon Apologizes For Tweet Amid Claims That Its Workers Pee In Bottles, Inc (NASDAQ: AMZN) has issued an apology to Wisconsin congressman Mark Pocan over the issue of workers peeing into bottles. What Happened: Amazon apologized for a tweet it posted on March 24 in response Pocan, who said the company makes “workers urinate in water bottles.” The company responded by saying, “You don’t really believe the peeing in bottles thing, do you? If that were true, nobody would work for us.”On Friday, Amazon said this was a mistake: “This was an own-goal, we’re unhappy about it, and we owe an apology to Representative Pocan.” 1/2 You don’t really believe the peeing in bottles thing, do you? If that were true, nobody would work for us. The truth is that we have over a million incredible employees around the world who are proud of what they do, and have great wages and health care from day one. — Amazon News (@amazonnews) March 25, 2021 The apology goes on to deny that its fulfillment centers have problems with workers and restroom breaks, while acknowledging that its drivers may have trouble finding restrooms “because of traffic or sometimes rural routes” especially during the pandemic. “This is a long-standing, industry-wide issue and is not specific to Amazon,” the company said. Why It Matters: The March 24 tweet was met with quick criticism, and the apology isn’t faring much better. The Verge criticized it as ungenuine, noting that the apology is to the congressman, not workers, and for claiming the issue only concerns drivers. Amazon for years has faced accusations that workers are under so much pressure that they forgo bathroom breaks. The complaints have included both warehouse workers and drivers. The company also is in the middle of a union battle, featuring what could be a landmark vote that has implications not just for Amazon locations, but other tech companies in the U.S. as well. Amazon’s Twitter activity on this front also has drawn heat. Photo: Flickr/Tony Webster See more from BenzingaClick here for options trades from BenzingaWho Was Behind Friday’s Massive Block Trades?’SNL’ Takes On NFTs© 2021 Benzinga does not provide investment advice. All rights reserved.


Bitcoin (BTC) Breaks Out Above $60,000 but Fails to Sustain Highs

Bitcoin is expected to validate the $59,500 area as support and gradually increase towards a new all-time high. Bitcoin Reaches $60,000 The daily chart shows that BTC has been increasing since March 25. Yesterday, it briefly broke $60,000 before retracing slightly. However, BTC has yet to reach a close above the $59,500 resistance area. It … Continued


As Meme Stock Mania Fizzles, Wall Street Sees ‘Big Reckoning’

(Bloomberg) — The day-trading Reddit crowd turned the first quarter of 2021 into one of the wildest periods of stock market mania in modern history. Books — plural — will undoubtedly be dedicated to the topic in years to come.But after these small-time speculators banded together to drive up dozens of obscure stocks by hundreds or even thousands of percent — and in the process burned a few hedge-fund barons betting on declines — the movement appears to be petering out. An index that tracks 37 of the most popular meme stocks — 37 of the 50 that Robinhood Markets banned clients from trading during the height of the frenzy — is essentially unchanged over the past two months after soaring nearly 150% in January.Talk to Wall Street veterans and they’ll tell you that this flat-lining is the beginning of what will be an inexorable move downward in these stocks.It’s not so much about the poor fundamentals of the companies. At least not in the short term. The day-trading zealots have shown a surprising ability to ignore those facts. It’s more that as the pandemic slowly winds down and the economy starts to open up, many of them will leave their homes and start going back into offices and out to restaurants and embarking on trips near and far. And as they do, they may stop obsessing about their Robinhood accounts.Their collective sway on the meme-stock universe, in other words, will wane.“People are going to be doing other things,” said Matt Maley, chief market strategist at Miller Tabak Co. There will be a “big reckoning” at some point, he said. “There’s no question in my mind.”Of course, the Wall Street set has, broadly speaking, misread the Reddit crowd for weeks earlier this quarter, and it’s possible their analysis is wrong again now. Preliminary data, though, suggests they’re right.Recent reports suggest vaccinated Americans are planning long-awaited vacations with searches for “Google flights” reaching a peak popularity score of 100 this week, according to a Google Trends tracker. The opposite is being seen for terms like “stock trading” and “investing” which have plunged, Google Trends shows.“The stimulus check impact on retail trading is waning,” said Edward Moya, senior market analyst at Oanda. “Many Americans are looking to go big on attending sporting events, traveling across the country, vacationing, visiting family and friends, and revamping wardrobes before going out to restaurants, pubs and returning to the office.”Gamestop JuggernautVideo-game retailer GameStop Corp. became the poster child for retail traders looking to rage against the hedge fund elite. However, the stock’s 2,460% roller coaster alongside other favorites touted on Reddit’s WallStreetBets thread caused as much pain as it did joy.The stock’s more than 900% surge this year has drawn a wary eye from the Wall Street analysts that follow it. The average 12-month price target implies the stock will lose more than three-quarters of its value from current levels. Only Jefferies holds a price target near Thursday’s $191.45 close and that call came with the warning that shares are “subject to volatility beyond fundamentals.”But any sense of GameStop trading on fundamentals has been ignored since it first captivated Wall Street and Reddit users in the back half of January. Bulls are more than happy to tout their bets on forums as a move to stick it to short sellers as they buy into a company rebirth delivered by activist investor Ryan Cohen.Given AMC Entertainment Holdings Inc.’s position as a movie theater many Americans went to at some point, it’s not a complete surprise as to why Reddit users rushed to the company’s aide. #SaveAMC trended on Twitter and amateur investors appeared more than happy to fight against Wall Street’s skeptics despite most movie theaters being closed due to the ongoing pandemic.The chain’s latest rally came amid plans to continue reopening cinemas, however, Wall Street is skeptical. None of the nine analysts tracking the company rate it a buy and the average price target implies the stock will lose 63% of its value in the coming year.Retail euphoria leaked over to a broader range of securities from cult-favorites like Bitcoin, Tesla Inc., and the ARK Innovation ETF to smaller companies like the clothing retailer Express Inc. Chinese tech company The9 Limited is among the group’s best performers this year with an 860% surge.The company’s rally has been fueled by recent moves to ride the Bitcoin wave alongside peers like Future FinTech Group Inc. and Ault Global Holdings Inc.Zomedica Corp., a small-cap animal health company, has become a cult favorite among retail investors chasing stocks with low share prices. The Ann Arbor, Michigan-based company started the year worth less than a quarter, but had soared as high as $2.91.Trading volume of the company has accelerated this year with an average of 174 million shares changing hands per session, more than four times the average over the course of 2020. A mention from Tiger King’s Carole Baskin helped it go viral in mid-January.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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10 Best Stocks to Invest in 2021 For Long-Term Profits

In this article we will take a look at the 10 best stocks to invest in 2021 for long-term profits. You can skip our detailed analysis of these stocks’ outlook for 2021 and some of the major growth catalysts for bank stocks and go directly to 5 Best Stocks to Invest in 2021 For Long-Term […]

BioNTech Stock Has Surged on Covid Vaccine. Its Next Big Hit Might Take a While.

Dr. Ugur Sahin, the German professor who co-founded the biotech firm (BNTX), is a multibillionaire, at least on paper. American depositary receipts of BioNTech (BNTX) are up more than 235% since the start of 2020. BioNTech expects revenue of more than $11 billion from the 1.4 billion Covid-19 vaccine doses that it and Pfizer are contracted to deliver this year.


Tesla’s first-quarter deliveries break previous record, beat expectations

“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity,” Tesla said in a statement. Tesla’s Shanghai factory started production of the Model Y late last year in the key market where it already produces Model 3 sedans. In February, Tesla’s China sales jumped from the previous month even as demand usually falls during China’s Lunar New Year holidays which occurred that month.