February 25, 2021

AMA: Reddit, Robinhood and 'Roaring Kitty' to face a grilling today for the GameStop 'stonk' frenzy

[] Robinhood, Reddit and 'Roaring Kitty' to face a grilling for the GameStop 'stonk' frenzy | Fortune© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our u003ca href="https://fortune.com/terms-of-use/">Terms of Useu003c/a> and u003ca href="https://fortune.com/privacy-policy/">Privacy Policyu003c/a> | u003ca href="/california-privacy-policy/#notice">CA Notice at Collection and Privacy Noticeu003c/a> | u003ca href="https://fortune.com/right-to-opt-out/">Do Not Sell My Personal Informationu003c/a> | u003ca href="http://preferences-mgr.trustarc.com/?pid=fortunemedia01&aid=fortunemedia01_pub&type=fortunemedia">Ad Choices u003c/a>u003cbr />nFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.u003cbr />nQuotes delayed at least 15 minutes. 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Morris"},"children":[]}]},{"name":"content-list-item","config":{"title":"States are ‘diverging from CDC guidance,’ resulting in an unequal vaccine rollout, experts say","permalink":"https://fortune.com/2021/02/17/covid-vaccine-cdc-guidelines-us-states-unequal-rollout-coronavirus-vaccines-pfizer-biontech-moderna/","hasVideo":false,"themeName":"article-sidebar","isNativoTout":false,"eyebrowSectionLabel":"Health","eyebrowSectionLink":"https://fortune.com/section/health/","eyebrowTagLabel":"COVID-19 Vaccine","eyebrowTagLink":"https://fortune.com/tag/covid-vaccine/","publishDateIso8601":"2021-02-17T06:00:00-05:00","id":2948535,"excerpt":"A lack of a national strategy and overburdened health care workforce has led to wide gaps in the COVID vaccine eligibility verification process.","type":"post"},"children":[{"name":"byline","config":{"link":"https://fortune.com/author/sayak-mukherjee/","name":"Sy Mukherjee"},"children":[]},{"name":"image","config":{"aspectRatio":0.6666666666666666,"attachmentId":2949476,"alt":"COVID vaccine verification","caption":"","crops":[],"height":3120,"imageSize":"article-sidebar","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg?quality=60&resize=60,40","postId":2948535,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[130,86]},"descriptor":100}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg?resize=130,86 100w","url":"https://content.fortune.com/wp-content/uploads/2021/02/COVID-vaccine-verification.jpg","useBasicImg":false,"usingDataFallback":false,"width":4589,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"100px"},"children":[]},{"name":"byline","config":{"link":"https://fortune.com/author/sayak-mukherjee/","name":"Sy Mukherjee"},"children":[]}]},{"name":"content-list-item","config":{"title":"From concrete to steel, how construction makes up the ‘last mile’ of decarbonization","permalink":"https://fortune.com/2021/02/16/concrete-steel-construction-design-climate/","hasVideo":false,"themeName":"article-sidebar","isNativoTout":false,"eyebrowSectionLabel":"Environment","eyebrowSectionLink":"https://fortune.com/section/environment/","eyebrowTagLabel":"Climate Change","eyebrowTagLink":"https://fortune.com/tag/climate-change/","publishDateIso8601":"2021-02-16T05:18:25-05:00","id":2953006,"excerpt":"Buildings are responsible for 40% of the world’s emissions. Making them truly carbon neutral will require breakthroughs in carbon capture and storage—and really good design. ","type":"post"},"children":[{"name":"byline","config":{"link":"https://fortune.com/author/katherine-dunn/","name":"Katherine Dunn"},"children":[]},{"name":"image","config":{"aspectRatio":0.6666666666666666,"attachmentId":2953452,"alt":"Climate Package 2021-Home Emissions","caption":"","crops":[],"height":1920,"imageSize":"article-sidebar","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg?quality=60&resize=60,40","postId":2953006,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[130,86]},"descriptor":100}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg?resize=130,86 100w","url":"https://content.fortune.com/wp-content/uploads/2021/02/Climate-Package-2021-Home_Emissions2.jpg","useBasicImg":false,"usingDataFallback":false,"width":2880,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"100px"},"children":[]},{"name":"byline","config":{"link":"https://fortune.com/author/katherine-dunn/","name":"Katherine Dunn"},"children":[]}]}]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles1","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":2}},"children":[]},{"name":"dianomi","config":{"type":"sidebar"},"children":[]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles2","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":3}},"children":[]}]},{"name":"article-media","config":{"publishDate":"","type":"video","section":"Newsletters"},"children":[{"name":"brightcove-video","config":{"accountId":"2111767321001","disableAds":false,"disableAutoplay":false,"disableContinuousPlay":false,"disableViewplay":false,"isLeadVideo":false,"loop":false,"playerId":"HDNR3TkSj","stickyPlayerOff":false,"silentlyAutoplay":true,"videoId":"6232982474001","section":"Newsletters"},"children":[]}]},{"name":"article-body","config":{"mediaType":"video","premiumCategory":"P-Newsletter"},"children":[{"name":"gutenberg-content","config":{},"children":[{"name":"html","config":{"content":" u003cp>u003cem>This is the web version of the Bull Sheet, Fortune's no-BS daily newsletter on the markets. u003c/em>u003ca href="http://bullsheet.fortune.com/">u003cem>Sign up to receive it in your inbox hereu003c/em>u003c/a>u003cem>.u003c/em>u003c/p> u003cp>Good morning. How cold is it? It's u003cem>so coldu003c/em>...lawyers have their hands u003cem>in their own pocketsu003c/em>. It's u003cem>so coldu003c/em>... ranchers in Arkansas are putting pantyhose over the heads of their calves to keep them from freezing. That second one u003ca href="https://fortune.com/2021/02/17/us-farmers-cold-weather-duct-tape-cows-ears-freezing-off/">is no joke.u003c/a> The deep freeze continues to wreak havoc across much of Texas, and that's roiling the U.S. energy and oil markets. Stay warm, dear readers!u003c/p>u003cp>u003c!-- piano selector -->u003c/p>u003cdiv class="paywall"> u003cp>Meanwhile, at high noon today the House Financial Services Committee will convene a historic hearing on the role social media and zero-fee apps play in triggering asset bubbles and stock-picking manias. Lawmakers u003ca href="https://www.cnbc.com/2021/02/17/gamestop-hearing-what-to-expect-from-robinhood-reddit-and-citadel.html">will grillu003c/a> the CEOs of u003cstrong>Robinhood u003c/strong>andu003cstrong> Redditu003c/strong>, plus hedge fund chiefs at u003cstrong>Melvin Capitalu003c/strong> and u003cstrong>Citadelu003c/strong> about what led to the massive rise and fall of u003cem>stonksu003c/em> like u003ca href="https://fortune.com/company/gamestop/" target="_blank">GameStopu003c/a>, AMC Entertainment and Tootsie Roll. Also on the docket is YouTuber Keith "u003cstrong>Roaring Kittyu003c/strong>" Gill. I sure hope Gill wears that u003ca href="https://www.bloomberg.com/news/articles/2021-02-17/roaring-kitty-wants-you-to-know-he-s-no-wolf-of-wall-street?sref=WtHiUFSX">T-shirtu003c/a> of the kitten donning sunglasses, Top Gun-style. (Note to self: It's time I updated my newsletter attire to something more befitting a bull market. Any T-shirt suggestions?)u003c/p> u003cp>Checking in on those meme u003cem>stonks,u003c/em> I see GameStop shares are upu003cstrong> 1.1%u003c/strong> in pre-market trading this morning. That's after plunging a further u003cstrong>7.2% u003c/strong>yesterday. u003c/p> u003cp>Elsewhere, crude and Bitcoin are climbing. u003c/p> u003cp>Let's see what else is moving markets.u003c/p> u003ch2>Markets updateu003c/h2> u003ch4>Asiau003c/h4> u003cul>u003cli>The major u003cstrong>Asia indexesu003c/strong> are lower in afternoon trading, with the u003cstrong>Hang Seng u003c/strong>down u003cstrong>1.6%u003c/strong>. u003c/li>u003cli>The dispute between u003cstrong>Australiau003c/strong> and u003cstrong>Big Techu003c/strong> about compensating publishers for their work is getting uglier. u003ca href="https://fortune.com/company/facebook/" target="_blank">Facebooku003c/a> has decided to u003ca href="https://fortune.com/2021/02/17/facebook-australia-block-news-google/">restrict the sharing of news u003c/a>on its platform for users in the country.u003c/li>u003cli>u003cstrong>Saudi Arabiau003c/strong>, the world's largest oil exporter, plans to u003ca href="https://www.wsj.com/articles/saudi-arabia-set-to-raise-oil-output-amid-recovery-in-prices-11613570923?mod=hp_lead_pos2">raise crude productionu003c/a> in a bullish sign demand is on the upswing.u003c/li>u003c/ul> u003ch4>Europeu003c/h4> u003cul>u003cli>The u003cstrong>European boursesu003c/strong> were a touch lower with the u003cstrong>Stoxx Europe 600u003c/strong> off nearly u003cstrong>0.1%u003c/strong> at the open. u003c/li>u003cli>Shares in Ford were up u003cstrong>0.2%u003c/strong> in pre-market trading, outperforming the S&P 500. The automaker on Wednesday u003ca href="https://fortune.com/2021/02/17/ford-all-electric-ev-europe-2030/">announced big plansu003c/a> to invest more than u003cstrong>$1 billionu003c/strong> in a German assembly plant for EVs as the company plans to go u003cstrong>all-electricu003c/strong> in Europe by 2030. u003c/li>u003cli>Don't write off Europe's banks just yet. u003cstrong>Barclaysu003c/strong> on Thursday reported a big beat and a plan to increase buy-backs while u003cstrong>Credit Suisseu003c/strong> posted a u003ca href="https://www.bloomberg.com/news/articles/2021-02-18/credit-suisse-posts-lower-than-expected-loss-in-relief-for-ceo?srnd=premium-europe&sref=WtHiUFSX">smaller Q4 lossu003c/a> than expected. Consider this: the KBW Bank Index is up u003cstrong>14.6%u003c/strong> YTD.u003c/li>u003c/ul> u003ch4>U.S.u003c/h4> u003cul>u003cli>u003cstrong>U.S. futures u003c/strong>are frozen in the red. That's after the u003cstrong>Dowu003c/strong> closed in u003ca href="https://www.wsj.com/articles/global-stock-markets-dow-update-02-10-202-11612946501?mod=markets_lead_pos1">record territoryu003c/a> on Wednesday.u003c/li>u003cli>Speaking of banks... u003ca href="https://fortune.com/company/wells-fargo/" target="_blank">Wells Fargou003c/a> futures are up u003cstrong>1%u003c/strong> this morning after u003ca href="https://fortune.com/2021/02/17/wells-fargo-stock-wfc-shares-asset-cap-federal-reserve-risk-management-approval/">big gains yesterdayu003c/a> on a report regulators are close to lifting the lead weight u003cstrong>asset capu003c/strong> that's been stifling its growth since 2018.u003c/li>u003cli>Bull Sheet (among others) has a sneak peek of Keith Gill's u003ca href="https://docs.house.gov/meetings/BA/BA00/20210218/111207/HHRG-117-BA00-Wstate-GillK-20210218.pdf">prepared testimony todayu003c/a>, and he sounds like anything but a u003cstrong>Wolf of Wall Streetu003c/strong>. Gill's legal woes don't end today. He's u003ca href="https://www.bloomberg.com/news/articles/2021-02-17/-roaring-kitty-sued-for-securities-fraud-over-gamestop-rise?sref=WtHiUFSX">being suedu003c/a> in a class-action case that charges he misrepresented himself as an amateur when in fact he's a professional stock picker.... "Roaring Kitty Wealth Management. How can we help you?" u003c/li>u003cli>The u003cstrong>labor marketu003c/strong> recovery has been a sluggish one. Today we get jobless data, and the u003ca href="https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-february-13-labor-market-190229296.html">forecastu003c/a> is for a slight decline week-on-week to u003cstrong>773,000u003c/strong> new unemployment claims. If it misses the mark, expect lawmakers on the left to push harder for their fast-track u003cstrong>stimulus packageu003c/strong>.u003c/li>u003cli>A quick note: a reader felt I was being too glib with the subject line of yesterday's newsletter. He correctly points out that u003cstrong>Warren Buffettu003c/strong>'s u003ca href="https://fortune.com/company/berkshire-hathaway/" target="_blank">Berkshire Hathawayu003c/a> u003ca href="https://fortune.com/2021/02/17/berkshire-hathaway-apple-chevron-verizon/">still holdsu003c/a> a $120 billion stake in u003ca href="https://fortune.com/company/apple/" target="_blank">Appleu003c/a>, even after pulling some money out of AAPL. u003cem>Touchéu003c/em>!u003c/li>u003c/ul> u003ch4>Elsewhereu003c/h4> u003cul>u003cli>u003cstrong>Goldu003c/strong> is finally nudging higher, trading above u003cstrong>$1,780/ounceu003c/strong>. u003c/li>u003cli>The u003cstrong>dollaru003c/strong> is flat. u003c/li>u003cli>The strong week for u003cstrong>crude u003c/strong>continues. u003cstrong>Brent u003c/strong>is trading around u003cstrong>$65/barrelu003c/strong>, up 6.5% in the past week.u003c/li>u003cli>At 10 a.m. Rome time, u003cstrong>Bitcoinu003c/strong> was trading at u003cstrong>$52,000u003c/strong>. It's up u003cstrong>15.5%u003c/strong> since this time last Thursday. u003c/li>u003c/ul> u003cp class="has-text-align-center">***u003c/p> u003ch2>Buzzworthyu003c/h2> u003ch4>"We were millionaires"u003c/h4> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/02/Screen-Shot-2021-02-18-at-9.34.56-AM.png" alt="" class="lazyload wp-image-2955335"/>u003c/figure> u003ch4>Now that's a 🚀🚀🚀u003c/h4> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/02/Screen-Shot-2021-02-18-at-9.38.35-AM.png" alt="" class="lazyload wp-image-2955337"/>u003c/figure> u003ch4>The year of...the ETFu003c/h4> u003cfigure class="wp-block-image size-large is-resized">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/02/Screen-Shot-2021-02-18-at-9.50.27-AM.png?w=1024" alt="" class="lazyload wp-image-2955341" width="580" height="499"/>u003c/figure> u003cp>It's also interesting to see that BofA clients continue to be net buyers of financials and consumer discretionary and net sellers of tech.u003c/p> u003ch4>Crushing the curveu003c/h4> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/02/Screen-Shot-2021-02-18-at-9.55.14-AM.png?w=1024" alt="" class="lazyload wp-image-2955344"/>u003c/figure> u003ch4>How's your country faring?u003c/h4> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/02/Screen-Shot-2021-02-18-at-9.55.23-AM.png?w=1024" alt="" class="lazyload wp-image-2955345"/>u003c/figure> u003cp>***u003c/p> u003cp>Have a nice day, everyone. I'll see you here tomorrow... Until then, there's more news below.u003c/p> u003cp>u003cstrong>Bernhard Warneru003c/strong>u003cbr>u003ca href="https://twitter.com/BernhardWarner">@BernhardWarneru003c/a>u003cbr>u003ca href="mailto:Bernhard.Warner@Fortune.com">Bernhard.Warner@Fortune.comu003c/a>u003c/p> u003cp>u003cem>As always, you can write to u003c/em>u003ca href="mailto:bullsheet@fortune.com">u003cem>bullsheet@fortune.comu003c/em>u003c/a>u003cem> or reply to this email with suggestions and feedback.u003c/em>u003c/p> u003ch3>Today’s readu003c/h3>nu003cp>u003cstrong>u003cspan style="font-size: 1.125rem;letter-spacing: 0.035rem">Out of the shadows.u003c/span>u003c/strong>u003cspan style="font-size: 1.125rem;letter-spacing: 0.035rem"> For many of us, today’s House hearing will be the first time we get to hear from billionaire u003cstrong>Kenneth C. Griffinu003c/strong>, the financier behind u003cstrong>Citadelu003c/strong>, the hedge fund (and short-seller) u003cem>andu003c/em> Citadel, the broker that plays a huge role in fulfilling retail traders buy and sell orders. “They operate in the shadows and want to stay in the shadows and don’t want anyone looking at how they conduct their business,” a shareholder rights group u003ca href="https://www.nytimes.com/2021/02/17/business/citadel-game-stop-hearing.html">tells the u003cem>New York Timesu003c/em>u003c/a>. u003c/span>u003c/p>nu003cp>u003cstrong>Christmas in January.u003c/strong> U.S. u003cstrong>retail salesu003c/strong> figures u003ca href="https://www.wsj.com/articles/us-economy-january-retail-sales-coronavirus-recovery-11613503145?mod=hp_lead_pos1">increasedu003c/a> by a better-than-expected u003cstrong>5.3%u003c/strong> in January, a bullish sign that the American consumer is staging a comeback. Alas, it wasn’t enough to stem the mini losing streak in U.S. stocks yesterday.u003c/p>nu003cp>u003cem>Some of these stories require a subscription to access. There is a discount offer for our loyal readers if you u003ca href="https://fortune.com/subscribe/">use this linku003c/a> to sign up. Thank you for supporting our journalismu003c/em>.u003c/p>nu003ch3>Market candyu003c/h3>nu003cp>u003cstrong>5%u003c/strong>u003c/p>nu003cp>According to a new poll of CFOs by Gartner Finance, roughly 1 in 20 finance chiefs said they’re considering stocking up this year on u003cstrong>Bitcoinu003c/strong>, a lá u003cstrong>Elon Musku003c/strong>‘s Tesla. That 5% figure surprised the survey takers. “I guessed that number would come in lower,” Alexander Bant, Gartner Finance’s chief of research,u003ca href="https://fortune.com/2021/02/17/bitcoin-elon-musk-tesla-tsla-btc-investment-cfos-experts/"> tells u003cem>Fortuneu003c/em>u003c/a>. Beyond 2021, that trend is expected to go even higher.u003c/p>nu003c/div>n"},"children":[]}]}]},{"name":"dianomi","config":{"type":"footer"},"children":[]}]}]}]}},"componentData":{},"error":null,"loading":false,"player":{"currentTime":0,"duration":0,"loading":false,"playing":false,"seek":0,"src":"","visible":false,"volume":0.5},"route":{"status":200,"redirectTo":"","redirectStatus":0,"action":"PUSH","pathname":"/2021/02/18/robinhood-reddit-roaring-kitty-gamestop-hearing/","search":"?","hash":""},"visible":{"search":false,"primaryNav":false,"freestar":false,"adminBar":false},"contactForm":{"submitting":false,"submitted":false,"failed":false,"validation":{},"redirect":""},"user":{"isLoggedIn":false,"accessLevel":null}}; ]]> Source

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