Finance

Joe Raedle | Getty Images News | Getty ImagesMost states are re-imposing a requirement to look for work as a condition of getting unemployment benefits — and the holdouts may soon do the same.So-called “work search” rules have long been a condition for the jobless to receive income support from the government. It helps fulfill the mandate that recipients be actively looking for a job.The policy promotes a key goal of unemployment insurance — to keep people attached to the labor market, according to unemployment experts.But all states suspended work-search criteria early in the Covid pandemic. A federal law gave them the flexibility to do so, as it became clear that job hunting risked spreading the coronavirus. It may have also been impractical, given that many businesses were shut.More from Personal Finance:Are you protected under the new eviction ban? What to knowMore workers plan to quit as better job opportunities open up’Tax hesitancy’ keeps some parents from signing up for child tax creditNow, states are re-imposing the rules, as the economy and labor market rebound from their pandemic depths.”Within the past couple months, pretty much every state has brought back its work-search requirements,” according to Alexa Tapia, an unemployment insurance campaign coordinator at the National Employment Law Project.Only Illinois, New Jersey and Washington, D.C., haven’t yet done so, according to ZipRecruiter data available through June 18.However, New Jersey plans to return to its pre-pandemic work-search requirement on Sept. 4, when the expanded federal benefits expire in the state, according to Angela Delli-Santi, a spokeswoman for the state Department of Labor.Spokespeople at the Illinois and D.C. labor bureaus couldn’t be reached for comment.The U.S. Department of Labor issued a memo to states July 1 urging them to re-instate work-search and other rules, if states deemed it safe to do so relative to Covid-19.”I think in most states, people just need to be polishing up their skills — getting their resume out, working on interview skills,” said Michele Evermore, a senior policy advisor for unemployment insurance at the U.S. Labor Department’s Employment and Training Administration. “A lot of people are rusty.”I personally think it’s participant-friendly at this point to turn on some version of work search.”However, it’s unclear if the highly contagious delta variant, which has caused a surge in U.S. Covid cases in recent weeks, may lead some states to reconsider or loosen their rules.A range of rulesOne challenge for workers: There’s not a national set of criteria to fulfill weekly work-search obligations. They vary by area, including in D.C., Puerto Rico and the U.S. Virgin Islands.”With a 53-state system, every state has different rules,” Evermore said.In New Jersey, for example, claimants will have to complete at least one work-search activity per week to qualify for unemployment benefits. That may include applying for a position in person, online or over the phone, and signing up with online job-search companies, and going to interviews, for example, Delli-Santi said.Some states set more flexible requirements than others, according to experts.Some, like Minnesota, don’t require a certain number of job-seeking activities per week, instead asking for a good-faith effort, Tapia said. Others, like Florida and Nebraska, ask for a higher quantity, potentially five or more activities per week.Others may also ask for more detail, such as contact information from a certain number of prospective employers, so they can verify an individual applied for a job, Tapia said.Workers trying to determine their state’s work-search requirements can consult the respective workforce agency’s webpage, which typically outlines specific information, Evermore said. More

In this articleGMCVSKHCTUPHOODATVICheck out the companies making headlines before the bell:General Motors (GM) – General Motors missed the consensus estimate of $2.23 per share with an adjusted second-quarter profit of $1.97 per share, though revenue did top Wall Street forecasts. GM did raise its forecast for the remainder of the year, based on strong demand and pricing. GM initially fell 3% in the premarket but then bounced back to recover most of that loss.CVS Health (CVS) – CVS earned an adjusted $2.42 per share for the second quarter, beating the $2.06 consensus estimate, with revenue beating forecasts as well. The drug store and pharmacy benefits company also saw same-store sales rise a better than expected 12.3%. Separately, CVS also announced it was raising its minimum wage for employees to $15 per hour.Kraft Heinz (KHC) – Kraft Heinz beat estimates by 6 cents with adjusted quarterly earnings of 78 cents per share, while the food producer’s revenue also exceeded estimates. Demand continued to be strong during the quarter for the company’s snacks and packaged meals.Tupperware (TUP) – Tupperware shares jumped 2.5% in the premarket, after beating on the top and bottom lines for the second quarter. The maker of household storage products earned an adjusted 95 cents per share, well above the 57 cent consensus estimate.Robinhood (HOOD) – The trading platform’s stock soared 13.1% in premarket trading, on top of a 24.2% gain in Tuesday trading, when it rose above its $38 per share IPO price for the first time since going public last Thursday. It was also among yesterday’s most heavily traded stocks.Activision Blizzard (ATVI) – Activision Blizzard beat estimates by 15 cents with adjusted quarterly earnings of 91 cents per share and the videogame producer’s revenue was slightly above Wall Street forecasts. It also gave an upbeat forecast, anticipating continued strong demand for popular franchises like “Candy Crush” and “Call of Duty”. Shares rallied 5.6% in premarket trading.Amgen (AMGN) – Amgen earned an adjusted $4.38 per share for its latest quarter, compared with a consensus estimate of $4.09. The biotech giant’s revenue topped analyst estimates as well, although it said visits and procedures remain below pre-pandemic levels. Amgen also said it is in a dispute with the IRS, fighting a claim that it owes $3.6 billion in back taxes.Lyft (LYFT) – Lyft reported an adjusted quarterly loss of 5 cents per share, smaller than the 24 cent loss predicted by analysts, with the ride-hailing service coming in with better-than-expected revenue. Lyft saw strong ride-hailing demand and did reach profitability as measured by earnings before interest, taxes, depreciation and amortization (EBITDA).Match Group (MTCH) – Match Group fell 6 cents shy of estimates with quarterly earnings of 46 cents per share, although the operator of Tinder and other dating services did see revenue exceed forecasts. Revenue growth for Tinder is accelerating as vaccination rates rise, but Match said recovery is lagging in some important overseas markets. Shares fell 4% in premarket trading.Caesars Entertainment (CZR) – Caesars earned 34 cents per share for its latest quarter, surprising analysts who had expected a loss of 18 cents per share. The casino operator’s revenue exceeded estimates as well, thanks to a strong rebound in the Las Vegas market. Caesars added 2% in premarket action.Affirm Holdings (AFRM) – Affirm added another 2.4% in the premarket, after jumping 3% yesterday. The payment service’s shares are getting a boost from a Bloomberg report that it will partner with Apple (AAPL) to offer “buy now, pay later” services for Canadian purchases of Apple devices.Avis Budget (CAR) – Avis Budget rose 1.9% in premarket trading after reporting what it called the best quarter in its history, with surging demand and higher rental prices leading to a tripling in sales. Adjusted earnings per share came to $5.90, compared to a consensus estimate of $1.21.Live Nation (LYV) – Live Nation said sales for its latest quarter surged nearly eight-fold, as live events returned amid an increase in vaccinations. The live event promoter said concerts and other events were selling out quickly, and at ticket prices that were 10% above pre-pandemic levels. Live Nation gained 2.3% in the premarket. More

In this articleHOODVlad Tenev, co-founder and CEO of Robinhood rings the opening bell at the Nasdaq on July 29th, 2021.Source: The NasdaqRobinhood shares are jumping in early trading on Wednesday, setting the newly public stock trading app up to extend its 24% rally from the previous session.Shares of Robinhood popped 13% in premarket trading on Wednesday to around $53.Robinhood’s stock is making up for its lackluster debut on the Nasdaq last week. The stock priced at $38 per share, the low end of its offering range. It opened at that price on Thursday but then fell 8% on its first day and had largely traded below that price, until Tuesday when it rallied more than 24%.Zoom In IconArrows pointing outwardsIt is unclear exactly what is driving the stock higher on Wednesday; however, attention from popular investor Cathie Wood typically benefits growth stocks.ARK Invest’s Wood purchased 89,622 shares of HOOD on Tuesday in ARK Fintech Innovation ETF, a position worth roughly $4.2 million based on Robinhood’s closing price of $46.80. This position adds to the approximately 3.15 million shares Wood has bought of Robinhood since the company’s debut last week.Robinhood is also garnering attention from retail investors. HOOD is the number one ticker on WallStreetBets tracker Swaggy Stocks, which indicates more than 700 mentions on the Reddit chat room.”Unpopular opinion: Robinhood still has the best mobile interface,” one post with 4,600 interactions said.”Its a payment for order flow story with crypto as kind of a kicker,” Stephanie Link, chief investment strategist at Hightower, told CNBC’s “Squawk Box” on Wednesday. “In their second quarter total revenues grew five to ten percent from the first quarter. Well if you look at payment for order flow data, that number actually fell 23% in the second quarter. So it tells me payment for order flow is very competitive but the crypto kicker is probably helping Robinhood and they’re probably gaining share.””All that being said, its super expensive. It’s hard to get your hands around the valuation at 11x price-to-sales,” Link added. Online brokerage Charles Schwab is trading at 7x.HOOD was also a top traded stock on Fidelity on Tuesday.Robinhood is a five-time CNBC Disruptor 50 company and topped this year’s list. Sign up for our weekly, original newsletter that offers a closer look at CNBC Disruptor 50 companies like Robinhood. More

A ship leaves a container port in the evening in Lianyungang in east China’s Jiangsu province Thursday, July 22, 2021.Feature China | Barcroft Media | Getty ImagesBEIJING — Chinese companies wanting to go global are running into shipping problems.Access to cheap manufacturing at home gave Chinese businesses an advantage overseas. But it’s turning into a disadvantage now, as the pandemic and trade tensions disrupt international supply channels.Many goods can’t be shipped out, said Fang Xueyu, vice president of international marketing and general manager for Asia-Pacific at Chinese home appliance company Hisense.The cost of shipping containers has climbed five-fold from about $3,000 to as much as $15,000 each, while it takes about a week longer for them to get to Europe, she said in a Mandarin-language interview last month.From the Suez Canal congestion in March to the re-emergence of Covid cases around a major Chinese export hub in Guangzhou in June, logistical disruptions have hit global trade one after the other.”What you have in Europe, what you have around the world, I wouldn’t call it chaos, but a lot of disturbances in the logistics system,” said Alexander Klose, executive vice president of overseas operations at Chinese electric car start-up Aiways.”So we had to rebook shifts, we had to delay shifts, because no ships were available, no containers were available. That definitely impacted us,” he told CNBC in an interview in June.For the company, which makes its cars in China and sells them to Europe, Klose said the disruptions “delayed some shipments by two, three months just because cars were sitting in a port and not being transported.”Foreign demand for Chinese-made products has remained strong — both by companies’ accounts and official data. The customs agency said in the first half of the year, exports to the European Union rose 35.9% from a year ago to $233 billion, while those to the U.S. climbed 42.6% to $252.86 billion.Hisense remains keen to expand abroad, and made $7.93 billion in international markets during the pandemic last year. By 2025, the company said it aims to triple the contribution from overseas markets to total revenue to $23.5 billion.The Chinese multinationals are probably rediscovering what they have known for a long time. Their best growth opportunities are right in front of them.James Rootpartner, BainBut the shipping delays mark the latest challenge Chinese companies face in trying to reach international markets.Out of about 3,400 Chinese companies that operate internationally, only about 200 make more than $1 billion in sales overseas, said James Root, a partner at management consulting firm Bain.”When you dig through it, the early pioneers — the Lenovos, and the Haiers and the Huaweis — to me look more like real exceptions rather than the (avant-garde) who are sort of blazing a trail for lots and lots of Chinese multinationals to follow them overseas,” Root said, referring to three Chinese brands well-known internationally.These companies tend to “run more of an export model for their international business,” he said. “The Chinese multinationals are probably rediscovering what they have known for a long time. Their best growth opportunities are right in front of them.”China is the second-largest economy in the world, and many economists predict it will surpass the U.S. to become the largest in the next several years.Amazon bans, taxes and other risksOther Chinese businesses selling abroad have run into challenges recently from a crackdown on fake reviews by Amazon.”We understand that some sellers’ behavior has been deemed in violation of Amazon’s ‘Seller Code of Conduct’ and other terms, (causing) restrictions on operations,” Li Xinggan, director of the foreign trade department at the Ministry of Commerce, said at a press briefing earlier this month. That’s according to a CNBC translation of his Mandarin-language remarks.He added: “We have always required businesses to abide by each country’s laws and regulations, to respect local customs and habits, and develop operations in accordance with law.”Chinese merchants may also face higher costs from the EU’s implementation of a new tax policy for goods exported into the region.Read more about China from CNBC ProThese Chinese U.S.-listed stocks could be relatively safe as Beijing crackdown continuesMorningstar names its top picks as investors sell off Chinese stocksHedge fund manager Dan Niles says he’s buying Chinese stocks again after government crackdown”The political, economic, compliance, logistical and personnel challenges that Chinese businesses face when going abroad have significantly increased,” the People’s Daily, the Chinese Communist Party’s official newspaper, said in an article in late June about the latest release of a business association report on the risks for Chinese companies going overseas.”In recent years, inadequate identification of risks and prevention have become an important problem for Chinese businesses’ (ability) to ‘go out,'” the article said, according to a CNBC translation of the Chinese text.Alibaba’s air cargo advantageFor Alibaba, a major player in China’s domestic e-commerce market, its strategy to go overseas has included investing in its logistics unit, Cainiao.Through Cainiao’s partnerships with different companies’ air cargo charters, “we have a stable supply of air shipment to European countries,” said William Wang, general manager of Spain, France and Italy for AliExpress, Alibaba’s international e-commerce business.He claimed that as a result, sellers on AliExpress have been able to get their products to customers with no extra costs or delays.However, air freight typically costs far more than cargo shipping, making it impractical for exporting cars or large home appliances.More overseas warehouses and acquisitionsThe logistical challenges mean Chinese companies are going to localize further in international markets.E-commerce companies have been building or renting warehouse space near customers in Europe, so sellers can pre-ship products for storage there. Once a customer places an order, the product only needs to travel from a nearby warehouse, instead of across a continent.Figures from China’s Ministry of Commerce indicate Chinese companies have built about 100 new warehouses overseas in the first half of this year, after an increase of 800 last year.Chinese companies are looking for other ways to establish their presence in overseas markets.Next year, AliExpress plans to double its staff in France, Spain and Italy from just over 200 people currently, Wang said.For Hisense, Fang said the company plans more acquisitions and the construction of more factories in different countries — as tariffs make selling China-made products more expensive in some markets, like the U.S. More

U.S. stock futures fell slightly on Tuesday night after the S&P 500 rose to another fresh record during the regular session.Dow Jones Industrial Average futures fell 33 points, or 0.09%. S&P 500 and Nasdaq 100 futures dipped 0.09% and 0.03%, respectively.A strong earnings season continued after the bell Tuesday with Lyft and Caesars Entertainment reporting stronger-than-expected results for the second quarter and citing a rebound to pre-pandemic levels of activity. Lyft and Caesars each rose more than 3.5% in extended trading.In the regular trading session, the Dow Jones Industrial Average jumped 278 points, or 0.8%, to 35,116.40. The S&P 500 gained 0.8% to a new all-time closing high of 4,423.15. The Nasdaq Composite rose 0.6% to 14,761.29.Stock picks and investing trends from CNBC Pro:20 strategists predict when stocks will have the next big tumble — and how far they’ll fallDividend payouts are set to hit a record this quarter. Here are the top ways to playThese stocks are the right plays for the next stage of the economy, Wolfe Research saysThose gains followed an early morning slump during which equities across the board were mostly in the red after the 10-year Treasury yield fell to 1.15% Monday. The decline in the bond yield was driven by concerns about the spread of the delta coronavirus variant and comments by Federal Reserve Governor Christopher Waller, who told CNBC that the central bank could start tapering its bond purchases as early as October.The 10-year Treasury yield inched slightly higher to 1.17% Tuesday. Lower bonds yields tend to set a more bearish tone for equities, which can be confounding to some, but investors expect August to be a period of more volatility for equities in their second year of a bull run.Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, July 15, 2021.Brendan McDermid | ReutersEarnings season continues Wednesday with Toyota and General Motors set to report before the bell. Travel stocks MGM Resorts, Wynn Resorts and Booking Holdings will report after the bell.Investors will also be keeping an eye on employment data being released by ADP Wednesday. More

A DOCUMENT CIRCULATING among Chinese banks in early July has caused unease among investors and local officials. Known as “Document No. 15”, the regulatory directive says that banks should stop lending to heavily indebted local-government financing vehicles (LGFVs), companies set up by city or provincial governments to finance building projects and public works. The groups, which have not so far been allowed to default, have about 48.7trn yuan ($7.5trn) in debts, 11.9trn yuan of which is held in fixed-income securities. They routinely use bank loans to pay interest on bonds. Ending the steady stream of credit is a recipe for turmoil. “If banks don’t give them a blood transfusion”, a local investor told Chinese media, “LGFVs will face a default crisis.”Then the circular vanished, along with most references to it in state media. Some investors believe it may have been released prematurely and that another, less severe version will eventually replace it. Others say banks are carrying out the orders, but fear that the first LGFV default will unleash chaos in the bond market, of which securities issued by LGFVs make up about 10%.Such is the dilemma China’s financial regulators face. They must stop poorly managed groups from hogging capital and allow the worst of them to fail. But they must do so without causing panic or cutting off healthy companies’ access to finance. LGFVs are just one of many cases testing their resolve.Defaults in China’s onshore bond market have climbed to a record, with companies missing payments on about 97bn yuan in principal in the first half of 2021, up by almost 50% compared with the same period last year, according to Wind, a data provider. China Fortune Land defaulted on a $530m bond in February, in what was the country’s largest-ever default by a property developer; Chongqing Energy Investment, a state-run firm that produces most of the city of Chongqing’s coal, defaulted in March, denting confidence in local authorities’ support for state-owned groups.More worrying, however, are the size and profile of some struggling companies. Defaulting groups had on average about 1bn yuan in outstanding onshore bonds in 2015, a year after China experienced its first default in recent times. That figure has climbed to nearly 9bn yuan this year, reckons S&P, a rating agency. Evergrande, a troubled property giant, is on the hook for more than $100bn in interest-bearing offshore and onshore debt. A series of missteps and growing regulatory pressure has led to a collapse in investor confidence. Its offshore bonds have traded at less than 50 cents on the dollar, indicating that many investors expect a default.Groups controlled by the central government used not to be allowed to face collapse. But now Huarong, a state asset manager with more than $40bn in offshore and onshore debt, seems to be in trouble. Once among the most powerful financial conglomerates in China, it has not published its results for 2020, leading investors to guess at the poor shape of its books and bet on its demise.These risks threaten to shatter the calm portrayed by technocrats in Beijing. But regulators may be more willing to countenance defaults than they were in the past. They have seized control in two key areas that make defaults easier. One is a tighter grip over unruly companies owned by municipal and provincial governments. Upon defaulting these groups were often allowed to make inside deals that benefited well-connected creditors but excluded others. Investors involved in such situations say that this is changing.Take, for instance, the default of Yongcheng Coal in November. A probe after the default showed that the company had shifted assets round in an attempt to pay less to some creditors. Regulators promptly stepped in to make clear to all investors, including foreign ones, that accounting tricks would not stop the company from paying out as much as it could. That lessened investors’ concerns about how they might be treated in a default and, crucially, kept markets liquid even as more firms face distress.Regulators have also grabbed more control over the restructuring process. State-backed restructurings used to be mired in opacity. That has changed; after Peking University Founder Group (PUFG), a conglomerate linked to China’s top university, defaulted in 2019, many of the terms of its restructuring were made public. A deal was worked out in just 581 days, compared with an average of 679 in China, noted S&P. After a court-led restructuring, the recovery rate on PUFG’s assets was 31.4%, beating the average recovery rate of 23.7% in 50 other Chinese restructuring deals. Such efficiencies are attracting more market-based investments and reducing the need for state-mandated ones, says Charles Chang of S&P.These cases will guide officials as they take on more daunting problems. If Evergrande’s problems persist, many investors believe it could be allowed to default and move into restructuring. Huarong, with its sprawling business, is seen as carrying more systemic risk than Evergrande, says Edmund Goh of Aberdeen Standard Investments. This means a state-brokered bail-out, as opposed to a market-based one, could lie ahead.LGFVs may pose the biggest risk of all. The first default “is going to cause a lot of market turbulence”, says Larry Hu of Macquarie, an investment bank. If regulators enforce Document No. 15, a bellwether default could occur in the coming months. A softer stance, by contrast, would suggest that they are not quite ready to face up to the challenge. More

In this articleHOODShares of Robinhood soared Tuesday, pushing the newly public stock trading app well above its IPO price of $38 per share last week.Robinhood went public last Thursday on the Nasdaq under the ticker HOOD, hitting the public markets it seeks to democratize. The stock priced at $38 per share, the low end of its offering range. It opened at that price on Thursday but then fell 8% on its first day and had largely traded below that price, until Tuesday.Robinhood’s stock closed at $46.80 per share, up 24.2% on Tuesday.Zoom In IconArrows pointing outwardsThe Menlo Park, California-based company appears to be garnering attention from retail investors on Tuesday, after giving roughly 25% of its IPO shares to its own clients. HOOD is a “top traded stock” on Fidelity, which is generally a good proxy for individual investor interest on a given day.There have been 8,988 buy orders and 7,931 sell order of Robinhood on Fidelity on Tuesday. The ticker also appears as a top mentioned stock on Reddit’s WallStreetBets, according to Swaggy Stocks, which aggregates the posts.”Although we have come to expect 40% surges on the first day of trading, Robinhood talked to a wider swath of investors, including significant retail to push the boundaries on pricing,” Greg Martin of Rainmaker Securities said. “I believe now, the long-term investors who see the incredible long-term value of Robinhood are moving the stock, as the short-term investors have largely fled the stock.”Stock picks and investing trends from CNBC Pro:20 strategists predict when stocks will have the next big tumble — and how far they’ll fallDividend payouts are set to hit a record this quarter. Here are the top ways to playThese stocks are the right plays for the next stage of the economy, Wolfe Research saysBulls love Robinhood for its massive growth, especially during the coronavirus pandemic and GameStop trading mania. Robinhood — which offers equity, cryptocurrency and options trading, as well as cash management accounts — had 18 million clients as of March 2021, up from 7.2 million in 2020, an increase of 151%. The company estimates funded accounts reached 22.5 million in the second quarter.”As Robinhood branches out into other forms of finance, including ‘buy now, pay later’ cards, I think [CEO Vlad Tenev’s] army of 22 million users will grow and become more powerful,” CNBC’s Jim Cramer said on “Mad Money” Monday night. “That’s why I’m telling you that Robinhood can be bought here,” Cramer added.He also said Robinhood could acquire another fintech company in order to expand more into the payments space, which could boost the stock even further.Ahead of the IPO, Atlantic Equities gave Robinhood an overweight rating and $65 per share 12-month price target. Most of Wall Street is still deliberating its rating on the stock because of mandated quiet periods on research from underwriters on the deal.”We believe this superior user growth will continue given the success of the referral program and the product appeal among its target demographic,” said Atlantic Equities analyst John Heagerty. “We also see opportunity to build out the product portfolio to drive faster revenue growth.”Robinhood has also been getting a vote of confidence from Ark Invest’s Cathie Wood since the debut.Wood purchased about 1.85 million shares of Robinhood on Friday, adding to the 1.3 million shares she bought Thursday. Wood’s total position is worth roughly $147.5 million, based on Robinhood’s current price.”Nothing would be better than for [Robinhood] to be priced perfectly and stay the same price for a couple of months,” early Robinhood investor Jason Calacanis told CNBC last Thursday. “Any retail investors that might be new to the game, it would be a great lesson for them to buy and hold things for a long time. That is really where the great wins comes from.”Robinhood is a five-time CNBC Disruptor 50 company and topped this year’s list. Sign up for our weekly, original newsletter that offers a closer look at CNBC Disruptor 50 companies like Robinhood. More

Ramin Talaie | Corbis News | Getty ImagesCheck out the companies making headlines after the bell.Lyft — The ride sharing company’s stock gained more than 1% after it reported quarterly results that beat analysts’ estimates. The company said demand continued growing in July even with heightened Covid-19 cases. Lyft reported a loss of 5 cents per share, compared to Wall Street forecasts of 24 cents per share.Caesars Entertainment — Shares of the gaming and hotel chain jumped 4% following its quarterly earnings report. Caesars reported earnings of 34 cents per share, beating analysts’ estimates by 52 cents, and revenue of $2.5 billion, also beating expectations. The company attributed its growth to a strengthening of the Las Vegas market as well as continued strength in regional markets.Activision Blizzard — The maker of “Call of Duty” and other video games saw its shares rise 3.9% following its second-quarter earnings report. The company reported 91 cents per share and $1.92 billion in revenue, both of which beat analysts’ expectations. On Tuesday morning, the company announced president J. Allen Brack is leaving amid a harassment lawsuit against the firm.Match Group — Online dating company Match’s shares fell about 3.7% after it reported weaker than expected earnings, despite showing strong sales growth in the U.S. amid a recovering dating scene. Match — whose portfolio of brands includes Tinder, Hinge and OkCupid — reported 46 cents per share for the quarter, falling below Wall Street forecasts by 6 cents. Robinhood — The newly public Robinhood stock is up about 4%, extending its rally from the regular trading session. Robinhood went public last Thursday on the Nasdaq, opening at $38 per share, and fell 8% on its first day. On Tuesday the stock soared 24.2% to $46.80 per share.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today More