host said. The incumbents didn't see Robinhood coming to change the status quo with commission-free trading, he added.
"Earlier this year ... Robinhood reached a tipping point in asset gathering that the incumbents, like Schwab and TD Ameritrade, had to," he said. "Now these companies have to combine to cut tech spending ... ad spending to defend their turf" from app trading. The possible Schwab-TD Ameritrade deal would create a brokerage worth more than $5 trillion in total assets. The Robinhood start-up, founded in 2013 and boasting 6 million users, can't be ignored after building a $7.6 billion valuation as of July.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Target soars 14% on earnings—Jim Cramer and other pros on what to watch nowTarget's earnings beat pushed the stock to new heights Wednesday, and industry leaders say it's a sign of underlying strength in the U.S. economy.
Source: CNBC - 🏆 12. / 72 Read more »
Cramer: Walmart and Target CEOs 'made me feel terrific' about US consumers despite trade tariffsOptimism from the two of the nation's biggest retailers show that American consumers are not tightening their belts due to trade tariffs, says CNBC's Jim Cramer.
Source: CNBC - 🏆 12. / 72 Read more »
Everything Jim Cramer said about the stock market on 'Mad Money,' including trade hits to tech stocks, exec interviews with Salesforce, RH and SquareCNBC's Jim Cramer advises investors not to give up software-as-a-service plays, despite boiling trade tensions. The 'Mad Money' host sits down for interviews with executives of Salesforce, Square and RH.
Source: CNBC - 🏆 12. / 72 Read more »
Everything Jim Cramer said about the stock market on 'Mad Money,' including retail earnings, Okta and Tableau Software CEOsCNBC's Jim Cramer breaks down the strengths and weakness behind the earnings reports in Home Depot, Lowe's, Kohl's and Target. The 'Mad Money' host sits down with the CEOs of Okta and Tableau to get insight into the impact of technology on businesses.
Source: CNBC - 🏆 12. / 72 Read more »
Sell the pot stocks — the market is 'not what it was cracked up to be,' Jim Cramer says'Companies need to close, funding needs to dry up, mergers must occur. Until then, these stocks are now sell-in-the-strength detritus,' the 'Mad Money' host says.
Source: CNBC - 🏆 12. / 72 Read more »
Jim Cornette Resigns From National Wrestling Alliance After ‘Offensive’ On-Air StatementProfessional wrestling mainstay Jim Cornette has resigned his position with the National Wrestling Alliance. “Effective immediately: Jim Cornette has resigned from the National Wrestling Alli…
Source: Variety - 🏆 108. / 63 Read more »