On this episode of Stock Movers:
- Robinhood (HOOD) is exploring an expansion of its prediction markets product to countries outside of the US, a move that would broaden the reach of the already fast-growing and often controversial industry. The brokerage has been speaking to overseas regulators like the UK’s Financial Conduct Authority about how it might offer prediction markets locally, as demand for the space continues to grow. At issue is how such products might be structured and regulated — while prediction markets are considered futures products in the US, they’re often lumped in with gambling in other regions. Shares have rallied this week on the news.
- Occidental (OXY) shares fell as much as 4% on Thursday, after the company agreed to sell its OxyChem petrochemical unit to Berkshire Hathaway Inc. for about $9.7 billion in cash. Analysts see the deal de-leveraging the company, but note that the sale is below the $10 billion that had been expected.
- Stellantis (STLA) is mulling a potential sale of its car-sharing business Free2move as Chief Executive Officer Antonio Filosa looks to turn around the ailing automaker, according to people familiar with the situation. Shares of Stellantis rose as much as 7.6% in Milan on Thursday following the news. The company has a market value of about €24 billion ($28 billion).