Robinhood Stock Slips on Report Morgan Stanley to Offer Crypto Trading
Key Takeaways
- Robinhood Markets shares fell Thursday following a report that Morgan Stanley is planning to add cryptocurrency trading to its E*Trade platform.
- The online trading platform also said full-year expenses would be higher than previously expected because of costs related to the acquisition of TradePMR.
- The news offset better-than-anticipated profit and sales in the first quarter.
Shares of Robinhood Markets (HOOD) declined Thursday following a report that Morgan Stanley (MS) is planning to add cryptocurrency trading to its E*Trade platform. Robinhood could face increased competition if big banks make a push into crypto trading.
In addition, Robinhood said in its first-quarter earnings report Wednesday that its costs would…
