This has traders of APE stock upset as they believe the model allows institutional traders to allegedly manipulate the price of stocks. APE is a secondary stock created by AMC Entertainment following its success with retail traders bearing the same moniker.
Investors will note that PFOF is the mostly used by Robinhood (NASDAQ:HOOD) and other similar trading services. It allows market makers to split profits from sales made by retail traders. This is what lets HOOD offer no fees on its transactions.
PFOF Could Still See Changes
While the SEC doesn’t plan to ban PFOF, there’s talk that other rule changes might go into effect. That may result in the practice becoming less profitable. It’s unclear if that would deter Robinhood from using it.
All of this news about potential changes to PFOF has shares of APE, AMC, and HOOD on the move today. As of this writing, all three of the stocks are down. That includes a 12.6% drop for APE, an 8.3% decline for AMC, and a 1.7% slide for HOOD. However, HOOD stock was the only one among these to start the day off up before dropping below yesterday’s closing price.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace has all of the latest stock coverage traders need to know about for Thursday! That includes everything happening with Canoo (NASDAQ:GOEV), HOOD, and Accenture (NYSE:ACN) shares. You can read up on all of this news at the following links!
More Thursday Stock Market News
- CEO Tony Aquila Is Doubling Down on Canoo (GOEV) Stock
- Robinhood (HOOD) Stock Pops Amid Rumors SEC Will Not Ban PFOF
- What Is Going on With Accenture (ACN) Stock Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.