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SEC says it will "closely review" restrictions on Reddit-fueled stocks

The Securities and Exchange Commission on Friday warned Robinhood and other brokerages that it will "closely review" actions they took on Thursday that prevented investors from buying stock in GameStop and other popular Reddit-fueled stocks.

Why it matters: The move from Robinhood generated anger across the political spectrum and among small investors who wanted to participate in one of the most exciting stock-market trades of the moment.


Background: Robinhood says that it was forced by a lack of funds to scale back trading in a handful of hot names.

  • The SEC says that it's worried about the "extreme volatility" seen in those names, saying that it "has the potential undermine market confidence."
  • "[W]e will act to protect retail investors when the facts demonstrate abusive or manipulative trading activity that is prohibited by the federal securities laws," the agency added. "Market participants should be careful to avoid such activity."

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TV star's party takes poll lead ahead of Bulgaria's election

Sunday's snap parliamentary elections in Bulgaria pit the man who has dominated the Balkan country's politics for a decade against an insurgent party led by a popular TV host.

The big picture: Former longtime Prime Minister Boyko Borissov failed to form a government after an inconclusive election in April, which followed massive protests last year over corruption and Borissov's alleged mafia ties.

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Richard Branson takes flight with his space company Virgin Galactic

Billionaire Richard Branson flew on a suborbital mission to the edge of space with his company, Virgin Galactic, on Sunday, beating fellow space billionaire Jeff Bezos to the punch in the process.

Why it matters: This very public moment of success could help buoy the company as it pushes to begin commercial service next year and attract new customers.

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