Meta Stock Jumps 6% in Morning Trading

Tiger Newspress2022-08-31

Social media stocks are positive outliers early Wednesday in the wake of major restructuring news from Snap.

Snap itself is 10.4% higher after confirming it will cut 20% of its workforce (more than 1,200 jobs) and cancel a number of projects that don't fit into three strategic priorities (including Snap Originals, Minis, Games, and "selfie drone" Pixy).

Meta Platforms is bouncing back after three straight losing sessions, up 6.08% Wednesday. Meta stock had fallen about 7% since closing at $168.78 last Thursday.

Pinterest, which often moves based on its bigger social siblings, is up 5.9% in sympathy. It also is rebounding from three straight down sessions during which it fell 8.5%.

Twitter is 0.4% higher, though its trading is growing increasingly unmoored from fundamentals as each day brings new legal action ahead of an October trial over its deal to be acquired by Elon Musk.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Tanyl
    2022-09-01
    Tanyl
    Must invest Meta due to Metaverse world popular
    • ZEROHERO: 
      Takes time, now burn money in R&D
  • MDK
    2022-09-01
    MDK
    Not sustainable
  • andrew123
    2022-09-01
    andrew123
    Like 
  • JLCH
    2022-09-01
    JLCH
    yo
  • SPOT_ON
    2022-09-01
    SPOT_ON
    Load ?
  • Ccchia
    2022-09-01
    Ccchia
    K
Leave a comment
8