Today is Monday, November 7, 2022.
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Facebook's Large-Scale Layoffs
Amid downsizing in the technology sector, Facebook parent Meta Platforms (Nasdaq: META) is aiming to begin “large-scale layoffs” this week, said a report on Sunday.
Details: According to The Wall Street Journal, the layoffs will affect thousands of employees and could happen as early as Wednesday. Meta reportedly told its employees to cancel nonessential travel this week. The company has not commented on the report.
Big Picture: Over the past few months, several tech companies have been laying off staff to combat economic challenges. These layoffs have been ramping up as of late, with Twitter laying off half of its staff last week.
Background: Two weeks ago, Meta reported financial earnings that disappointed investors. Meta’s revenue guidance was lower than expected and losses in its virtual reality division got worse.
Final Thoughts: Shares of Meta are down 73% this year, including a 31% decrease in the last 30 days. Meta needs to get in better financial shape in order to please shareholders. A weak ad market is creating trouble for Meta and other online giants.
Notable Earnings Today: Planatir Technologies (NYSE: PLTR), Diamondback Energy (Nasdaq: FANG), BioNTech (Nasdaq: BNTX), Mosaic (NYSE: MOS), Alpha Metallurgical Resources (NYSE: AMR), Lyft (Nasdaq: LYFT), Viatris (Nasdaq: VTRS), Activision Blizzard (Nasdaq: ATVI), Kosmos Energy (NYSE: KOS), SolarEdge Technologies (Nasdaq: SEDG), Take-Two Interactive Software (Nasdaq: TTWO), Cronos Group (Nasdaq: CRON), Clover Health Investments (Nasdaq: CLOV), Blue Apron Holdings (NYSE: APRN), Shockwave Medical (Nasdaq: SWAV), Axsome Therapeutics (Nasdaq: AXSM), Tripadvisor (Nasdaq: TRIP), Affiliated Managers Group (NYSE: AMG), Five9 (Nasdaq: FIVN), Adtran Holdings (Nasdaq: ADTN), Ashland (NYSE: ASH), Cabot (NYSE: CBT), Choice Hotels (NYSE: CHH), Fabrinet (NYSE: FN), Groupon (Nasdaq: GRPN), NRG Energy (NYSE: NRG), Veeco Instruments (Nasdaq: VECO), Welltower (NYSE: WELL).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Wicked BOLD (Mainvest), Three Brothers Bagels (Honeycomb), Jackie (MicroVentures), AsomBroso Tequila (StartEngine), American 7s Football League (StartEngine).
Notable Economic Events Today: N/A.
FTX Drops as Binance Liquidates
The price of cryptocurrency FTX Token dropped about 5% Sunday as the crypto platform Binance announced that it was liquidating its remaining FTX coins due to “recent revelations that have came to light,” Binance CEO Changpeng Zhao tweeted.
Final Thoughts: FTX Tokens have lost a lot of value this year. This is similar to other altcoins in 2022. Despite the volatility, some traders are still bullish about altcoins such as FTX in the long term.
Equity Crowdfunding Spotlight: Boxabl
Briefly describe your business. Boxabl’s mission is to revolutionize the standard of housing construction and affordability with an innovative, technology-based solution to mass-produce homes through advanced manufacturing. Currently producing the Casita, a 20X20 modular home.
What are the terms of the investment for your campaign? Boxabl is a private company. Currently, there is a Regulation D round of funding available for accredited investors. The shares are $0.76 per share and the minimum investment is $10,000. Click here for details.
What makes your startup special? Veteran start-up team with multiple exits. There is an incredible need for affordable, quality homes. Galiano Tiramani, Boxabl Founder, said, “I can’t think of a larger market to disrupt or a product with a bigger potential upside. We can change housing on a scale the world has never seen.”
Trends to Watch
Never Ends: China Markets Set for More Volatility as Covid-Zero Stays (Bloomberg)
Still Standing Strong: Bitcoin (Magic Internet Money!) Again Proves Less Volatile Than Stocks (CoinDesk)
iProblem: Apple warns Covid restrictions in China are hurting iPhone production (CNBC)
Hemorrhaging Money: Exxon faces $2 billion loss on sale of troubled California oil properties (Reuters)
Your Turn, Rivals: Amazon Sweetens Prime Offerings as Growth Stalls (The Wall Street Journal)
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