Today is Thursday, February 2, 2023.
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Meta's 'Year of Efficiency'
Facebook parent Meta Platforms (Nasdaq: META) jumped 20.16% in after-hours trading on Wednesday thanks to good financial results.
Financials: Meta reported earnings of $1.76 per share in the quarter, which was lower than expected. But revenue hit $32.17 billion, which was better than expected.
Powering the Story: The company also announced a $40 billion stock buyback, which is great for the stock price.
Quote: “Our management theme for 2023 is the 'Year of Efficiency' and we're focused on becoming a stronger and more nimble organization." - Mark Zuckerberg, Meta founder and CEO.
Details: Facebook reached 2 billion daily active users in the quarter. The company also announced that its full-year expenses will be lower than expected due to slower payroll costs and office consolidations.
Stock Price: Meta’s stock is down 52% in the last 12 months, but is up 22% in the last 30 days.
Final Thoughts: The online ad market is still troublesome, but Meta’s solid results and financials are reasons to be surprisingly optimistic about the stock.
Notables
Notable Earnings Today: Apple (Nasdaq: AAPL), Merck (NYSE: MRK), Amazon.com (Nasdaq: AMZN), ConocoPhillips (NYSE: COP), Eli Lilly (NYSE: LLY), Alphabet (Nasdaq: GOOGL), Bristol-Myers Squibb (NYSE: BMY), Ford Motor (NYSE:F), Honeywell (Nasdaq: HON), Qualcomm (Nasdaq: QCOM), Hershey Foods (NYSE: HSY), Starbucks (Nasdaq: SBUX), U.S. Steel (NYSE: X), Estee Lauder (NYSE: EL), Atlassian (Nasdaq: TEAM), Lightspeed (NYSE: LSPD), Gilead Sciences (Nasdaq: GILD), Magellan Midstream (NYSE: MMP), Clearfield (Nasdaq: CLFD), ABB (NYSE: ABB), Air Products (NYSE: APD), Avery Dennison (NYSE: AVY), Ball (NYSE: BALL) Becton Dickinson (NYSE: BDX), Beazer Homes (NYSE: BZH), Bio-Techne (Nasdaq: TECH) Boyd Gaming (NYSE: BYD), Canada Goose (NYSE: GOOS), Cardinal Health (NYSE: CAH), Cirrus Logic (Nasdaq: CRUS), Clorox (NYSE: CLX), Deckers Outdoor (NYSE: DECK), Ferrari (NYSE: RACE), GoPro (Nasdaq: GPRO), Grainger (NYSE: GWW), Hanesbrands (NYSE: HBI), Harley-Davidson (NYSE: HOG), Hub Group (Nasdaq: HUBG), Illinois Tool Works (NYSE: ITW), Lear (NYSE: LEA), MicroStrategy (Nasdaq: MSTR), Parker-Hannifin (NYSE: PH), PENN Entertainment (Nasdaq: PENN), Quest Diagnostics (NYSE: DGX), Sirius XM (Nasdaq: SIRI), Skechers USA (NYSE: SKX), Stanley Black & Decker (NYSE: SWK), Synaptics (Nasdaq: SYNA), Under Armour (NYSE: UAA), World Wrestling Entertainment (NYSE: WWE).
Notable IPOs Today: SONDORS Inc. (Nasdaq: SODR), Neuraxis, INC (Nasdaq: NRXS), Sprott Junior Uranium Miners ETF (Nasdaq: URNJ), Sprott Lithium Miners ETF (Nasdaq: LITP), Sprott Junior Copper Miners ETF (Nasdaq: COPJ), Sprott Energy Transition Materials ETF (Nasdaq: SETM).
Notable Equity Crowdfunding Campaigns Ending Today: Navigate Accelerator (Republic), Lola Snacks (StartEngine).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Nonfarm Productivity (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET), Factory Orders (10:00 a.m. ET).
Costco’s Strong January Sales
Shares of Costco Wholesale (Nasdaq: COST) ticked up 0.55% in after-hours trading on Wednesday after reporting that net sales increased by 6.9% year-over-year in January.
Final Thoughts: Costco also said the Lunar New Year’s occurrence in January had a negative impact on some sales. The stock is about even in the last 12 months.
Bitcoin Jumps Thanks to Powell’s Comments
The price of Bitcoin increased by over 3% on Wednesday after Fed Chair Jerome Powell said that the economy’s disinflationary process has begun.
Final Thoughts: Bitcoin, which decreased in 2022 thanks in part to higher interest rates, is up 30% in 2023.
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Trends to Watch
Big Alteration: Merck Covid Drug Linked to New Virus Mutations, Study Says (Bloomberg)
Bad Delivery: FedEx to cut senior jobs as part of larger staff reduction (Reuters)
Working Out: A year later, Peloton’s starting to show signs of recovery (The Verge)
High Stock: Bright Green Shares Soar on $500M EB-5 Capital Raise Plans (MarketWatch)
Forked: Ethereum's Shanghai fork is coming — but it doesn't mean investors should dump ETH (Cointelegraph)
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