Early Bird
Posts
Meta's 'Year of Efficiency'

Meta's 'Year of Efficiency'

February 02, 2023

Today is Thursday, February 2, 2023.

New to this newsletter? Sign up here.

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

Photo by Marcus Reubenstein / Unsplash

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.

IncFile (Sponsored)

The Easiest Way to Set Up and Manage Your Business

We make incorporating a company as easy as possible, so you can focus on the important things. Beyond free LLC filing, we have a full suite of startup services (like banking and bookkeeping), which means Incfile not only helps you get started, but supports you in your continued success as your one-stop shop.

Get started today.