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META PLATFORMS, INC.

(META)
  Report
Delayed Nasdaq  -  04:00:00 2023-02-06 pm EST
186.06 USD   -0.25%
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Wall Street flat as energy stocks limit declines in growth shares

11/29/2022 | 11:01am EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

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Oil companies rise amid recovery in crude prices

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U.S. consumer confidence slips in November

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Indexes: Dow flat, S&P up 0.11%, Nasdaq up 0.13%

Nov 29 (Reuters) - Wall Street's main indexes were little changed on Tuesday as growth stocks extended losses, while a rise in energy shares on the back of higher oil prices helped stave off declines.

Five of the 11 major S&P 500 sector indexes were trading higher, with energy up 1.6% as crude prices jumped amid expectations that OPEC+ would agree to cut oil output during its December meeting.

Still, trading remained in a narrow range, with market participants also shifting focus to recent protests in China amid hopes that it could lead to a quicker easing of COVID-19 curbs by its government.

"China is a mixed picture because the protests create uncertainty, but at the same time, could be a catalyst for eventually a loosening in COVID policy," said Carl Ludwigson, managing director at Bel Air.

Early gains in growth stocks proved short-lived, while U.S. Treasury yields rose. Investors also sold Treasuries as they anticipate details about Amazon.com Inc's highly anticipated multi-tranche corporate bond deal.

Shares of Microsoft Corp, Amazon.com Inc and Meta Platforms Inc were down between 0.2% and 0.7%.

"We've got a reasonably strong rally into the fourth quarter. It's an opportunity perhaps to add to fixed income, which is more likely to do its job next year than it did this year, as the problem goes from inflation to economic growth," Ludwigson said.

The benchmark S&P 500 index is now headed for its second straight month of gains in November amid hopes of the U.S. Federal Reserve hiking interest rates in smaller increments and a handful of inflation readings showing a slight cooling in prices.

So far, the Fed has delivered four straight 75 basis point rate hikes, but is expected to shift down the pace to a 50-bps move in December.

A survey on Tuesday showed U.S. consumer confidence eased further in November amid persistent worries about the rising cost of living.

At 10:25 a.m. ET, the Dow Jones Industrial Average was down 2.64 points, or 0.01%, at 33,846.82, the S&P 500 was up 4.29 points, or 0.11%, at 3,968.23, and the Nasdaq Composite was up 14.04 points, or 0.13%, at 11,063.54.

U.S.-listed shares of Chinese companies Alibaba Group Holding Ltd, Pinduoduo Inc and JD.com Inc rose between 5.7% and 8.9% as China broadened equity financing channels for property developers.

Advancing issues outnumbered decliners for a 2.01-to-1 ratio on the NYSE and a 1.68-to-1 ratio on the Nasdaq.

The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 34 new highs and 77 new lows. (Reporting by Ankika Biswas in Bengaluru; Editing by Anil D'Silva and Shounak Dasgupta)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.83% 105.45 Delayed Quote.19.71%
AMAZON.COM, INC. -1.17% 102.18 Delayed Quote.23.08%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.71% 0.6937 Delayed Quote.1.53%
BRENT OIL 0.96% 82.11 Delayed Quote.-7.24%
BRITISH POUND / US DOLLAR (GBP/USD) 0.24% 1.20539 Delayed Quote.-0.35%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.27% 0.74543 Delayed Quote.1.00%
DOW JONES INDUSTRIAL -0.10% 33891.02 Real-time Quote.2.35%
EURO / US DOLLAR (EUR/USD) 0.10% 1.07416 Delayed Quote.0.85%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.09% 0.012098 Delayed Quote.0.62%
JD.COM, INC. -1.56% 56.73 Delayed Quote.1.07%
META PLATFORMS, INC. -0.25% 186.06 Delayed Quote.54.61%
MICROSOFT CORPORATION -0.61% 256.77 Delayed Quote.7.07%
NASDAQ COMPOSITE -1.00% 11887.45 Real-time Quote.14.72%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.27% 0.63256 Delayed Quote.-0.37%
PINDUODUO INC. -1.92% 93.81 Delayed Quote.17.29%
WTI 1.10% 75.517 Delayed Quote.-8.79%
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Analyst Recommendations on META PLATFORMS, INC.
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Financials (USD)
Sales 2023 122 B - -
Net income 2023 24 616 M - -
Net cash 2023 27 453 M - -
P/E ratio 2023 19,9x
Yield 2023 -
Capitalization 482 B 482 B -
EV / Sales 2023 3,72x
EV / Sales 2024 3,23x
Nbr of Employees 86 482
Free-Float 85,0%
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Technical analysis trends META PLATFORMS, INC.
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 57
Last Close Price 186,06 $
Average target price 201,27 $
Spread / Average Target 8,18%
EPS Revisions
Managers and Directors
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Susan J. Li Chief Financial Officer
Atish Banerjea Chief Information Officer
Andrew Bosworth Chief Technology Officer
Javier Olivan Chief Operating & Growth Officer
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