Technology shares are leading losses after Facebook parent Meta Platforms surprised investors with a bigger-than-expected profit drop. Here’s what we’re watching Thursday:
- Meta shares plunged after its disappointing results in its first earnings report since the company outlined a pivot to the metaverse. The share-price decline would wipe more than $175 billion from the tech giant’s market capitalization once markets open Thursday and could spell its worst daily performance since it started trading in 2012, according to FactSet.
- Snap , Pinterest and Amazon are all due to report after markets close, and are being pulled down premarket amid the broader tech gloom. Apple and Tesla were also down. Keybanc cut its price target for the Twitter shares to $40 from $70.
- ConocoPhillips reported a $2.6 billion profit in the recent quarter.
- Eli Lilly reported quarterly profit and revenue that beat forecasts.
- T-Mobile US reported higher revenue and total net customer additions in the fourth quarter.
- Merck beat estimates for the fourth quarter after chalking up more than $950 million in sales from its Covid-19 antiviral molnupiravir.
- Qualcomm posted strong quarterly earnings and gave an upbeat sales outlook, underscoring that demand for chips for everything from smartphones to cars remains elevated.
Chart of the Day
- January’s market turmoil hit even the safest bond funds. Some of those that held up best strayed from their traditional investing grounds, or concentrated on the shortest maturities.
Write to James Willhite at [email protected]
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