Stock market today: Wall Street falls on double dose of disappointing economic data, as Meta sinks [Los Angeles Times (CA)]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: Los Angeles Times
A sharp drop for Facebook's parent company, one of Wall Street's most influential stocks, also hurt the market. The Standard & Poor's 500 fell 0.5% and sliced some of the gain off what had been a big winning week. It looked to be heading for a much worse loss in the morning, when it tumbled as much as 1.6%. The Dow Jones industrial average dropped 375 points, or 1%, after earlier falling 700 points. The Nasdaq composite sank 0.6%. Meta Platforms, the company behind Facebook and Instagram, dropped 10.6% even though it reported better profit for the latest quarter than analysts expected. Investors focused instead on the big investments in artificial intelligence Meta pledged to make. AI has created a frenzy on Wall Street, but Meta is increasing its spending when it also gave a forecast range for upcoming revenue whose midpoint fell below analysts' expectations. Expectations had built high for Meta, along with the other “Magnificent Seven” stocks that drove most of the stock mar
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META
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- 2/1/24 - Beat
META
Sec Filings
- 5/3/24 - Form 144
- 5/2/24 - Form 4
- 5/2/24 - Form PX14A6G
- META's page on the SEC website