Social media names continue to see major headwinds with Meta (NASDAQ:META) leading a downward spiral with a nearly 22% decline today.
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The price correction comes after its disappointing third-quarter showing with major challenges knocking on its door. While the stock has plummeted ~70% year-to-date and doubts are being cast about its big metaverse spending, Wall Street has turned cautiously optimistic with a Moderate Buy consensus rating about the stock.
Twitter (NYSE:TWTR) shares are up today ahead of the suspension of its shares from NYSE tomorrow. ‘Chief Twit’ Elon Musk who walked into Twitter offices today with a sink is finally bringing the Twitter acquisition rollercoaster to an end.
Elsewhere, Pinterest (NYSE:PINS) and SNAP (NYSE:SNAP) are down in the single digits today as the impact of META’s quarterly numbers begins to sink in.
The Communication Services Select Sector SPDR Fund (XLC) with nearly 18% of its holdings in META is now down 38% year-to-date.
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