{"id":5399,"date":"2022-02-04T17:46:08","date_gmt":"2022-02-04T09:46:08","guid":{"rendered":"https:\/\/www.syfe.com\/magazine\/?p=5399"},"modified":"2024-04-02T14:41:29","modified_gmt":"2024-04-02T06:41:29","slug":"key-market-moves-this-week","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/magazine\/key-market-moves-this-week\/","title":{"rendered":"Key Market Moves: Meta, Pinterest, Alphabet"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Major US indices tumbled yesterday (3 February), dragged down by losses within the tech sector after Facebook owner Meta Platforms posted disappointing earnings on Wednesday. <\/p>\n\n\n\n

Given Meta\u2019s hefty valuation, big swings in its stock price can lift or sink broader indices. The S&P 500 and tech-focused Nasdaq Composite broke their four-day rally, dropping 2.4% and 3.7% respectively yesterday. The Dow Jones Industrial Average, which does not include Meta, fell 1.5%.<\/p>\n\n\n\n

Despite Thursday\u2019s decline, Wall Street\u2019s major indices are still on track for weekly gains. Strong earnings from companies such as Apple and Alphabet have buoyed market sentiment after a volatile trading month in January<\/a>. <\/p>\n\n\n\n

Meta\u2019s poor results<\/strong><\/h2>\n\n\n\n

Shares in Meta have plummeted 26.4% so far after the company reported its first decline in daily active users and blamed increased competition from rivals such as TikTok. The plunge has since wiped more than $230 billion of its valuation.<\/p>\n\n\n\n

The company forecasted Q1 2022 revenue below analysts\u2019 expectations on the back of Apple\u2019s recent privacy changes. Meta also reported a drop in fourth quarter profits after its significant investments in the metaverse sharply increased expenses.<\/p>\n\n\n\n

Amazon\u2019s after-hours surge<\/strong><\/h2>\n\n\n\n

Amazon\u2019s share price rallied by more than 15% in after-hours trading on Thursday after the company announced a price hike for its Amazon Prime membership. Prices will be raised by 17%, partly due to rising \u201cwages and transportation costs\u201d in its logistics network.<\/p>\n\n\n\n

Overall, investors seem to be welcoming this move. Revenue from Amazon Prime memberships in the fourth quarter of 2021 was $8.1 billion, a 15% year-on-year increase.<\/p>\n\n\n\n

Snap and Pinterest bounce back <\/strong><\/h2>\n\n\n\n

Shares of social network operators Pinterest and Snap dropped on Wednesday as investors spooked by Meta\u2019s fourth-quarter earnings exited their positions. <\/p>\n\n\n\n

But their share prices rebounded on Thursday after posting better-than-expected fourth quarter results. Pinterest stock rose over 28% in extended trading as it reported 20% year-on-year revenue growth for Q4 2021.<\/p>\n\n\n\n

Snap rallied more than 50% after the company posted its first quarterly profit of $23 million, indicating that they are adjusting better to Apple\u2019s privacy policy changes than expected.<\/p>\n\n\n\n

Alphabet\u2019s blockbuster earnings<\/strong><\/h2>\n\n\n\n

Alphabet\u2019s outstanding performance was a bright spot in this week\u2019s earnings calendar. The company reported fourth-quarter revenue of $75 billion, beating analyst estimates of $72 billion. The robust earnings report led at least nine Wall Street firms to raise their price target on the stock.<\/p>\n\n\n\n

As part of its earnings announcement, Alphabet also announced a 20:1 stock split for all three classes of its stock. This could potentially boost its share price; Apple and Tesla saw share price gains in the following weeks after announcing their own stock splits.<\/p>\n\n\n\n

Alphabet was the top-performing Big Tech company in 2021 after registering a 65% gain last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stocks that made headlines this week (1 – 4 Feb)<\/p>\n","protected":false},"author":3,"featured_media":4058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[289,17],"tags":[],"class_list":{"0":"post-5399","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-insights","8":"category-invest-smarter"},"acf":{"readingTime":"","authorName":"","authorThumbnail":false,"BLUE_TIER":"0","BLACK_TIER":"0","GOLD_TIER":"0","PRIVATE_WEALTH_TIER":"0","PRE_AML":"0","POST_AML":"0","NO_GLOBAL_PORTFOLIO":"0","NO_REITS_PORTFOLIO":"0","NO_EQUITY_PORTFOLIO":"0","NO_CASH_PORTFOLIO":"0","HAS_ADVISOR":"0","INVESTMENT_PORTFOLIO_AUM":"0","AFTER_AML_DATE":"","AFTER_ACCOUNT_CREATED_DATE":""},"yoast_head":"\nKey Market Moves: Meta, Pinterest, Alphabet - Connect<\/title>\n<meta name=\"description\" content=\"Here are the biggest stock market news this week, from Meta's poor earnings to Alphabet's blockbuster results.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.syfe.com\/magazine\/key-market-moves-this-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Market Moves: Meta, Pinterest, Alphabet\" \/>\n<meta property=\"og:description\" content=\"Stocks that made headlines this week (1 - 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