The Market News Reel for this week! Get the most important market news & updates for the week ahead! Major headlines, excerpts from news sources and a link to the full article are shown below. "Breaking Thoughts" section is purely our opinion.
Meta's Woes; Stunned Growth, a 25% Stock Crash and Peter Theil Leaves
"Meta Platforms Inc.’s one-day crash now ranks as the worst in stock-market history.
The Facebook parent plunged 26 per cent Thursday on the back of woeful earnings results, and erased about US$251.3 billion in market value. That’s the biggest wipeout in market value for any U.S. company ever.
And while the stock could certainly bounce back in coming days, especially given the volatility that’s gripped the technology sector this year, the mood on Wall Street has turned decidedly bleak on the long-time market darling. Analysts are pointing to the stiff competition that Meta now faces from rivals and to the fact that revenue was below expectations as causes for concern. Michael Nathanson, an analyst at brokerage Moffett Nathanson, titled his note “Facebook: The Beginning of the End?”
The sheer size of Facebook’s collapse illustrates just how tech companies have ballooned in size to become behemoths with unprecedented market power, and the drama that can ensue when they stumble." - read more on BNN Bloomberg here
"Peter Thiel, the tech investor and conservative provocateur who has advised Mark Zuckerberg for nearly two decades at Facebook parent Meta Platforms Inc., will step down from the company’s board after Meta’s annual shareholder meeting in May.
Thiel, 54, who became a director in 2005 after an early investment in Facebook, plans to increase his political support of former President Donald Trump’s agenda during the 2022 election and doesn’t want his political activities to be a distraction for Facebook, according to a person close to Thiel." - read more on BNN Bloomberg here
Major Earnings This Week
Monday February 7:
AECOM (ACM): Expected Q1 earnings of $0.77 per share
Loews (L): Expected Q4 earnings of $1.38 per share
Tuesday February 8:
Chipotle Mexican Grill (CMG): Expected Q4 earnings of $5.26 per share
Corsair (CRSR): Expected Q4 earnings of $0.25 per share
Fiserv (FISV): Expected Q4 earnings of $1.56 per share
Gartner (IT): Expected Q4 earnings of $2.42 per share
Wednesday February 9:
Canopy Growth (CGC): Expected Q3 earnings of $-0.31 per share
Manulife Financial (MFC): Expected Q4 earnings of $0.82 per share
Telus (TU): Expected Q4 earnings of $0.26 per share
Sunlife Financial (SLF): Expected Q4 earnings of $1.52 per share
Uber (UBER): Expected Q4 earnings of $-0.35 per share
Disney (DIS): Expected Q1 earnings of $0.63 per share
Yum Brands (YUM): Expected Q4 earnings of $1.09 per share
Zynga (ZNGA): Expected Q4 earnings of $0.09 per share
Thursday February 10:
Affirm (AFRM): Expected Q2 earnings of $-0.34 per share
Aurora Cannabis (ACB): Expected Q2 earnings of $-0.27 per share
Cloudflare (NET): Expected Q4 earnings of $-0.004 per share
Coca-Cola (KO): Expected Q4 earnings of $0.41 per share
Friday February 11:
CAE (CAE): Expected Q3 earnings of $0.19 per share
Magna International (MGA): Expected Q4 earnings of $0.85 per share
Major IPOs Expected This Week
Friday February 11:
Cariloha (ALOHA), a sustainable home goods company seeks to raise up to $33M at a $511M valuation
See you next week!
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