Diamonds and Dogs
Facebook (FB) profits surge. Facebook is up 7% to new all-time highs thanks to strong ad spending. Similar to Google yesterday, Facebook saw a 50% rise in advertising revenue as corporate ad spending leaves magazines and other traditional areas and goes online.
Profit-taking in the drug space. Bristol Myers (BMY) and Merck are down 4% following earnings. Bristol missed earnings and sales due to weak demand as healthcare providers stocking up on medication at the beginning of the COVID-19 pandemic in anticipation of potential supply chain issues. Merck in the other hand blamed weak demand on a resurgence in COVID-19 cases that has hurt demand for drugs that need to be given by doctors. Not sure what excuse both firms will use next quarter.
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