Diamonds and Dogs

2/2/23

Facebook, Meta (META) jumps on earnings. The social network giant is up 24% lifting its market cap by a $100 billion following better than expected earnings thanks to cost cuts, job cuts and a new share buyback plan. Facebook has reached a milestone of 2 billion daily actives and is well positioned once advertising rebounds.

Oil and drug stocks not looking so great. Merck (MRK) and Eli Lilly (LLY) are down 3% following earnings, but lackluster guidance. Exxon Mobil (XOM) is down 3% as the whole sector comes under pressure as money rotates back into tech stocks.

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