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Last Friday, Facebook (FB) stock went down 8.3% following ad boycott leaving the stock at $216.08. Today, as the market opened FB, is 0.33% up, at $238.33.
Wall Street analysts are surprised that Facebook Inc (NASDAQ: FB) stock is still in the green despite a drop in the company’s earnings from advertisements.
Goldman Sachs’ Heather Bellini wrote that the company would lose 1% of its revenue for every 1% drop in its ad income.
Facebook stock soared by 5% Wednesday even as the stock market rallied amidst reports on potential vaccine breakthrough made rounds. This is despite gloomy reports of record numbers of COVID-19 infections in the U.S.
Aside Facebook (FB), Amazon.com Inc (NASDAQ: AMZN), Netflix Inc (NFLX) and Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) stocks were also bullish. Among the healthcare sticks that have shown promise is Teladoc Health Inc (NYSE: TDOC) which has moved to buy zones. Other big names being watched are Tesla Inc (NASDAQ: TSLA) which rose overnight as the company gets ready to make more deliveries. Another company whose stock has moved to the buy zone is Netflix following Friday’s rebound after a previous selloff.
AMZN, TSLA and TDOC led the rally and were listed at Leaderboard with Apple Inc (NASDAQ: AAPL) while FB and Netflix made it to the IDB Top 50 List. Google was listed in the Long-term Leaders list.
The news that the House antitrust committee would reign in big tech companies with meetings scheduled with the CEOs of Google, Facebook and Amazon. The market could not react to the news having closed before it broke. The legislative inquiry could lead to the enactment of laws that would limit the influence of big tech companies.
The June job report expected on Friday would likely boost Dow Jones futures which slumped against fair value when S&P 500 flattened. The unemployment rate went down from 13.3% to 12.4%.
COVID-19 Impact on Facebook Stock
The DJIA futures fortunes turned on Tuesday with the report of positive developments with the coronavirus vaccine trials and the ADP job report.
The coronavirus pandemic has had massive influence on the market with total deaths numbering 10.8 million globally. 519,000 COVID-19 deaths were recorded on Wednesday. The U.S. recorded 51,000 new cases the same day.
With some states clearing record numbers daily and travelers to hot spots quarantined for 14 days, states like New York have shelved plans to resume indoor dining.
The coronavirus rebound has seen Facebook and Google stocks make gains. On Wednesday, Facebook stock gained 4.6% closing at $237.55 while Google gained 1.7% closing at $1,442.
Last Friday, Facebook stock went down 8.3% following ad boycott leaving the stock at $216.08.
Today, as the market opened FB, is 0.33% up, at $238.33.