Coinbase (#COIN) saw its revenue rise to $773 million in Q1 2024, marking a 23% increase from the previous quarter and surpassing analyst expectations.
A New Meta
2022-12-15 • Updated
Facebook has changed its name to Meta in pursuit to erase old rumors and build a new brand, free from scrutiny and personal data leakages. What will change for investors and traders as the company completes the transformation?
Reasons for a change
First, the name change, which was announced at the Facebook augmented and virtual reality conference, reflects the company’s growing ambitions beyond social media. Mark Zuckerberg said he wants to create a new Universe, but not far above the sky, but deep in the worldwide web.
Metaverse is partly a dream for the future of the Internet that consists of 3-D worlds, avatars of real people, and their online profiles. It is expected to become the second layer of our everyday life that may give us the experience we’ve never had before.
“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Meta CEO Mark Zuckerberg said. The change will affect the policy of Meta’s companies: Instagram, Facebook (the name of which will remain unchanged), Facebook Messager, and WhatsApp.
The re-branding also comes after the company has dealt with a barrage of news reports over the past month. Facebook and personally Mark Zuckerberg were accused of personal data leakage, problems with privacy, and manipulative advertisement.
What now?
The company said this week it’d spend about $10 billion over the next year developing the technologies required for building the metaverse. Facebook will be traded under the ticker “MVRS” from December 1. The company is now developing new VR and AR headsets, internet services and, probably, working hard to outshine the reputation that Facebook had before this transformation.
As for the chart, Facebook looks steady, with an inverse head and shoulders bullish pattern almost completed. If the price manages to hold $320 level and the broad market doesn’t start the correction, the uptrend may continue.
Facebook daily chart
Resistance: $350; $385; $420: $460
Support: $320; $305
Similar
During his program on CNBC on February 28, Jim Cramer expressed frustration with the impact of earnings reports on market behavior, noting how they often prompt rash decisions by average investors. He criticized the short-term focus and lack of attention to nuance in news coverage of earnings. Cramer cited examples of Home Depot and Lowe's, highlighting how investors reacted hastily to headline news without considering the broader context provided in earnings calls.
As the year winds down and the festive spirit takes hold, the stock market often presents a curious yet anticipated phenomenon known as the Santa Rally. Within this whirlwind of festive trading, let’s look at how two titans of the tech world, Amazon and Apple, might fare during this unique season.
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...