The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' 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.
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
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