Facebook Company Name Change Means New Stock Market Symbol

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The S&P 500 continued its steady advance over the past week amid a mixed bag of large tech earnings.

On Thursday, the Commerce Department announced that U.S. GDP only grew at an annualized rate of 2% in the third quarter, missing economists’ estimates of growth of 2.8%. The 2% growth rate represents the weakest economic growth since the second quarter of 2020 as the Delta variant of COVID-19 and global supply chain disruptions weighed on the US economic recovery.

On Friday, Treasury Secretary Janet Yellen said President Joe Biden’s $ 1 trillion infrastructure bill and $ 1.8 trillion bill for climate and social spending would not contribute to inflation, which recently reached its highest rate in 30 years. Yellen said the spending program would increase the economy’s growth potential, “which tends to lower inflation, not increase.”

Electric vehicle maker Tesla reached a valuation of $ 1,000 billion for the first time after news that car rental company Hertz would buy 100,000 Tesla Model 3 by the end of 2022. The market capitalization of Tesla is now about 18 times that of Ford, although Ford is reporting nearly double that of Tesla. sales in the third quarter.

Facebook announced Thursday that it is changing its corporate name to Meta in an effort to rebrand and focus on building the “metaverse,” a virtual world in which users live, work and play online. Facebook will complete the rebranding on December 1 and its shares will begin trading under the symbol MVRS.

Robinhood’s crypto problem

Shares of popular trading app Robinhood fell nearly 10% below their initial public offering price after the company reported a large third quarter shortfall and a sharp drop in crypto trading. cash.

The third-quarter earnings season continues this week with reports from Pfizer on Tuesday, Qualcomm on Wednesday and Moderna and Uber on Thursday.

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U.S. companies with at least 50% of their revenue from international sources saw higher profit growth than companies with domestically focused operations in the third quarter, according to FactSet.

Economic figures

After a disappointing third-quarter U.S. GDP report, Wall Street will receive more economic updates on Wednesday when the Federal Reserve releases its latest interest rate decision and accompanying policy statement and on Friday when the Department Labor US will release its October jobs report.

Benzinga is a financial information and data company headquartered in Detroit.


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