Posted on 07/26/2018 2:38:36 PM PDT by Enlightened1
Facebook on Thursday posted the largest one-day loss in market value by any company in U.S. stock market history after releasing a disastrous quarterly report.
The social media giant's market capitalization plummeted by $119 billion to $510 billion as its stock price plummeted by 19 percent. At Wednesday's close, Facebook's market cap had totaled nearly $630 billion, according to FactSet.
No company in the history of the U.S. stock market has ever lost $100 billion in market value in just one day, but two came close.
On Sept. 22, 2000, Intel shed $90.74 billion in market value as the dot-com bubble burst. Earlier that year, Microsoft lost $80 billion from its market cap in one day.
Other companies that have experienced similar one-day losses in dollar amount include Apple in 2013, when it lost $59.6 billion, and Exxon Mobil in 2008, when it lost $52.5 billion.
Facebook's enormous loss in value came a day after the company reported weaker-than-expected revenue for the second quarter as well as disappointing global daily active users, a key metric for Facebook. The company also said it expects its revenue growth rate to slow in the second half of this year.
Several analysts downgraded Facebook's stock, including Nomura Instinet's Mark Kelley. "With stagnating core user growth, we think there is too much near- to mid-term uncertainty to recommend shares at this point," Kelley, who downgraded the stock to neutral from buy, said in a note.
The percentage decline was also the worst in Facebook's history.
(Excerpt) Read more at cnbc.com ...
DEATH TO THE ALGORITHM!!
Regular dividends plus steady appreciation may not make you rich quickly, but they will allow you to retire with a little dignity.
>>I got sucked in because of kids and grandkids.
I don’t do ANY political posting on it.<<
Same but with siblings and their kids (and kids’ kids).
Private group so no one sees my postings.
On the “outside” — not a word. Not even a “like.”
I check it weekly or biweekly.
Also interesting is that there are no repeats on the list.
The market and the economy are doing well. Facebook isn't though. Facebook's big market appeal was the fact they had all this private information on millions of people to sell to advertisers. Then there were all these people outraged over the use of their voluntarily submitted data for a FREE service. Go figure. FB handled the event poorly. So you are right in that it is a predictable crash for facebook stock.
I don’t think it’s just the revenue projection that drove this sharp drop. I think the market is wising up to the fact that future ad revenue is going to collapse when the CEO of the company admits to Congress that his website has millions of fake users.
And, never mind it was originally a DARPA project. When FB came on the scene, the DARPA project FB is based on closed up.
Fakebook for Fools.
Full disclosure -— I don’t know beans about the market, but short of catastrophically affecting the entire stock market, I’d be happy if his company tanked. IMHO, Facebook has caused far more harm to our society, than the good it does by allowing parents to touch base with their kids. But then, I’m a just a luddite. And a xenophobe.
Go Go Go Go Go Go
Yes, GE is doing a slow, power off glide instead of a flaming crash and burn this time. Management is selling off the good parts to keep the wolf from the door a little bit longer. But eventually they will run out of good parts.
The real beef with current GE management is that they won't go after the former managers who looted the company and lived large while doing so. And the board members who enabled them.
Well, when you actively #### on the productive half of your user base, bad things happen.
Those of us who support President Trump (still not tired of writing that) speak up on a few forums such as Free Republic, but we mostly speak with our time, feet, votes, and money.
That’s why the Georgia result came as NO surprise to me. Neither did this hammering of Facebook. The Red (I know, media picked the color but it’s the recognized one) Wave in November will be no surprise.
When I have trouble getting to the FreeRepublic.com site (which happens occasionally), the first place I go to find out what's happening is to the FreeRepublic page on Facebook.
In the table of the ten worst drops on record, four of them were in the past 6 months. And none of them were in the 5 years preceding. That seems significant to me.
Maybe large cap stocks have just gotten much, much larger, or maybe some sort of market correction is underway.
Who knows? Maybe it is cooked and it would have been much worse. Or maybe he's setting things up for a buy back or some insider trading. He's leftist scum, don't put anything past him.
Suckerberg is a left wing jerk, ########, and many other #########s, but he in not an idiot. Sure he has a few hundred million or billion squirled away in non-extradition countries.
Facebook is losing friends on the left and the right.
The Left thinks Facebook cooperated with the Trump campaign through its data sharing tools, directly possibly, but certainly with a particular third party outfit - Cambridge Analytics” that did some work for the Trump campaign.
We Conservatives have observed, and complained about, what has seemed to have been a pattern of Facebook silencing Conservative voices on its website, even kicking some Facebook posts and users off for what it claimed was “offensive” material.
I imagine any drop in Facebook use has been a “bipartisan” drop.
Yet Facebook surely ought to see now, that the more it becomes openly partisan the less likely it is to remain in “common” use by majorities.
Facebook (and Google in my book) need to become political agnostics, politically neutral and uninterested in being a particpating partisan at all.
I don’t know if you’re aware of this, but your Facebook site is likely all but unreadable to someone without an account.
I’ve been on the Internet since it was text based and just universities and DOD. I don’t use a Facebook account. When I come upon a business that has a Facebook site that doesn’t link to a real web site, I typically pass it by. It’s just not worth the effort to try and find any info on a Facebook site without an account.
Same deal with Pinterest.
Just in case you weren’t aware...
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