Meta Plummets as Zuckerberg Details Bold Investments, Ford Trucks Earnings, Rubrik IPO Rings Up

Stock Futures Drop After Flat Trading Day Nasdaq-led falls see Dow drop 300 points

Futures flopped Thursday after a lackluster trading day Wednesday, led down by tech. Dow Jones Industrial Average futures dropped 300 points, while S&P 500 futures fell 0.7%, and Nasdaq 100 futures dropped 1%.

Meta Shares Plunge After Weak Guidance, Zukerberg's Bold Investments

Meta shares plunged in premarket trading after the tech giant issued weak revenue guidance, wiping out $200 billion in market cap. The grim forecast overshadowed robust first-quarter results, with revenue increasing 27% " the fastest rate of growth for any quarter since 2021 " from $28.65 billion in the same period a year earlier.

The stock sell-off accelerated as CEO Mark Zuckerberg discussed investments in mixed reality and glasses, areas where the tech giant does not currently make money, during the conference call with investors.

Ford Tops Earnings Estimates As Truck Sales Soar

Ford Motor topped first-quarter earnings estimates as sales of trucks and other commercial vehicles offset losses in the company's electric vehicle unit. The automaker also maintained its 2024 earnings guidance.

Ford's overall revenue for the quarter increased about 3% year over year to $42.78 billion. The company's traditional business, called Ford Blue, reported adjusted earnings down 66% compared to a year earlier to $905 million, but Ford Pro, the commercial business, earned $3.01 billion, up 120% from the first quarter of last year.

Ford's Model e electric vehicle unit reported a loss of $1.32 billion for the period.

Data-Management Software Firm Rubrik Prices IPO at $32 Share

Data-management software company Rubrik priced its IPO at $32 a share, above its expected range. The company is set to debut on the New York Stock Exchange on Thursday, trading under the ticker symbol "RBRK."

The move follows initial public offerings from tech companies Reddit and Astera Labs.

Biden Signs Law to Send Aid to Israel, Ukraine, Taiwan, Forces ByteDance to Sell TikTok

President Joe Biden on Wednesday signed into law a series of measures to send aid to Israel, Ukraine, and Taiwan, and to force Chinese TikTok parent company ByteDance to sell the social media platform or face a national ban.

The law sets a deadline for ByteDance of nine months, or a year, if Biden invokes a 90-day extension, which means it can maintain ownership through the November election. The Biden campaign told NBC News it would continue to use TikTok for at least a year.

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Youtube Shorts: 😳 ["We are proud of Bidenomics!" - Kamala Harris] Posted on July 6, 2024 11:38:46 AM PDT by Republican Wildcat Topic: Business/Economy | Chit/Chat | Miscellaneous Keywords: bideneffect, bidenomics, economcy, economy, kamala, kamalaharris Navigation: use the links below to view more comments. First 1-20, 21