Why Meta Platforms Stock Flopped Again Today
Following Tuesday's stock market rout, investors were in a mildly better mood Wednesday, with the S&P 500 index inching up by 0.3%. That brightening sentiment didn't help Meta Platforms (NASDAQ: META), however, as the social media giant's stock sank again -- it closed the day more than 1% lower.
On Tuesday, investors bailed out of tech stocks largely due to inflation fears. In most cases, there weren't necessarily any company-specific developments contributing to their downward movement.
That wasn't quite the case with Meta. Investors remained concerned about a new research note published by investment bank Morgan Stanley about social media and video sharing trends in August. Analyst Brian Nowak found that the total time spent by users on Meta's sites was down by 3% year over year during the month, the second time in a row that occurred.
Source Fool.com
