Why Meta Platforms Was Bouncing Higher Today
Shares of Meta Platforms (NASDAQ: META) were rising more than your average tech stock today, rallying 2.5% as of 1:48 p.m. EST.
Meta continues to bounce off its post-earnings lows when it shocked the investment community with aggressive spending plans in the face of a macroeconomic slowdown. Following the stock's big post-earnings decline, however, the company announced thousands of layoffs last week, which seemed to improve investor sentiment.
Then today, a positive analyst note and news of buying on the part of a large investment fund sent shares higher, inching their way back to pre-earnings levels.
Source Fool.com
