META Serves up the Biggest Wipeout in Market History


Reuters

Meta Platforms Inc.’s one-day crash now ranks as the worst in stock-market history.

The Facebook parent plunged 26% Thursday on the back of woeful earnings results, and erased about $251.3 billion in market value. That’s the biggest wipeout in market value for any U.S. company ever.

And while the stock could certainly bounce back in coming days, especially given the volatility that’s gripped the technology sector this year, the mood on Wall Street has turned decidedly bleak on the long-time market darling. Analysts are pointing to the stiff competition that Meta now faces from rivals and to the fact that revenue was below expectations as causes for concern. Michael Nathanson, an analyst at brokerage Moffett Nathanson, titled his note “Facebook: The Beginning of the End?”

“These cuts run deep,” he wrote. The results were “a headline grabber and not in a good way.”

Investment advice is about the least-qualified topic I might offer advice on. I enjoy managing my own retirement account. And television, streaming or otherwise, is pretty much barren and uninteresting. My daily sum-total of time on the major networks news shows probably adds up to less than a half-hour. And I’m a news junkie…always have been. Recreational news watching limits me to Bloomberg TV. Not always interesting; but, depending on guests, most of it ain’t bullshit or mystical crap. What comes from Bloomberg staff is pretty much always interesting and professional. As witnessed by the waiting line of networks ready to steal their staff.

Oh…and Facebook. They could disappear overnight and I wouldn’t notice the “loss”.

War Pigs

Dedicated to every glorious, democratically-elected GOUSA government I’ve experienced in my lifetime. That hasn’t changed since the first time I posted this anywhere online.

BLACK SABBATH first recorded WAR PIGS in 1970.

The original title of “War Pigs” was “Walpurgis”, dealing with the witches’ sabbath. “Walpurgis is sort of like Christmas for Satanists. And to me, war was the big Satan”, said bassist and lyricist Geezer Butler. “It wasn’t about politics or government or anything. It was Evil itself. So I was saying ‘generals gathered in the masses / just like witches at black masses’ to make an analogy. But when we brought it to the record company, they thought ‘Walpurgis’ sounded too Satanic. And that’s when we turned it into ‘War Pigs’. But we didn’t change the lyrics, because they were already finished.”

Geezer Butler interview in NOISECREEP.