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CNBC's "Fast Money"

A Reckoning for Facebook, and Where Bitcoin Is Heading Next

CNBC's "Fast Money"

CNBC

Investing, News, Business

3.91.3K Ratings

🗓️ 15 October 2021

⏱️ 22 minutes

🧾️ Download transcript

Summary

Facebook shares just clocked in their fifth straight week of losses, down 14% since that damning WSJ article on Instagram. So have we finally seen the straw that broke the company’s back? Plus, bitcoin rising above $60K for the first time since April. The Chart Master lays out where the crypto is going from here. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0

Live from the Nasdaq Marketside overlooking New York City's Times where this is fast money,

0:04.1

I'm Melissa Lee, tonight's trader lineup. Tim Seymour, Steve Grasso, Mike Coe and Pete

0:08.0

Najarian, co-founder of MarketerBellion.com. Tonight on Fast, Bitcoin breaking out the cryptocurrency,

0:13.2

soaring above $60,000, so where is it headed from here? The charmats are standing by to break down

0:18.8

the next key levels. Plus, our chart of the week. One of our traders has been recommending this

0:23.4

stock for a while, but it's down more than 7% since Monday. How are they managing this trade,

0:29.1

the name and the strategy straight ahead and later? We are gearing up for a huge week of earnings.

0:32.8

Just take a look at that list. We'll tell you the four names of traders are watching heading

0:37.2

into next week. We start off with the straw that may have broken Facebook's back. Sheers down

0:42.8

another percent today, clocking in their fifth straight week of losses. That's tied for the longest

0:48.3

losing streak in the company's history. The stock has been under pressure since that damning,

0:53.1

Wall Street Journal article detailing the impact Facebook's Instagram has on young girls. It is

0:57.9

down 14% since that story was published. This is not just a consequence of broad tech sector weakness.

1:04.6

Take a look at the cues down just two percent during the same time in the past. Facebook shares

1:09.0

may have come away unscathed from everything from Cambridge Analytica to the elections to GDPR,

1:13.6

but $150 billion wiped off its market cap in just the past month. So we're asking,

1:19.9

could things be different this time around? Tim, what do you say?

1:22.7

Well, look, if you think about June, July 2020, when a lot of the advertisers pull out,

1:29.6

seem like another one of those major tests for Facebook. It tested down seven to 10 percent,

1:33.6

maybe 12 percent depending on when you're taking your measurements. And look, stock storm back.

1:38.6

And storm back for a lot of different reasons. Mostly just because it's the only game in town

1:43.9

in terms of sheer scale in ad growth. The ad growth, what's going on in e-commerce and digital ad,

...

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