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CNBC's "Fast Money"

Market’s Meta Meltdown and a Big Boost for Amazon

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 3 February 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

Shares of Amazon surging after the company posted better than expected earnings, and Snap and Pinterest saw big gains too. Will this be enough to calm investors after the massive Meta-led rout we saw on Thursday? 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

tonight on fast, we're all over the major sell-off on Wall Street stocks plunging as

0:10.4

a meta meltdown rocks a broader market than as I can in its worst day since September

0:15.3

2020.

0:16.3

But check out the aftire's action and Amazon snap and pinchers.

0:19.8

Those stocks are rocketing higher on earnings.

0:22.3

The calls for snap and pins underway, Amazon's kicks off at the bottom of the hour.

0:26.5

Traders are standing by to break down all this action joining us tonight.

0:29.5

Guy Dommi, Tim Seymour, Karen Feinermann, and Dan Nathan.

0:32.8

But let's get right to that developing story on Amazon Deidrebosis got the very latest

0:36.8

D.

0:37.8

Melissa, Amazon first raising the price of prime yearly will now be $139 from $119.

0:45.8

This is the first price increase since in 2018 and it goes into effect after March 25th

0:51.2

for existing members, huge net income number for Amazon.

0:55.1

That was largely thanks to Rivian of $14.3 net income, $11.8 billion came from that

1:02.3

stake.

1:03.3

The CFO warning that that could lead to volatility on the PNL in quarters to come.

1:07.3

In terms of segments, online sales grew just 1% year over year.

1:10.6

But they did break out advertising services for the very first time.

1:14.0

This is a nearly $10 billion business.

1:17.0

To give you some context, that is bigger than Alphabet's YouTube business, which many

1:21.6

had been fonding over earlier this week.

1:23.1

I asked CFO Brian Olsowski about any Apple privacy impact, essentially said that there

...

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