Markets Ride a Roller Coaster, and Meta Shares Sink on Earnings 10/26/22

CNBC's "Fast Money"

CNBC

News, Business, Investing

3.9 • 1.3K Ratings

🗓️ 26 October 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Dow gave up a more than 335 point gain to end the day basically flat, and the S&P and Nasdaq both ended three-day win streaks. So what’s the action telling you as we head towards next week’s Fed Meeting? Plus all eyes on Meta as the Facebook parent reports earnings. We break down the numbers and bring you the trades. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0	Right now in past a major miss at Meta revenue dropping for the second straight quarter
0:05.5	expected to drop again in Q4 and losses for the Metaverse.
0:09.2	Part of Meta now standard nearly $10 billion so far this year, the stock getting hammered.
0:14.5	The call about to start will go inside the numbers plus topping the tape shares of the
0:18.2	OAH, the oil services ETF crushing it up nearly 40% this month, what's behind this
0:23.1	energizing trade and later throwing in the towel.
0:25.9	One of our traders is saying no moss on FedEx and hello to the competition.
0:29.9	We'll go inside the switcher who coming up.
0:32.5	I'm Melissa Lee, this is fast money relived with Mads like MarketSide on the desk tonight
0:35.8	Karen Feinerman Steve Grasso, Fano and Ison in Guaidami and we kick things off with
0:40.1	a Meta meltdown shares plunging to the tune of about 13% right now.
0:44.1	The social media giant missed on earnings and warned of a week fourth quarter.
0:48.4	That big bet on the Metaverse so far not paying off the stock dropping to its lowest level
0:52.9	since 2016.
0:55.1	The call just getting started at the top of the hour that's got straight to Julia Borson
0:58.5	who is listening and Julia.
1:01.9	Well Melissa Meta revenues declined 4% from the year ago period that is a smaller drop
1:06.7	than analysts expected but earnings missed expectations and the revenue outlook was on
1:12.1	the lighter end of what analysts were looking for.
1:15.3	While reality labs losses aren't slowing that's another thing to keep in mind despite concerns
1:20.6	about how much Meta is sinking into its Metaverse building division.
1:25.1	I spoke to Meta outgoing CFO Dave Wainer.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.