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Bob Carey
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  US Stock Market Ended Feb. 4, 2022
Posted Under: Weekly Market Commentary
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Overall equities were up modestly last week after the S&P 500 index returned 1.57%, however that doesn't put into perspective how volatile some names were. Earnings reports dominated headlines and drove many individual stock returns. Paypal Holdings Inc. released disastrous quarterly results and guidance and the payment processing company returned -22.90% last week, the worst performing name in the S&P 500. Paypal, who is the parent of peer-to-peer lender Venmo, announced payments growth has slowed and guided they would be losing nearly 20 million users due to inactivity this year. Further they revealed the 'vast majority' of their payments volume comes from only 1/3 of their customers. The second worst performing name in the S&P 500 last week was Facebook and Instagram parent company Meta Platforms Inc. The social media giant plunged 21.42% last week after announcing weaker earnings and guidance because they are facing an 'unprecedented level of competition' and they lost users for the first time. This wiped out $252b in market cap, the largest single day loss ever for a stock, a larger loss in market cap than the market cap of 482 other names in the S&P 500. Meta has also been seeing weakness in ad spending after Apple Inc.'s new privacy rules around identifiers for advertisers (IDFA) has weakened their pricing power. These IDFA issues for Meta flowed through to worries for investors in Snap Inc., which pushed their stock down 23.60% on Thursday last week. However, the short video social media platform provider was able to nimbly navigate the IDFA changes and announced earnings and guidance well ahead of estimates which resulted in shares soaring 58.82% on Friday, and 27.91% for last week. Looking ahead to next week, earning season continues as 83 names in the S&P 500 index are expected to report quarterly results. Some of the names include Pfizer Inc., Coca-Cola Co., Walt Disney Co. and PepsiCo Inc.
Posted on Monday, February 7, 2022 @ 9:09 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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