5 Biggest Losers Today

1. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 184

Shares of Meta Platforms, Inc. (NASDAQ:META) slid over seven percent in mid-day trading Tuesday. There was no company-specific news behind the drop. However, industry experts were linking the decline to the recently released U.S. inflation data for the month of August.

The data showed that the consumer price index inched up 0.1 percent last month, contrary to the expectations for a 1 percent decline. The surge in the consumer price index would likely result in another interest rate hike, which is why all three major indices and most sector leaders, including Meta Platforms, Inc. (NASDAQ:META), fell this morning.

Separately, Meta Platforms, Inc. (NASDAQ:META) also appeared in the second-quarter 2022 investor letter of asset management firm Baron Funds. Here’s what the firm said:

“Shares of Meta Platforms, Inc., the owner of Facebook, the world’s largest social network, fell 28.4% during the second quarter due to quarterly results that missed consensus estimates, driven by the impact of Apple’s new privacy changes in its iOS operating system. These changes have made it harder for Facebook to measure the effectiveness of its advertising across its mobile apps.

In the longer term, we expect Facebook to continue utilizing its leadership in mobile to provide global advertisers targeted marketing capabilities at scale, with substantial monetization optionality ahead in newer areas such as Reels (Meta’s competing solution to TikTok) and e-commerce.”

You can also take a peek at Best Defensive Stocks Under $50 and 10 Best Cyclical Stocks for Inflation.

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