Meta Platform Stock Surges on Layoff Announcement

Year-to-date, META is still down more than 69%

Digital Content Manager
Nov 9, 2022 at 10:50 AM
facebook X logo linkedin


Meta Platforms Inc (NASDAQ:META) is up 7.4% to trade at $103.57 at last check, after CEO Mark Zuckerberg announced in a letter to employees that the company will be cutting more than 11,000 jobs, or roughly 13% of its workers. This update follows the social media giant's dismal outlook for the fourth quarter, amid overspending, higher costs, and weak ad sales -- and marks one of the biggest tech layoffs this year. Plus, Facebook extended its hiring freeze through the first quarter.

Options traders are chiming in, with 335,000 calls and 163,000 puts across the tape so far, which is double the volume that's typically seen at this point. Most popular is the 11/11 105-strike call, followed by the 100-strike put in that weekly series, with positions being opened at both. This penchant for calls is far from being the norm, though, given put traders have been piling on META of late.

Though short sellers have started to hit the exits, with short interest down 13% in the last two reporting periods, they are still firmly in control. In fact, the 25.87 million shares sold short make up a 44.2% of the security's available float.

The stock has been trying to dig itself out of a Nov. 4, seven-year low of $88.09, but it will take much more than today's pop to erase its 69.1% year-to-date deficit. Shares are also sharply below the 20-day moving average, despite now pacing for their best single-day percentage gain since April 28.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI