Squawk on the Street
Tech Sell-off and the "Meta-Reverse": Shares of Facebook's Parent Plunge and Spotify Sinks on Outlook
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Show notes
Carl Quintanilla, Jim Cramer and David Faber led off the show with an in-depth look into Facebook parent Meta Platforms: The stock on track for its worst-ever one day performance after the company's weaker-than-expected earnings, user numbers and guidance. The Meta news dragging down social media stocks as part of an overall tech sell-off. The anchors reacted to what Meta CEO Mark Zuckerberg said on his company's earnings call about competition from TikTok. Cramer explained why Meta plummeting constitutes an "eyeball moment." Shares of Spotify also down sharply despite upbeat growth numbers -- its subscriber outlook disappointed Wall Street amid the Joe Rogan podcast controversy. Also in focus: How investors in big tech should navigate the markets now, ECB's Christine Lagarde says she won't rule out a 2022 rate hike, plus why T-Mobile and other stocks are higher in the midst of a market sell-off. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com
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