Facebook Stock Drop a "Gross Overreaction"- Gene Munster
Facebook’s latest troubles sent shares down nearly 7 percent Monday, making it the worst performing stock in the Cheddar 50. But long-time tech analyst Gene Munster, Managing Partner of VC firm Loup Ventures, saw it as a “gross overreaction.”
This scandal is a blip in the bigger pictures, Munster told Cheddar.
As of 2017, the social media giant has over two billion active users a month and advertisers continue to get a high return on the platform, explained Munster.
“These issues around controls and compliance is [are] something that every big company gets hit with,” he said, citing similar problems for Snapchat and Baidu.
“This is something that we believe Facebook will solve.”
The social media giant came under fire from investors after news a data firm, Cambridge Analytica, got access to information from some 50 million users without their permission. That data was reportedly used to help President Donald Trump’s campaign during the 2016 election.
Facebook’s drop Monday brought down much of the tech sector. The Nasdaq fell more than 1.8 percent, while the Dow Industrials was down more than 330 points.
Apple says a Justice Department antitrust lawsuit accusing it of engineering an illegal monopoly in smartphones in the U.S. is “wrong on the facts and the law.”
As Reddit shares begin trading at the NYSE, ‘Einstein of Wall Street’ Peter Tuchman breaks down the social platform’s debut and what it means for the overall IPO market in 2024.
CEO and co-founder of Alix, Alexandra Mysoor, discusses why it’s so important for everyone, regardless of income, to both plan and settle their estates.
After the Fed forecast three cuts to come in 2024, Kevin D. Mahn, President and CIO at Hennion & Walsh Asset Management breaks down why the market looks strong, and he sees some reasons for concern in Reddit’s choice to IPO.
Federal Reserve officials signaled that they still expect to cut their key interest rate three times in 2024 despite signs that inflation was surprisingly high at the start of the year.
