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.
Air travel costs are up but there are ways to make the airport experience better and cheaper. Travel journalist Francesca Page joined Cheddar News to provide how to bring those costs down while traveling, especially ahead of the holiday season.
The nation’s employers added 336,000 jobs in September, an unexpectedly robust gain and the largest monthly rise since January, evidence that many companies remain confident enough to keep hiring despite high-interest rates and a hazy outlook for the economy.
The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers.
A commercial fisherman accused of conspiring with others to sell 200,000 pounds (90,000 kilos) of fish in excess of legal quotas has been convicted in federal court in New York.
