$META Almost at Pandemic Low

$META is holding back $XLC. Might have to exit my $XLC trade next week with a loss and maybe flip it into $XLU.

*CNBC headline: Meta shares plunged 14% this week, falling close to their pandemic low*
PUBLISHED FRI, SEP 16 20224:43 PM EDTUPDATED FRI, SEP 16 20225:33 PM EDT
Jonathan Vanian
@JONATHANVANIAN

:pushpin: Meta shares dropped below the company’s pandemic nadir during the day on Friday and are down more than 60% for the year.

:pushpin: The Facebook parent company said in July that sales would decline for a second straight quarter.

Facebook hasn’t been this cheap since the beginning of the pandemic.

After plunging 14% for the week to close at $146.29, shares of Facebook parent Meta are at their lowest point since March 2020, and for a period on Friday, they had sunk even lower. Meta has lost 61% of its value over the past 12 months, by far the biggest slide among Big Tech stocks and more than double the drop in the Nasdaq Composite.

In sliding for five straight days, Meta is now trading just 28 cents above its closing price on March 16, 2020, when the early days of Covid-19 sent U.S. stocks reeling.

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