META stock to $100.46 as of 11:04 AM EDT.
Exchange-traded funds with a focus on communication services are expected to start Thursday’s session in the red as Meta Platforms Inc. ( NASDAQ:META ), a mega-cap company, falls sharply. After declaring a profit shortfall and informing Wall Street of upcoming sales issues, the company has generated more than 20%.
Despite the fact that 332 different ETFs throughout the own world META, the three communication-focused funds that have the biggest exposures to the social media behemoth, have dropped along with META’s decline.
The Communication Services Select Sector SPDR Fund ( NYSEARCA:XLC ), Vanguard Communication Services ETF ( NYSEARCA:VOX ), and Fidelity MSCI Communication Services Index ETF are the three ETFs with the greatest portfolio exposures to META ( NYSEARCA:FCOM ).
Major route in outlook due to Meta stock plunge
The largest holding in the stock of any ETF on the Street is held by XLC, which has a 17.25% weighting in META. XLC is down 3.1% in early market trade. With 11.78% and 10.92%, respectively, VOX and FCOM are the next and third-heaviest holders of META after XLC. VOX is down 1.5% in premarket trading, while FCOM is down 2.1%.
The sector has been under pressure all year, and Thursday’s loss is a part of a broader year-to-date decline. META’s year-to-date performance is -58.9%; as a result, XL...
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