Diamonds and Dogs

4/27/23

Facebook/Meta (META) soars following earnings. Meta jumps 15% after the company reported a surprising rebound in digital advertising sales, allowing the company to keep pouring money into speculative businesses like artificial intelligence and virtual reality. CEO, Zuckerberg explained how artificial intelligence technology has already helped the company choose the right short-form videos, called Reels, for its users. He said Meta is making more money from Reels, and time spent on Instagram has gone up by 24%.

Drug stocks continue to sink. biopharmaceutical company, AbbVie (ABBV) is down 8% as their first-quarter sales of its anti-inflammatory drug Humira declined from a year ago. Humira which accounts for a quarter of their sales fell 25.2% on a reported basis, as the company continued grappling with losing patent protection in Europe and facing competition from biosimilars

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