{"id":71833,"date":"2023-10-12T10:49:49","date_gmt":"2023-10-12T14:49:49","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/metas-and-alphabets-stocks-close-at-highest-levels-since-early-2022\/"},"modified":"2023-10-12T10:49:53","modified_gmt":"2023-10-12T14:49:53","slug":"metas-and-alphabets-stocks-close-at-highest-levels-since-early-2022","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71833","title":{"rendered":"Meta\u2019s and Alphabet\u2019s stocks close at highest levels since early 2022"},"content":{"rendered":"
\n

Internet stocks Meta Platforms Inc. and Alphabet Inc. logged their highest closes in more than a year as they continued their October rally. <\/p>\n

Meta shares
\n META,
\n +0.15%<\/bg-quote>
\n rose 1.9% Tuesday to finish at $327.82. That made for their highest close since Jan. 14, 2022, when they ended at $331.90, according to Dow Jones Market Data.<\/p>\n

\n

Shares of Alphabet
\n GOOG,
\n -0.01%<\/bg-quote><\/p>\n

GOOGL,
\n +0.01%<\/bg-quote>
\n advanced 1.8% to close at their highest level since April 5, 2022, when they finished at $140.59. Alphabet\u2019s stock ended Tuesday\u2019s session at $140.55.<\/p>\n

Both stocks have rallied so far in October, with Meta shares up 9.2% on a month-to-date basis and Alphabet shares up 7.4%.<\/p>\n

See also:<\/strong> The Magnificent Seven could be called the messy seven after a \u2018meh\u2019 third quarter<\/p>\n

Meta and Alphabet are set to report third-quarter results in the coming weeks, and analysts see healthy enough trends in the online-advertising market.<\/p>\n

\u201cFrom an industry perspective, we would highlight that [third-quarter] 2023 digital ad trends continue a pattern of improving growth trends that has been a hallmark of the progression [through] 2023,\u201d Goldman Sachs\u2019s Eric Sheridan said in a note to clients earlier this month. He added that companies generally should see easier comparisons and \u201csteady sequential improvement in brand advertising,\u201d among other positive drivers. <\/p>\n

Piper Sandler analyst Thomas Champion called Meta his top pick heading into internet earnings season, given the potential for growth in impressions, benefits from artificial intelligence and improvements in advertising technology.<\/p>\n

\u201cFor the stock to work, we believe\u00a0Meta\u00a0will need to put up at least 20% growth for [the third quarter] plus [fourth-quarter] guidance in the low-mid 20s \u2026 growth range\u201d on a percentage basis, he wrote Monday. \u201cOur seasonality analysis suggests all this is doable and [fourth quarter] is a low bar.\u201d<\/p>\n

As for Alphabet, Champion thinks the stock\u2019s move will depend on management\u2019s commentary on the core search business and progress on cost cuts. <\/p>\n

Read:<\/strong> How the Google Pixel 8 compares with Apple\u2019s iPhone 15<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Internet stocks Meta Platforms Inc. and Alphabet Inc. logged their highest closes in more than a year as they continued their October rally. Meta shares META, +0.15% rose 1.9% Tuesday to finish at $327.82. That made for their highest close since Jan. 14, 2022, when they ended at $331.90, according to Dow Jones Market Data. […]<\/p>\n","protected":false},"author":1,"featured_media":71834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-71833","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nMeta\u2019s and Alphabet\u2019s stocks close at highest levels since early 2022 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Internet stocks Meta Platforms Inc. and Alphabet Inc. logged their highest closes in more than a year as they continued their October rally. 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