Companies exposed to internet advertising and moving in step with analysts have been concerned about space — and especially Snap at any time (NYSE:SNAP) has bad news – soar higher today after digital ad elephant Alphabet (NASDAQ:GOOG) (GOOGL) offered plenty of data points of not-so-bad news.
Alphabet has risen sharply today – (GOOG) +7%(GOOGL) +7.1% – after results largely in line with expectations have calmed concerns about a possible ad apocalypse. Business leaders warned on the earnings call that tough comparisons could still be expected for the remainder of 2022, but analysts largely believed the company was climbing the wall of worry.
Its “duopoly” partner Meta Platforms (NASDAQ:META) is 5.3% higher ahead of its own highly anticipated quarterly report, expected after Wednesday’s closing bell. Meta’s is expected to face headwinds, so as with its rivals, eyes will be on any predictions the company can give.
Twitter (TWTR) would have normally moved along with its internet ad peers, but as the drama with Elon Musk progresses, it has become somewhat disconnected from them and is only 0.4% up Wednesday. And the long-suffering Snap (SNAP) is still 0.5% lower.
Pinterest (NYSE: PINS), meanwhile, tends to show amplified responses to peers’ movements — in both directions — and Wednesday is the 8.8% higher. (Pinterest was also linked last year with a potential PayPal takeover, which is higher Wednesday on a reported stake of Elliott Management.)
A surge in some stocks also fuels a social media-focused ETF Wednesday.