Closing Bell: Meta Gains, GE Vernova Price Target Raised, Intel Shelves Networking Spin-Off
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, David Gura, Alexis Christoforous and Carol Massar.
On this episode of Stock Movers:
- Meta Platforms (META) was the top Mag 7 gainer today, closing 3.43% higher. Mark Zuckerberg is expected to meaningfully cut resources for building the so-called metaverse, an effort that he once framed as the future of the company and the reason for changing its name from Facebook. The metaverse group was asked to cut deeper due to a lack of industry-wide competition and scrutiny from investors and watchdogs over the technology.
- GE Vernova (GEV) closed higher after Barclays analysts raised its price target. The company has also been commissioned for a second wind turbine in Romaina.
- Intel (INTC) is down 7.45% at the close. The company is shelving plans to spin off or sell a stake in its networking division, deciding it's more likely to succeed as an internal unit. It ended talks with Ericsson, which had discussed buying a stake in the division, to keep it in-house for tighter integration between silicon, software and systems.
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