Wall Street Was Caught Sleeping on Digital Advertising
Judging by stock price moves, Wall Street experienced quite a few surprises last week. Consider the following price moves registered the day after reporting CY3Q22 earnings:
Meta: -25%
Alphabet: -10%
Microsoft: -8%
Amazon: -7%
Apple: 8%
The odd thing about these moves is that 3Q22 earnings contained very few surprises in Big Tech land. All of the major themes found in the numbers and on management conference calls have been on display for the past year (and discussed in these weekly essays).
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