Why Are Meta Shares Rising Today?

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Meta Platforms Inc FB shares rose on December 27, leading to an advance among mega-cap technology and internet stocks amid signs of strong demand for its Oculus virtual reality headset during the holiday season, Bloomberg reports.

  • After KeyBanc Capital Markets wrote that Oculus was likely a popular gift over the holiday season, Meta got a boost. 
  • KeyBanc cited the rankings of the Oculus app in Apple Inc’s AAPL app store, which “suggest a solid Christmas selling season.”
  • Analyst Justin Patterson wrote that Oculus was “a top 5 entertainment app in five countries and a top 10 overall app in the U.S.” on Christmas Eve and that the ranking “was even greater on Christmas Day,” as it was the #1 overall app in the U.S.
  • Meta Platforms, formerly Facebook, is the world’s largest online social network, with 2.5 billion monthly active users.
  • Price Action: FB shares traded higher by 3.14% at $345.72 on the last check Monday.
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