Why Are Meta Shares Rising Today?

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.