What's Going On With Meta Platforms Shares On Thursday?
Portfolio Pulse from Shivani Kumaresan
Meta Platforms Inc (NASDAQ:META) is trading higher after the Wall Street Journal reported that it plans to acquire a 5% stake in eyewear company EssilorLuxottica (OTC:ESLOY). The partnership aims to leverage the success of Ray-Ban Meta smart glasses, with future developments including 'full holographic' glasses and a third generation of smart glasses expected by 2025. Meta's stock has gained over 50% in the last 12 months, and investors can gain exposure via Vanguard Communication Services ETF (NYSE:VOX) and Communication Services Select Sector SPDR Fund (NYSE:XLC).
July 18, 2024 | 4:04 pm
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POSITIVE IMPACT
EssilorLuxottica (OTC:ESLOY) is set to benefit from Meta's acquisition of a 5% stake, which will support the development and sales of Ray-Ban Meta smart glasses and other wearable tech.
Meta's investment in EssilorLuxottica will likely enhance the development and market reach of Ray-Ban Meta smart glasses, positively impacting EssilorLuxottica's business and stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Meta Platforms Inc (NASDAQ:META) is trading higher after announcing plans to acquire a 5% stake in EssilorLuxottica. The partnership aims to leverage the success of Ray-Ban Meta smart glasses and develop future wearable tech.
The acquisition of a stake in EssilorLuxottica and the success of Ray-Ban Meta smart glasses are positive developments for Meta, likely boosting investor confidence and driving the stock price higher.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Vanguard Communication Services ETF (NYSE:VOX) may see a positive impact due to its exposure to Meta Platforms, which is trading higher following the announcement of a strategic investment in EssilorLuxottica.
VOX holds Meta Platforms as part of its portfolio. Meta's positive stock movement due to the strategic investment in EssilorLuxottica could boost VOX's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Communication Services Select Sector SPDR Fund (NYSE:XLC) may benefit from Meta's stock rise following the announcement of a 5% stake in EssilorLuxottica.
XLC includes Meta Platforms in its holdings. The positive movement in Meta's stock due to the strategic investment in EssilorLuxottica could enhance XLC's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 60