GraniteShares 2x Long META Daily ETF (NASDAQ:FBL) stock is taking a beating on Thursday after Meta Platforms (NASDAQ:META) released its latest earnings report.
The bad news from the earnings report concerns Meta Platforms’ outlook for the second quarter of 2024. It’s expecting revenue for the period to range from $36.5 billion to $39 billion. The $37.75 billion midpoint of that guidance is below Wall Street’s estimate of $38.24 billion.
That’s despite the company posting positive results for its first quarter of 2024. Its adjusted EPS and revenue of $4.71 and $36.46 billion both beat analysts’ estimates of $4.30 per share and $36.12 billion.
What This Means for FBL Stock
GraniteShares 2x Long META Daily ETF is an exchange-traded fund that tracks META stock. That means movement from the social media giant’s shares is reflected in FBL’s stock price. The ETF seeks investment results that are two times the daily percentage change of META shares.
All of this has FBL stock seeing a fair amount of trading today alongside the Meta Platforms earnings report. That has more than 362,000 shares changing hands as of this writing. That’s closing in on the ETF’s daily average trading volume of about 457,000 shares.
FBL stock is down 30.5%, while META stock is down 15.1% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
