Why Facebook Stock Popped Today
Shares of Facebook (NASDAQ: FB) were cruising higher today, riding the coattails of rival Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), whose stock jumped nearly 10% on a better-than-expected earnings report. Since both Facebook and Alphabet's Google dominate the market for digital ads, investors viewed the good news for Alphabet as good news for Facebook, which will report its own first-quarter earnings report after hours today.
As of 11:29 a.m. EDT on Wednesday, Facebook shares were up 5.8%, while Alphabet shares had gained 8.4%.
Image source: Facebook.
Source Fool.com
