Why Pinterest, Roku, and Etsy Plunged Today
Shares of Pinterest (NYSE: PINS), Roku (NASDAQ: ROKU), and Etsy (NASDAQ: ETSY) were down hard again on Thursday, declining 9.3%, 5.6%, and 1.8%, respectively, as of 3:50 p.m. ET.
It appears it was a bad day for digital advertising stocks generally as the largest social media advertiser Meta Platforms (NASDAQ: META) sent an internal memo to employees cautioning of "fierce headwinds" in the second half of the year. On another down day for the markets, that likely sent Pinterest and Roku lower. Etsy fell too in spite of a positive initiation from a sell-side analyst; that's perhaps why the stock didn't fall as much. Pinterest likely fell harder due to uncertainty over its new CEO, who was introduced on Tuesday.
On Thursday, an internal Meta Platforms memo was leaked to Reuters. In it, Chief Operating Officer Chris Cox said to employees,
Source Fool.com
