{"id":109245,"date":"2021-10-29T12:38:00","date_gmt":"2021-10-29T16:38:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=109245"},"modified":"2023-02-10T13:32:21","modified_gmt":"2023-02-10T18:32:21","slug":"welcome-to-facebooks-metaverse","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/welcome-to-facebooks-metaverse\/","title":{"rendered":"Welcome to Facebook\u2019s Metaverse"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">When a company that is utilized by a significant percentage of the world\u2019s population makes a key announcement, people pay attention.&nbsp; In that light, it makes sense that Facebook\u2019s name change to Meta would be a key topic of discussion in both financial and general media.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To be candid, my first reaction to the name change was \u201cthey\u2019re putting lipstick on a pig.\u201d&nbsp; Facebook is a damaged brand.&nbsp; Perhaps the best rationale inadvertently came <a href=\"https:\/\/www.cbssports.com\/nba\/news\/ron-artest-changes-name-again-this-time-to-metta-ford-artest\/amp\/\">from the NBA star Ron Artest in 2011<\/a>, shortly after he changed his name to Metta World Peace in the aftermath of an ugly basketball incident:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;I changed my name because I got tired of Ron Artest, he&#8217;s a [expletive],&#8221; World Peace said. &#8220;And when fans get mad at me, they can&#8217;t say, &#8216;I hate World Peace.'&#8221; Metta is a Buddhist term meaning &#8220;loving kindness\u201d<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While I clearly have no insight into whether the company formerly known as Facebook took any direct inspiration from the hoopster now known as Metta Ford-Artest, the branding decision comes from the same place.&nbsp; Facebook (FB) has been the source of angry rhetoric amongst many of its users, and importantly amongst lawmakers on Capitol Hill.&nbsp; In an era when members of opposing parties have trouble agreeing about anything, it was quite striking to see Senators Blumenthal (D-CT) and Blackburn (R-TN) leading bi-partisan hearings about what they perceive to be Facebook\u2019s pernicious influence.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet there are also perfectly sensible corporate reasons for FB\u2019s name change.&nbsp; Facebook is only one operating unit in a company that also boasts Instagram and WhatsApp, among others.&nbsp; Of those units, Facebook is the one with the oldest user base and relatively stagnant growth \u2013 anathemas to tech investors.&nbsp; It is quite logical to rebrand a company away from the slowest growing, most tarnished of its brands.&nbsp; The stock rose about 3% after the re-branding announcement, and that seems appropriate.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I\u2019ll leave the prospects of investing in the metaverse to those with better corporate analysis and futurist credentials, but the name change will help with that mission as well.&nbsp; FB has a huge war chest and is highly profitable.&nbsp; Some of that money will inevitably be deployed toward acquisitions.&nbsp; Acquisitions usually need to be approved by regulators.&nbsp; Vocal critics like Senator Warren (D-MA) <a href=\"https:\/\/www.theguardian.com\/us-news\/2019\/oct\/19\/elizabeth-warren-facebook-break-up\">have called for FB\u2019s breakup<\/a>, presumably making them eager to oppose any future acquisitions.&nbsp; While I don\u2019t believe that the company\u2019s most influential critics will be swayed by a mere name change, it can\u2019t hurt FB\u2019s regulatory standing if it acquires companies using the name Meta rather than Facebook.&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And now a quick follow up <a href=\"\/campus\/traders-insight\/securities\/options\/what-the-options-market-is-telling-us-about-apple-and-amazon-earnings\/\">on yesterday\u2019s piece<\/a> about Apple (AAPL) and Amazon (AMZN) earnings.&nbsp; Both reported disappointing results.&nbsp; AAPL met its $1.24 estimate and missed slightly on revenues.&nbsp; In this environment, where the majority of major companies exceed their analyst estimates, a meet is as good as a miss.&nbsp; AMZN\u2019s report was even more dire, missing on the top and bottom lines, and warning of sharply lower profits next quarter (the lower end of the projection <a href=\"https:\/\/finance.yahoo.com\/news\/apple-amazon-results-spark-fears-005951164.html\">was zero<\/a>).&nbsp;&nbsp; Both stocks fell after hours, and are currently lower as I write this.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet the options market was pricing in smaller post-earnings moves than past history would have indicated, and that is clearly the outcome this morning.&nbsp; AAPL is -2.7%, and the stock has spent the morning in the 147-148 range where implied volatility was lowest.&nbsp; AMZN is -3%, and the stock arrested its fall in the 3250-3300 range, just before the low plateau of its implied volatility curve began to turn sharply higher.&nbsp; Bear in mind also that both stocks were sharply higher yesterday, so that the 2-day move in AMZN is currently under 1.5% and AAPL\u2019s is under 0.5%.&nbsp; It was obvious that traders were speculating against volatility, and those bets appear to be paying off.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are some perfectly sensible corporate reasons for FB\u2019s name change.  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