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Meta is down 10.3% to trade at $600.42, on track for its worst single-session drop since Oct. 30. While adjusted first-quarter earnings of $7.31 on $56.31 billion in revenue topped forecasts, a higher-than-expected capital expenditures (capex) and lackluster user growth outlook has investors scurrying. Six brokerages have cut their price targets in response, while J.P. Morgan Securities downgraded Meta stock to neutral from overweight, and slashed its price objective to $725 from $825. META tested and failed at its 200-day moving average. The shares have ceded their year-to-date breakeven level today, but are still 10% higher in the last 12 months. Over 325,000 options have changed hands in the first half hour of trading, volume that's double the average intraday amount. The June 720 call is the most popular, with new positions being sold to open. Microsoft Analysts Adjust Outlook MSFT, meanwhile, is down 3.3% to trade at $410.22. Similar to Meta, Microsoft's adjusted first-quarter earnings of $4.27 per share on $82.89 billion in revenue topped forecasts. However, the company reported nearly $35 billion in capex due to memory costs, below estimates. Seven analysts hiked their price targets -- including a bump to $646 at Bernstein -- while five brokerages issued cuts. Microsoft stock was turned away by its 100-day trendline and is now facing a 14% deficit on the year. At last look, already 570,000 MSFT options have crossed the tape this morning. The weekly 5/1 465-strike call expiring tomorrow is leading the charge, while the June 445 call is also popular.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
