After market this morning we saw Facebook, as its still largely referred to, rally +12% following its first quarter report, the catalyst was the return to user growth which wasn’t anticipated by the market as users flock to younger sites like TikTok. Revenue also jumped 6.6% to $US27.9bn for the Facebook parent which has seen its stock more than halve this year – we expect a sharp countertrend bounce from this morning’s US day session close. Assuming we do see a good bounce in FB this should help the local sectors’ sentiment after waking moist mornings to see further losses by the major US tech names.
MM is bullish FB short term targeting ~$US250
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