Unfortunately it was not all good news for our International Portfolio overnight with digital and mobile payment business PayPal (PYPL US) getting smashed over 20% after its slow growth stunned Wall Street leading to the stocks largest drop on record as downgrades flooded through the market. In line with todays report this is a position MM doesn’t want to be holding – watch for alerts in the coming days / weeks.
We also saw Meta which is the old Facebook down 24% in after market trade overnight while music business Spotify was also off more than 17% as they failed to meet subscriber growth expectations. i.e. growth stocks that miss expectations are a scary place to be.
MM is looking to exit PYPL
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