Everyone already knows that FB is developing Reels (eg. July article: https://www.nbcnews.com/tech/tech-news/facebook-readies-global-launch-its-tiktok-competitor-n1234013 ), so it should already been priced in.
Why did the stock still surge by 6% after the (expected) release?
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Facebook readies global launch of its TikTok competitor
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1. it was announced after trading hours (i.e. after the 6% surge)
2. the order has a 45-days delay. It was already expected that Microsoft (or some other company) would acquire Tiktok several days ago, so nothing surprising came out of this EO that wasn't already expected.
Yes, fb has been working on for some time and, yes, it was already launched in some countries. Launching to most countries, however is something fb usually does AFTER Seeing promising signs that the product has some market fit.
In other words, the global launch is taken by some investors of a sign of success in building a competitor that's performing well
Perhaps some trading pros at your company can help answer this for us?