Facebook, Inc. (NASDAQ:FB) stock fell following an announcement that two executives were leaving the company
In a post on Facebook, Chief Executive Mark Zuckerberg announced that the company’s Chief Product Officer, Chris Cox, has resigned. Zuckerberg also announced that Chris Daniels, vice president of the Facebook messaging app WhatsApp, is also leaving.
Shayne Heffernan said ” the 2 execs are inconsequential as was the outage, Facebooks big threats are political, Taxation and Censorship”
Facebook stock dropped 1.6%, near 167.40, during after-hours trading on the stock market today.
“I’m sad to share the news that Chris Cox has decided to leave the company,” Zuckerberg wrote on Facebook. “Chris and I have worked closely together to build our products for more than a decade and I will always appreciate his deep empathy for the people using our services and the uplifting spirit he brings to everything he does.”
Cox was one of Facebook’s earliest hires as an engineer, ultimately working on several key products, including News Feed. Most recently, he oversaw the strategy for all of Facebook’s apps.
In announcing the departure of Daniels, Zuckerberg said: “Chris has also done great work in many roles, including running our business development team, leading Internet.org, which has helped more than 100 million people get access to the internet, and most recently at WhatsApp, where he has helped define the business model for our messaging services going forward.”
Will Cathcart, vice president of product management, will succeed Daniels at WhatsApp. Facebook did not name a replacement for Cox.
The resignations come a day after it was reported by the New York Times that Facebook is under criminal investigation by federal prosecutors over data deals with electronics manufacturers. The personnel moves also come a day after Facebook stock was down for much of Wednesday due to server-related maintenance issues.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 160.09.
The projected upper bound is: 181.08.
The projected lower bound is: 160.82.
The projected closing price is: 170.95.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 70.2280. This is not an overbought or oversold reading. The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 59.37. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 24 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 36. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.
Rex Takasugi – TD Profile
FACEBOOK INC A closed down -3.200 at 170.170. Volume was 22% below average (neutral) and Bollinger Bands were 26% narrower than normal.
Open High Low Close Volume___
169.760 171.150 168.160 170.170 18,037,364
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 169.97 157.70 165.41
Volatility: 29 42 49
Volume: 17,225,328 20,041,166 24,259,372
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FACEBOOK INC A gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
FACEBOOK INC A is currently 2.9% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of FB.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on FB.O and have had this outlook for the last 7 periods.