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Meta, formerly known as Facebook, has announced it will change its stock ticker from "FB" to reflect its new name change.
RACHELLE AKUFFO: All right, shifting gears here now to my stock to watch. So, what's in a name? Well, if you're Facebook, a lot. After all the rebranding, acquisitions, and its pivot to the Metaverse, Meta will finally get a ticker to match its name change. Now ticker changes can come with their own growing pains. Some investors accidentally buy their own stock.
And a 2006 study from the University of Texas showed that confusion following a name change can cause significant reduction in trading volume the day it goes into effect and the day after. And the hangover effect to reverse it can linger from days to years. Facebook ended the day in the green, though it is falling in afterhours trading. We'll see if the market likes it as much tomorrow as Meta. Dave.