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Meta Shares Rise on AI Agent Launch; NETGEAR Jumps on FCC Router Ban
Shares of Meta Platforms and NETGEAR advanced in premarket trading Wednesday, bucking a broader market decline driven by rising oil prices and inflation concerns. Meta's stock rose after the company unveiled a new artificial intelligence agent, while NETGEAR benefited from a new U.S. regulatory ban on foreign-made routers.
Meta Launches AI Agent, NETGEAR Surges on FCC Ban
Meta Platforms (META) shares climbed 3.6% after the technology giant officially launched Muse, its autonomous AI personal agent. The service is powered by Meta's proprietary Muse Spark model and is designed to perform tasks like booking travel and managing payments across multiple platforms. The launch represents a key step in monetizing the company's AI investments, introducing a tiered subscription model:
- A free tier
- A $20 per month plan
- A $100 per month plan
NETGEAR (NTGR) shares jumped 8.9% after the Federal Communications Commission (FCC) banned the import of all new consumer routers manufactured outside the United States, citing national security risks. The move is expected to benefit NETGEAR, which has a conditional exemption that allows it to continue supporting its existing product lines while competitors may face restrictions on launching new models.
Braze, Evommune Tumble on Outlook and Trial Data
AdOn the downside, Braze (BRZE) shares tumbled 11.5% despite reporting fiscal second-quarter results that beat analyst expectations. The customer engagement software firm's weaker-than-expected profit guidance for the current quarter overshadowed the earnings beat. Braze guided for third-quarter adjusted earnings per share of $0.13 to $0.14, below the consensus estimate of $0.16.
Shares of Evommune (EVMN) fell 13.9% after the biotechnology company announced its EVO756 drug candidate failed to meet its primary and secondary endpoints in a Phase 2b clinical trial. The study was evaluating the drug as a treatment for moderate-to-severe atopic dermatitis. Evommune stated it will not advance EVO756 for this condition but will continue its development for migraine prevention.
Broader Market Hesitates Amid Inflation Fears
The individual stock movements occurred amid wider market caution. As of 6:13 AM ET, S&P 500 futures were down 0.3% and Nasdaq 100 futures had fallen 0.5%. Investors are weighing the impact of crude oil prices climbing above $100 a barrel, which adds to inflation concerns and could influence the Federal Reserve's upcoming interest rate decisions.
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