Meta Soars, Bracing for More FAANG Earnings, Post-Fed Momentum 2/2/23

Carl Quintanilla, Jim Cramer and David Faber discussed what investors should make of Meta driving the big tech rally. Shares of Facebook's parent soared on a quarterly revenue beat, upbeat guidance, a $40 billion share buyback program and reducing capex estimates. The anchors reacted to Meta CEO Mark Zuckerberg stressing "efficiency" numerous times on the earnings call while making few mentions about the metaverse. Carl, Jim and David also set the stage for Thursday's after-the-bell earnings from FAANG components Apple, Amazon and Alphabet. Also in focus: Broader markets extend gains made following Wednesday's smaller Fed rate hike, earnings blues for the Dow, Ford U.S. auto sales rise in January, plus Jim on what to expect from his "Back to School" tour.