Wall St Mauls FANGs Apple
The so-called FANG stocks – Facebook Amazon Netflix and Google (Alphabet) have felt a heap of pain from Wall St this week as their stock plummeted by nearly five percent.
Worst hit was Alphabet – 4.8 percent while Facebook and Netflix both fell 3.7 percent. Total stock value lost from FANG stocks was $86.6 billion.
Alphabet lost about US$36 billion in value after analysts lowered profit margin projections for the company due to its cloud computing investment plans.
Despite the plunge two FANG stocks are +so far this year. Netflix is still +more than 55 percent followed by Amazon +nearly 25 percent.
Meanwhile disappointing guidance from key iPhone suppliers has seen Apple take a 7.1 percent hit on its share price wiping US$63.9 billion off its value.
The decline was sparked by Apple chip partner Taiwan Semiconductor Manufacturing which last week reported weaker-than-expected guidance. TSM blamed weak demand in the mobile sector for its forecast. which reflected on Apple’s future sales.
Apple will report its Q2 results on May 1.