Home > Brands > Apple > Wall St Mauls FANGs Apple

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.

You may also like
ACCC Cracks Down on Google & Facebook
Overseas Tech Outfits Must Go Along With Oz Encryption Laws
Google & Facebook Facing Regulatory Control, World First Following ACCC Probe
iPhone & iPad Owners To Get Major 24Bit BluOS Audio & Netflix Streaming Update
Belkin Debut Made For iPhone Lightning Power Bank