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Tags: fangs | stocks | retreat | election | google | earnings

FANGs in Longest Retreat Since Election Ahead of Google Earnings

FANGs in Longest Retreat Since Election Ahead of Google Earnings
(Dollar Photo Club)

Tuesday, 24 October 2017 10:05 AM EDT

Tech megacaps are sinking again, this time before the release of earnings from internet giants such as Google and Amazon.

The FANG group, which also includes Netflix and Facebook, dropped 1.7 percent Monday for a fifth straight session of losses. That’s the longest retreat since just before the November election.

While the duration of the slide is a first for 2017, the group has not been immune to bouts of selling. During the summer, as investors rotated from winners to laggards, technology stocks bore the brunt.

Something like that may be happening again, given the S&P 500 still managed to rise for six straight days before today. Another theory pertains to expectations for earnings growth. Data compiled by Bloomberg shows analysts are cutting estimates for the biggest tech firms while revising forecasts up for the rest of the market. Amazon and Google’s parent Alphabet, both due to report results Thursday, have seen their forecasts falling 0.2 percent and 1.7 percent, respectively over the past four weeks.

© Copyright 2024 Bloomberg News. All rights reserved.


InvestingAnalysis
Tech megacaps are sinking again, this time before the release of earnings from internet giants such as Google and Amazon.The FANG group, which also includes Netflix and Facebook, dropped 1.7 percent Monday for a fifth straight session of losses. That's the longest retreat...
fangs, stocks, retreat, election, google, earnings
166
2017-05-24
Tuesday, 24 October 2017 10:05 AM
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