Big dip in stocks of tech giants

Stocks of (FANG) Facebook, Amazon, Netflix, Google and Apple tech group have tanked for the second straight day. All the companies have not performed well on Wall Street in the last two days.

Here is the damage which is done to all the companies in just two days of under-performance.

• Facebook is down ~4.5%, falling from to $155.55 to $148.44
• Amazon is down ~4.75%, falling from $1013.00 to $964.91
• Netflix is down ~8.67%, falling from $165.82 to 151.44
• Google is down ~4%, falling from $984.15 to $942.90
• Apple is down ~6.24%, falling from $154.82 to $145.42

Apart from this stock dip, earning of all the companies were pretty much good in last quarter, that is why many analysts are asserting that this a temporary dip and all will be good as time goes by, however, on the other hand, some investors are very much concerned about the dip.

Goldman Sachs firm said, “ The market may be over relying on this group of technology companies for growth and the “FAANG” stocks may be seeing a valuation bubble”.

Up till now, no official statement has been issued by the companies as to why the prices of stocks dipped suddenly.

Apple’s stocks may have dipped but the tech behemoth is performing well in the wearable market along with another mobile manufacturing company Xiaomi. According to recent figures released by the International Data Corporation both Apple and Xiaomi have shipped around 24.7 million wearable devices in Q1 of 2017, which is 17.9 percent more compared to the preceding year’s Q1.

Images Source: TechCrunch