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theguardian - 19 days ago

Wall Street senses change as the bear reveals its Faangs | Nils Pratley

Bumper summer for Facebook, Apple, Amazon, Netflix and Google ends with a spillAugust’s trillion-dollar headline was provided by Apple when it became the first company to achieve such a lofty stock market valuation. Amazon got there in September. October was a fallow month for trillion-dollar statistics but here comes November’s offering. The big five “Faang” companies – the other three initials provided by Facebook, Netflix and Google – have collectively shed $1tn in capitalisation from their high points this year. The sector has turned at spectacular speed.It’s just a demonstration of the thrills and spills of investing in technology, it could be said. There’s something in that idea, of course, since nobody owns these stocks for a dull life. Investors are betting on fabulous rates of earnings growth, projected many years into the future. It only takes a modest shift in the financial weather for valuation to be whacked. Continue reading...

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