FAANG Stock Losses Continue to Mount
(Bloomberg) -- The beloved FAANG names are poised to lose nearly $40 billion in market value, and China may have a small role to play in the loss.
Apple Inc.’s decline, following a selloff last week, continues as Goldman Sachs cited fresh concerns “of rapidly slowing consumer demand in China,” the firm told clients in a note Monday. And Netflix Inc. was earlier jockeying with the iPhone maker as the family’s worst decliner ahead of an opportunity to mute concerns over its subscriber growth in Tuesday’s scheduled earnings report. Analysts from Raymond James and Goldman Sachs trimmed their price targets on the video streaming service’s stock ahead of the market open.
Facebook, along with a broader sector of technology stocks, has pared some of its losses from the selloff, but other FAANG giants have yet to find their way higher. Amazon.com Inc. and Google-parent Alphabet Inc. fell as much as 3 percent and 2 percent intraday, respectively. Chinese components of the NY FANG index, Alibaba Group Holding Ltd. and Baidu Inc., are also in the red.
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