Facebook's 2018 Gains Evaporate While Other FANG Stocks Shrug
(Bloomberg) -- Facebook Inc., one of the best performing technology stocks of 2017, has fallen behind its FANG friends in the new year.
The social-networking company’s shares fell as much as 1.5 percent Wednesday, extending a six-day slide. The stock briefly entered negative territory for 2018, while Amazon.com Inc., Google parent Alphabet Inc. and Netflix Inc. are outperforming the S&P 500 index.
Facebook was up 6.4 percent in the first eight trading days of the year before announcing changes to the news feed of its flagship social network that could result in users spending less time on the site. The stock gained 53 percent in 2017.
Analysts have remained steadfast in their bullishness on Facebook despite the recent weakness. As of Tuesday, the company’s shares were trading at one of the largest discounts to its average price target among stocks in the S&P 500 Information Technology Index, according to data compiled by Bloomberg.
©2018 Bloomberg L.P.