$200 billion of FANG market cap up in smoke

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Reuters

SAN FRANCISCO (Reuters) – Facebook, Amazon.com Netflix and Google-parent Alphabet were at the centre of a volatile session on the US stock market on Monday, cleaving $200 billion off of the so-called FANG group’s combined market capitalisation in two sessions.

With each company’s share price down between 14 percent and 24 percent in October, the quartet of stocks that has been the most popular trade on Wall Street in recent years appears to be in trouble.

The combined companies’ market capitalisation has fallen from a record $2.5 trillion in July to $1.93 trillion on Monday.

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The most recent catalyst hurting FANG was Amazon’s quarterly results late on Thursday, which missed analysts’ expectations and ignited worries the tech darling is finally facing stronger competition.

Amazon’s stock has fallen 14 percent since then, its worst two-day decline since 2014, with the online retailer and cloud computing seller relinquishing its spot as the second largest US company by stock market valuation to Microsoft.

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