Those Sucking FAANGs! FACEBOOK- APPLE- AMAZON- NETFLIX- GOOGLE Stocks Drop $1.017 TRILLION — the COMBINED GDP of SAUDI ARABIA and NORWAY — in a 6-Week TECH-WRECK Pummeling (“So long, and thanks for all the Schadenfreude!”)

Tech’s ‘FAANG’ Stocks Have Lost More Than $1 TRILLION and Counting From Highs Amid TECH ROUT

• The five “FAANG” stocks have collectively lost more than $1 trillion in value from recent highs.
• The FAANG stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — all fell to begin Tuesday trading.

CNBC.com   Michael “Holy” Sheetz | @thesheetztweetz

The five “FAANG” stocks collectively lost more than $1 trillion in market value from recent highs as shares dropped after Tuesday’s open.

The stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — all began Tuesday trading lower. Apple led the group’s losses, falling as much as 4 percent. The four other stocks later turned around, each going slightly positive on the day.

Combined market capitalization losses since their 52-week highs hit $1.02 trillion on Tuesday:

• Facebook: $253 billion
• Amazon: $280 billion
• Apple: $253 billion
• Netflix: $67 billion
• Alphabet: $164 billion

         Total: $1.017 TRILLION

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The five tech growth stocks, which were the favorite investments for the past decade, each closed in a bear market on Monday. Wall Street defines a bear market as a fall of 20 percent or more from a stock’s 52-week high.

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Goldman Sachs slashed its Apple price target on Tuesday. The firm said in a note there is a “weakness in demand for Apple’s products in China and other emerging markets,” as well as a disappointing reception for the iPhone XR model.

Facebook shares have slid 40 percent from their highs. A bevy of negative publicity has come since this summer, especially focused on top Facebook executives’ handling of foreign influence on the 2016 U.S. election.

Amazon shares continue a fall begun when it gave a fourth-quarter outlook on Oct. 25 that was much lower than expected. Netflix and Alphabet shares, meanwhile, have largely fallen in lockstep with the rest of the FAANG stocks.

Facebook and Alphabet each hit their 52-week highs in July, at $218.62 a share and $1291.44 a share, respectively. Netflix peaked in June at $423.21 a share. Amazon and Apple were the most recent to hit 52-week highs at $2,550.50 a share in September and $233.47 a share in October, respectively.

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FAANG Stocks Drop a Combined $728 Billion — More Than Saudi Arabia’s GDP — in a 6-week Pummeling

Business Insider Jake Kanter November 20, 2018

Apple CEO Tim Cook and Amazon CEO Jeff Bezos.

• Facebook, Apple, Amazon, Netflix, and Google have lost $728 billion off of their value in six weeks.
• That’s more than the gross domestic product of Saudi Arabia.
• Amid fears of a slowdown in iPhone sales, Apple has been hit hardest. Facebook, though, is on course for its longest-ever losing streak.

It was another dark day in the markets for America’s biggest tech companies.

The so-called FAANG firms — Facebook, Apple, Amazon, Netflix, and Google — all finished Monday in the red as the sell-off deepened. It was the continuation of a downward spiral that has run for weeks.

In fact, since Apple hit a high of $232 a share on October 3, giving it a market cap of $1.16 trillion, the FAANG companies have lost a combined $728 billion off of their value, according to numbers crunched via Macrotrends.

That’s more than Saudi Arabia’s gross domestic product, which is$683.83 billion,according to World Bank figures. This in itself is something of an irony, given the kingdom’s desire to emulate Silicon Valley.

During the six-week sell-off, Apple has been hit hardest. Amid fears of a slowdown in iPhone sales, Apple’s market cap tanked by $231.06 billion, to $929.32 billion on Monday.

How much has been wiped from the value of the FAANGs since October 3:

• Apple: $231.06 billion
• Amazon: $220.67 billion
• Google: $138.22 billion
• Facebook: $89.95 billion
• Netflix: $48.11 billion

          Total: $728.01 billion

Amazon was next in line, while Facebook’s declines have been significant as it remains dogged by controversy over data breaches, election interference, and crisis mismanagement.

Mark Zuckerberg’s company on Monday hit its lowest level since February 13, 2017. It is now on course for a third month in the red, which would be its longest-ever losing streak, according to CNBC.

The tech pummeling has also dragged down the wider market. The S&P 500, the Dow Jones Industrial Average, and Nasdaq dropped by 1.66%, 1.56%, and 3.26% on Monday.