| Cult of Mac

FAANG stocks are bouncing back — except Apple


apple earnings
"I think what Tessa’s saying is that you haven’t bounced back."
Photo: Ste Smith/Cult of Mac

FAANG stocks suffered a massive dip before the holidays, wiping out $1 trillion in combined value. Now they’re bouncing back — with one notable Apple-shaped exception.

While Facebook, Google, Netflix and Amazon have all gained between 10.7 percent and a massive 50 percent since Christmas Eve, Apple is severely lagging. It’s up just 5.5 percent over the same period.

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Is this the beginning of the turnaround?
Photo: Lyle Kahney/Cult of Mac

Tech stocks have bounced back slightly after their dismal showing over the past month-and-a-half. Four out of the five FAANG stocks — Facebook, Apple, Amazon, Netflix, and Facebook — rose more than 1 percent in early trading today.

That’s not to say that the worst is behind them just yet, but it does suggest a turnaround could be on the cards. And not a moment too soon!

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Apple is still worth a whole lot. Just not as much as it was.
Photo illustration: Ste Smith/Cult of Mac

Apple’s market cap has taken one heck of a beating over the past six weeks. But it’s far from alone.

A new report notes that tech’s FAANG stocks (that’s Facebook, Apple, Amazon, Netflix, and Google) have lost a combined $728 billion of their combined value in one-and-a-half months. That’s slightly more than the GDP of Saudi Arabia and only a bit less than that of the Netherlands.