The once high-flying FAANG stocks—Facebook, Apple, Amazon, Netflix and Google parent Alphabet—have mostly lagged the broader S&P 500 index over the past year, signaling that the market may turn to new leadership for the next leg of its advance.last week, the FAANGs have been in somewhat of a slump, as high price volatility takes a toll on their long-time status as momentum stocks.
Amazon and Facebook are both 13% off their record highs, while Netflix is down 31% from its peak last year; Google, on the other hand, is just 4% from its record high. These popular, high-profile names have driven the bull market to new heights in recent years, and as a result were increasingly treated as parts of a whole when it came to trading patterns.
But over the last six to 12 months, the FAANGs have not been leading the market as they once did, with Wall Street“These stocks have made people a lot of money, but they won’t trade as a group the way they did for several years,” says Charles Lemonides, chief investment officer of ValueWorks LLC. Lemonides predicts that Wall Street will increasingly stop talking about the FAANGs as a group, as they go from being growth stocks absolutely adored by the investing public to companies that are perceived to have their own different business challenges.Analyst recommendations are increasingly varied on each of the FAANGs, which adds to the notion that they aren’t viewed as a group anymore. Most Wall Street analysts still assign “buy” ratings, though: 52% for Apple, 87.
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