Great acronym: FAANG From CNBC:
Apple and the FANG stocks could lose at least a third of value, market watcher warns
Wall Street's crown jewels, the FAANG stocks, have lost their shine lately.
Facebook, Apple, Amazon, Netflix and Google parent Alphabet are selling off again Monday after losing a combined $185 billion over the previous two sessions.
Ahead of Apple earnings scheduled for Tuesday evening, Larry McDonald, editor of the Bear Traps Report, warns to stay away from what has been one of the hottest areas of the market this year.
"These are stocks you want to run away from," McDonald told CNBC's "Trading Nation" on Friday. "I see potentially 30 percent to 40 percent downside on the FAANGs."
These things are cyclical - the stock prices were overvalued and the leaders of these companies tried to make even more money by selling consumer data. The consumers did not like this and they revolted.
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