The last days were not very successful for the FAANG stocks, however, Google and Netflix enjoyed some gains.
The global stock markets have continued on its upward trend as Wall Street was able to close the previous week with a new high. During this period stocks on Nasdaq, S&P 500 and Dow Jones recorded gains ranging from 1% to almost 2%. Nasdaq recorded the highest with a move up the with 1.73%. However, despite the gains recorded by these stocks, the big-five technological company stocks underperformed these benchmarks. The big-five – Facebook Inc (NASDAQ: FB), Apple Inc (NASDAQ: AAPL), Amazon.com Inc (NASDAQ: AMZN), Netflix Inc (NASDAQ: NFLX) and Google LLC (NASDAQ: GOOGL) – popularly known as the FAANG stocks recorded a mixed week of gains and losses.
Since this year began, we have seen Nasdaq recorded a massive gain of 11%. This is matched by only Alphabet Inc, which is the parent company of Google, as other top tech companies have seen their stocks falter.
Social media behemoth Facebook included in the FAANG stocks saw a gain of 0.9% on its shares which saw it sell for at $270.5. The looming face-off between the Australian parliament and the Zuckerberg-owned company could leave a dent in the purse of the company. Legislators in Australia want to force the social media company to pay publishers and broadcasters, alike, for their content that is shared or used on the platform. Facebook has claimed that this policy is not feasible and threatened to stop users from sharing news content in Australia.
On the other hand, popular iPhone maker, Apple saw the price of its stock fall by over 1%. News of its partner, Wistron reopening its India factory in the nearest future has given a reason for optimism. In December last year, this factory had to be closed when worker’s protests turned violent. Reuter’s has also reported that its new iPhone 12 mini has not generated a lot of buzz among the public as it could only account for 5% of the overall sales.
In the last five trading sessions, Amazon has seen its stocks fall by 2.22%. While hopes have remained high that the company was going to rebound soon, there is a reason for concern in India as an earlier ruling in its favor has been reversed which means Biyani’s Future Group can go ahead with their deal with Ambani’s Reliance Industries. Jeff Bezos’ company would be left with no option but to seek respite at the apex court of the Asian country.
Despite all the gloom’s recorded by others, one little shining light is that of Netflix that closed the week with a 1% gain which pushed the value of its stock to $556.52. Another day of light was that of Alphabet that recorded a gain of 0.30%. Google, like Facebook, however, could be preparing for a face-off between the company and Australian legislators about payment for publishers. Recently, the company agreed to pay French news publishers $76 million.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
