Ripple Effects of Facebook Slump Already Spreading

Contagion. 

The ripple effects from Facebook's (FB - Get Report) disappointing revenue results Wednesday are already being felt as the social media giant became the second of the big tech names to lay an egg this earnings season. 

The Invesco QQQ Trust ETF (QQQ - Get Report) , which tracks the performance of the Nasdaq, fell sharply in after-hours action Wednesday, sliding $3.97, or 2.17% to $182.82.

Facebook itself saw its shares fall more than 20% in late trading after missing analyst revenue expectations. Facebook had risen 32.1% since the company last reported earnings on Apr. 25, prior to Wednesday's results.

Shares dropped 19% on Thursday. 

Facebook is one of the so-called FAANG stocks -- Facebook, Amazon (AMZN - Get Report) , Apple (AAPL - Get Report) , Netflix (NFLX - Get Report) and Alphabet (GOOGL - Get Report) -- which have led market gains this year.

Of the other big tech names:

Netflix, Inc. (NFLX - Get Report)  shares have fallen 9.4% since the company reported earnings on Jul. 16. 

Alphabet Inc. Class A (GOOGL - Get Report)  shares are up more than 5% since the company reported earnings on Jul. 23. 

Two of the big five tech names have yet to report.

Amazon.com, Inc. (AMZN - Get Report) is expected to report earnings per share of $2.48 on sales of $53.4 billion after the close on Thursday, based on a FactSet survey of 45 analysts. The stock has risen 18.7% since the company last reported earnings on Apr. 26.

Apple Inc. (AAPL - Get Report) is expected to report earnings per share of $2.16 on sales of $52.3 billion on Aug. 1, based on a FactSet survey of 33 analysts. The stock has risen 13.3% since the company last reported earnings on May. 1.

Facebook, Alphabet, Amazon.com and Apple are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells FB, GOOGL, AMZN or AAPL? Learn more now.