The FAANG stocks have been really beaten up in the ugly selling that began in early October - and last week Wall Street showed them no mercy.
Here is a roundup of how the tech stocks performed last week:
It was up 1.68% to $127 a share, after having been down to start Monday morning. Analysts at Wedbush Securities removed Facebook from their "best idea" list. User growth also isn't looking shiny. Facebook's unique user growth was flat month over month in November, according to Goldman Sachs. Average daily minutes per user on Instagram, Facebook's next growth driver, rose only 3% year over year in November.
Apple was down 1.44% Monday. The big concern with Apple is iPhone demand. In its latest earnings report, management said it wouldn't report unit sales anymore, which really hurt investor sentiment. Apple now trades at an attractive 12 times trailing 12-months earnings, and services revenue remains its key growth driver for the foreseeable future. The average analysts price target on the tech behemoth is $217, representing 45% upside.
Amazon.com Inc. (AMZN) - Get Report : Down 10.4% to $1,361 a share. It's off 33.6% from its all-time high of $2,050 on Sept. 4. It was down 3.44% Monday, after the Wall Street Journal reported the Securities and Exchange Commission is pressuring Amazon to report more information relating to revenues.
Netflix Inc. (NFLX) - Get Report : Down 7.5% to $243.11 a share. It's off 42% from its record high of $423, which it touched on June 21, not long before reporting subscriber additions that missed Wall Street's estimates. The stock same back down to earth but still traded at around 250 times trailing 12-months earnings for a while. Its most recent earnings report was solid, but its valuation is now down to a trailing earnings multiple of 87.
Netflix was down 2.03% Monday.