Tech stocks are still in shaky territory, and that means all eyes were on Apple Inc.'s  (AAPL) earnings on Tuesday.  

To recap the damage: Facebook (FB) plunged more than 20% after its disastrous earnings last week; Netflix (NFLX) is down about 11% since it missed projections on new subscriber growth. 

On the bright side, Alphabet (GOOGL) soared to new highs following its earnings, and Amazon (AMZN) saw an initial lift following its rosy earnings report, though it's dipped about 2% since the beginning of this week. 

Smaller social media stocks have collapsed alongside Facebook, including Twitter (TWTR) , which has lost about a quarter of its value since it reported its earnings on Friday; tech stocks such as Microsoft and Adobe also stumbled into the red in Monday trading.

On Tuesday, most tech stocks rose, but the overall decline remains substantial.

So is this is a full-scale tech meltdown, or just a sign that the market-leading FAANGs could be going their separate ways?

The FAANG stocks' staggering collective gains in recent years -- together, they amount to more than $3 trillion in total market capitalization -- mean that their performance echoes across the broader market. Moreover, large technology ETFs such as  (XLK) and (QQQ) that bundle the FANG stocks together mean they have a tendency to move as a pack.

But analysts may be looking more closely at whether that trend will continue, with Evercore ISI analyst Anthony DiClemente noting a "dramatic bifurcation" among the tech giants so far this earnings season.

Bullish analysts like John Stoltzfus of Oppenheimer & Co. caution against a panicky sell-of of tech stocks at this point: "We'd be reluctant to get too bearish on technology," he wrote. "We believe that this latest drama in the tech space will in hindsight (which by good chance may be not all that far in the future) once again prove to be more of an opportunity to 'buy the dip' rather than to 'run for the hills.'"

Many are looking to Apple, the most valuable public company in the world and the last of the FAANG's to report June quarter earnings, for a sign of what's to come. 

So far it's looking good, at least for Apple. Apple traded at $190 as of Tuesday, and shares were up at least 3.5% in after-hours trading to an all-time high after Apple beat expectations nearly across the board in its seasonally weakest quarter. That will likely put some wind in the sails of other FAANG stocks as trading resumes. 

Alphabet, Facebook and Apple are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells these stocks? Learn more now.

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