A BAD DAY FOR GOOGL TAKES DOWN THE FAANGS $100B
GOOGL spooked Nasdaq futures (as did weak China PMI and Mulvaney's comments of the China-US Trade Talks)...
With investors having hugged their margin clerks for months, hoping to chase outsized returns during what many have dubbed a melt up, today they are hugging the toilet bowel instead as the year’s hottest trade in stocks is suffering a huge market-value loss over the previously noted Google ad revenue meltdown.
Led by an earnings-driven sell-off at Alphabet, FAANGs are on track to lose more than $100 billion in combined capitalization, and are set to suffer their second-biggest market cap drop of this year.
The culprit of course was Alphabet, which dropped 8.3% after its its ad revenue growth posted a sharp slowdown, resulting in a $68.3 billion market cap loss. The rest of the drop was due to Apple, whose 2.1% drop resulted in nearly $20 billion wiped out, and came just ahead of Apple’s own results, due after the market closes. When the FAANGs last saw $100 billion erased from their valuations, it was after Apple cut its outlook in January, which wiped almost $70 billion from the iPhone maker’s valuation.
This was GOOGL's biggest drop since Jan 2012
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SOURCE: 04-30-19 - - "S&P Shrugs Off Googlepocalypse As China 'Green Shoots' Die"
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