Posted on 07/25/2018 6:47:24 PM PDT by MtnClimber
The tech-heavy Nasdaq was set for a big down day Thursday after disappointing quarterly results from Facebook sent the social media giant hurtling toward its biggest share price decline ever and on track to lose more than $125 billion in market value.
The Invesco QQQ Trust, which tracks the Nasdaq 100 index and can give traders a good idea of how the Nasdaq stocks will trade, was down more than 2 percent at one point in after-hours trading Wednesday. At last count, the ETF was off by about 1.5 percent. Nasdaq futures opened lower Wednesday evening, off by about 0.8 percent. Facebook lost more than a fifth of its value after hours.
Big technology stocks other than Facebook felt the collateral damage as investors fled the sector. Apple lost about 1 percent. Facebook's "FANG" brethren were also lower. Amazon, which reports after the bell Thursday, lost 2.3 percent. Netflix, which disappointed FANG investors with its own set of weak results earlier this earnings season, shed about 3 percent in after-hours. Google parent Alphabet fell 2.4 percent.
(Excerpt) Read more at cnbc.com ...
That means that Facebook will only be worth a half a trillion dollars.
"...disappointing results from Facebook..."
This is stupid. Why should other tech stocks be dragged down except maybe Google who is as dishonest as Facebook and deserve bankruptcy. FB lost so much value because they are corrupt leftists with fake users and fake news. It has been exposed and their data leaks on users are causing the real users to abandon them. This should not reflect on any other tech companies except Google and any others like the lying lefties like them.
I recall the day after the election. Wild ride. One helluva buying opp.
“They are a company that makes NOTHING...”
Nothing but money.
You forgot the /s.
What clap trap from CNBC! Alphabet (GOOG) is down 1.36% in the after-hours market. Amazon (AMZN) is down 1.75%. Netflix (NFLX) is down 2.17%. Hardly a rout.
What’s a Facebook?
Because most of them have higher than average P/E ratios. Lower potential growth from saturation means overvalued.
Zuckerberg needs to hit the road. He gave birth to it, but he is unqualified to give input to its management now that it is a maturing company.
This is not uncommon.
Entrepreneurs who create are seldom the sorts who can manage what they have created.
Entrepreneurs are not managers.
That said, younger creative types are needed to keep these companies thriving.
But the old guys need to find a new reason to live.
Yes, much of that is profit taking from big increases in the last days since big earning increase announcements. Google was up over 10% today in regular trading since Tuesday after market close earnings release.
I think this is nothing but leftists grasping for a reason to hope for a stock market crash to harm Trump. To hell with those whose investments are harmed.
Mark better diversify his personal investments.
Inventors are not capable of managing what they have invented (with a few exceptions).
It's a matter of personality types.
Couldn’t happen to a nicer guy..../s
Because all these like companies are bound up in Exchange Traded Funds. If FB goes down, then it drags the fund down. Then someone sees their fund go down and they get jittery and sell and the fund goes down more. It becomes self reinforcing, at least in the short term.
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