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FAANG Roulette Continues With Huge Swings in the Price of Amazon

Amazon fell 7.8% today but is now up 14% after hours. This is the second $200 billion dollar move in two days.
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Amazon (AMZN) chart courtesy of StockCharts, annotations by Mish 

Amazon (AMZN) chart courtesy of StockCharts, annotations by Mish 

FAANG Definition

FAANG is an acronym referring to the stocks of five popular technology companies: Meta (formerly known as Facebook), Amazon, Apple, Netflix, and Alphabet (formerly known as Google).  

FaceBook Plunge  

Facebook chart courtesy of StockCharts.Com, annotations by Mish

Facebook chart courtesy of StockCharts.Com, annotations by Mish

Yesterday, Meta plunged about 25% wiping off $251 billion in market cap in a single session. It is the single biggest market cap loss in history.

Amazon Poised for Biggest Ever Market Value Gain a Day After Facebook’s Record Loss

Today, Amazon finished nearly 8% lower but following its earnings announcement is up 14% after hours.

Bloomberg reports Amazon Poised for Biggest Ever Market Value Gain a Day After Facebook’s Record Loss

Amazon.com Inc. is giving the market back what Meta Platforms Inc. just took away -- or at least some of it.

The e-commerce giant is poised to add nearly $200 billion in market value if the stock’s 14% gain in after-hours trading following the company’s fourth-quarter earnings report holds to Friday’s close. That what would be the biggest single-day gain in U.S. stock market history coming just a day after Facebook parent Meta Platforms Inc. entered the other end of the record book with a $251 billion wipeout. 

A $200 billion gain for Amazon would be bigger than the market values of more than 90% of the companies in the S&P 500 Index, according to data compiled by Bloomberg. 

And a $250 billion loss is also bigger than the market cap of 90% of the companies in the S&P 500. 

The Casino is Open!

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The casino is clearly open folks and it reminds me of late 1999 and early 2000.

I expect very similar end results. This crash has just started.

For further discussion, please see Facebook's 25% One-Day Crash Shows Competition in Big Tech is Alive.

Amazon and the Nasdaq is likely to gap up higher at the open on Friday. It will be interesting to see where they close.

Also please see About That Google Blowout: Bull Markets End on Good News, Not Bad

The bulls are going gaga over Google's record quarter. Recall that Tesla also had a record fourth quarter.

This post originated on MishTalk.com

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