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FANG Stocks Suffer Longest Losing Streak Since Election As Earnings Hopes Slide

Courtesy of ZeroHedge. View original post here.

The so-called FANG group of stocks (FB, AMZN, NFLX, GOOGL) fell for the fifth day yesterday – the longest losing streak since right after the election.

Worst 5-day drop in almost 4 months, sliding back to 3-week lows…

NFLX is the biggest loser in the last 5 days (down 5%) and while TSLA is not in the FANGs, it has been panned in recent days too…

As analysts cut expectations for the big tech firms ahead of earnings…

The problem is, analysts are cutting their estimates, calling into question their stock valuations. At an average 74 times earnings, the multiple is three times that of the S&P 500.

“There has to be a bit of reality that they just can’t keep running further and further,” Bill Schultz, who oversees $1.2 billion as chief investment officer of McQueen, Ball & Associates Inc., said by phone.

“We’ve built in a very good scenario for them, so if it’s just plain good, they’re being punished.”

"no brainer"

And it's not just high-beta big tech, Biotechs are stumbling hard too – down 6% from recent highs and down 6 days in a row…


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