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Tech stocks set to crater on Thursday with Facebook on track for biggest drop ever
CNBC(S) ^ | 25 Jul, 2018 | John Melloy

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 ...


TOPICS: Business/Economy; Society
KEYWORDS: djia; economy; facebook; google; tech
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To: MtnClimber

Twitter taking a big hit, too.


41 posted on 07/27/2018 9:44:20 AM PDT by baysider
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To: baysider

Twitter taking a hit because of distrust in privacy and bias against free speech just like FB was doing.


42 posted on 07/27/2018 9:59:43 AM PDT by MtnClimber (For photos of Colorado scenery and wildlife, click on my screen name for my FR home page.)
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To: baysider

Twitter taking a hit because of distrust in privacy and bias against free speech just like FB was doing.


43 posted on 07/27/2018 9:59:44 AM PDT by MtnClimber (For photos of Colorado scenery and wildlife, click on my screen name for my FR home page.)
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