Shares of Facebook, Apple, Amazon, Netflix, and Google -- collectively known as the FAANG stocks, recorded healthy gains during the previous week of trade.
The newly sworn-in Joe Biden Administration seems to be good for the five biggest technology stocks on Wall Street. Shares of Facebook, Apple, Amazon, Netflix, and Google — collectively known as the FAANG stocks, recorded healthy gains during the previous week of trade. Although the 46th US President has so far not done anything particularly for the tech companies but the stock market rally has supported the most notable trade on Wall Street and helped investors make profits.
Facebook shares jumped 9.22% during the week gone by to end at $274 apiece. The share has been under focus for the policy decision of WhatsApp in India where it is looking to take away “meaningful choices” from users according to the Ministry of Electronics and Information Technology. Facebook is also facing the ‘antitrust’ litigation in the United States but the same could take years before conclusion and hence investors see no immediate trouble for the share.
Similar to Facebook, shares of Apple gained 9.38% during the previous week. In the current week, the iPhone maker will be reporting its earnings and eyes will be glued on how much the flagship iPhone 12 has generated for the company in terms of revenue. The phone could be a huge money minter for Apple considering its 5G capabilities. Jeff Bezo’s Amazon was also clocking gains, up 6% during the bygone week. The stock closed Friday at $3,292 per share.
Netflix mounted a massive 13% jump during the week. During the week, Reuters reported that Netflix believes it is very close to being FCF positive. This would mean the company would no longer need to look at external borrowing avenues. The Reuters report also added that the company will also explore returning cash to investors through buybacks.
Lastly, the internet behemoth Google’s share price soared 9.55% during the period under review. Google has been the news for its tussle with Australian authorities that want the firm to pay royalties to news organisations for their content. Google in Australia, has threatened to block its search engine in Australia. However, the internet giant has agreed to pay news organisation in France to help them get more traffic through its services.