Attention from Trump makes Amazon the biggest loser among FAANGs
New York — Move over, Facebook. US investors have a new punching bag among the FAANGs: Amazon.com. Facebook gave up the top loser spot to Amazon, which lost $53bn in market value on Wednesday after Axios reported that President Donald Trump was "obsessed" with regulating the e-commerce behemoth. Facebook had previously underperformed Amazon amid concern about its handling of its users’ personal information. The FAANG stocks, once assumed to be a monolith of performance, have suffered degrees of decoupling recently, including the outperformance by Netflix earlier in the year. Amazon fell as much as 7.4% on Wednesday before paring some losses to close 4.4% lower after a Stifel Nicolaus analyst said the weakness created a buying opportunity. Facebook diverged from the group in early trading, rallying 0.5% after announcing it was redesigning a menu of privacy settings in response to public outrage over the user data practices. Netflix was the second-biggest loser in the FAANG group of s...
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