The 'FAANG'' tech giants recovered fast from the share price plunge due to COVID-19, but that rebound for Apple, Alphabet, and Facebook defies logic, a longtime tech investor says
Join BI PrimeThe stock market's recovery following its coronavirus plunge has been led by the so-called FAANG stocks — Facebook, Apple, Amazon, Netflix, and Google parent Alphabet — along with Microsoft.
But the shares of Apple, Facebook, and Google look like they've gotten ahead of themselves; all three companies were likely significantly affected by the coronavirus-spurred economic downturn, Morgan said.The stock market has come roaring back from the hit it took this spring from the coronavirus crisis, but if you ask Dan Morgan, the rebound may be a bit overdone, at least when it comes to some of the biggest tech stocks.
A good case can be made for the run-up in the shares of Amazon and Netflix and, to some extent, Microsoft, Morgan said. All three companies have benefited to a greater or lesser extent from the pandemic-related shelter-in-place orders. "The entire group is up year to date, which you would never expect," Morgan said. "You could see Amazon and Netflix doing really well, but you'd have to say, in retrospect, you would never expect a Facebook, a Google, or even an Apple."
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