Still, it’s not enough to appease investors, many of whom were bruised in July when shares of Google and Amazon fell on the first day after reporting. A Bank of America index tracking the shares of Facebook, Amazon, Netflix and Google just fell for the sixth time in seven days, extending the group’s retreat since its October high to almost 4 percent.
For a group whose shares are up 40 percent year to date and valuations have expanded to about six times the S&P 500, it doesn’t take much for the uneasiness to surface. Some of the recent weakness in the FANGs may be attributable to analysts cutting estimates for the biggest tech firms while revising forecasts up for the rest of the market, data compiled by Bloomberg show.
Cooper’s firm owns Google and Amazon shares, and he said he’s ready to stick to them no matter what happened in their earnings this time.
“I’m willing to accept the good and bad,” he said. “I don’t want to go to other places at this point. The alternative is just not as good as what I already own.”
This article was provided by Bloomberg News.