So... What's new with the FAANG stocks?
April 9, 2019 (Investorideas.com Newswire) Facebook, Amazon, Netflix and more. See what's happening with some of the world's biggest tech companies
'FAANG' is an acronym for stocks Facebook, Apple, Amazon, Netflix and Alphabet's Google. The phrase was originally created by CNBC's Jim Cramer back in 2013. It was originally referred to as the 'FANG' (with just one 'A'). That's because when the term was coined, it did not include Apple. These five stocks are among the biggest tech companies in the United States. They've attracted investment from some of the world's biggest funds including Soros Fund Management, Berkshire Hathaway, Renaissance Technologies and many more. Below are some recent updates regarding some of the FAANG stocks.
Netflix and Apple
Netflix shares rose 1.3% reaching fresh intraday highs during afternoon trade on Monday, March 25. They rallied from earlier losses following an announcement by their competitor, Apple, due to their new Apple TV+ product. The recently launched service includes original programming. It also offers suggestions for programs as well as movies which are sourced from over one hundred and fifty streaming apps. These applications include Amazon.com Inc., Amazon Prime and Hulu. It does not however include Netflix. Last week, Netflix CEO Reed Hastings conceded at an event in LA on Monday that "Apple is a great company". However, he also explained how Netflix wanted to control the experience within its own app. That was why he couldn't cooperate with Apple on this venture. "We have chosen not to integrate into their services." he said.
The Netflix app will still be readily available in Apple's app store. Netflix's stock fell by as much as 1.0%, on March 25. This happened while Apple began announcing its new services. Throughout the last twelve months (February 2018-February 2019), Netflix shares bounced back 21.4% while Apple's stock have risen 13.3%. Meanwhile, the Dow Jones Industrial Average, has gained 8.4%.
Volkswagen recently agreed to a strategic partnership with FAANG stock Amazon. Germany's Sueddeutsche reports that the agreement was made to develop a type of "industry cloud". Details are to be announced soon according to the report. The deal is expected to assist with boosting productivity of Volkswagen factories. Those plants operate with wholly different software systems. And although thousands of suppliers connect to the plants to receive orders, those systems are not synchronized.
Reuters reports that Google is set to announce a memorandum of understanding (MOU) with a Cuban telecommunications monopoly called ETECSA. The objective is to explore means of improving connectivity in Cuba.
Although President Trump has squeezed the sixty-one year old U.S. trade embargo on Cuba, he has still not disqualified an exception to the embargo that was put in place by his predecessor, ex president Barack Obama. That loophole lets U.S. telecom companies provide services including the installment of fiber-optic cable.
Finally, according to CNBC, Facebook announced it has removed more accounts from several countries including Iran, Russia, Macedonia, and Kosovo. This move was taken as a response to what it calls "coordinated inauthentic behavior."
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