This week’s champ is Thanksgiving dinner. Thanksgiving is always a champ – a time for food, family and football.
The American Farm Bureau found that the price of a Thanksgiving meal fell for the third straight year. A survey of grocery store prices this year showed the average cost of a meal for 10 people was $48 dollars and 90 cents, a 22-cent decrease from 2017. A 16-pound turkey is down 67 cents from a year ago.
This week’s chump is FAANG. Facebook, Apple, Amazon, Netflix and Google (AKA Alphabet) all got thwacked to start this week. On Tuesday, the FAANGs had collectively lost $1 trillion from their market caps. Facebook: down $253 billion. Amazon: down $280 billion. Apple: $253 billion. Netflix: $67 billion. Alphabet: lost $164 billion dollars in market capitalization.
The FAANGs are now in a bear market – having dropped 20 percent or more from their 52-week high. What’s even crazier than the numbers is that since Facebook debuted as a publicly traded company, it has never – not once – been in a bear market at the same time as Alphabet.
As if matters couldn’t get any worse for the FAANGs, Netflix has fallen into what technical analysts call the death cross – meaning its 50-day moving average is below its 200-day moving average. Netflix became the third of the FAANGs to fall into the dreaded pattern, following Facebook and Alphabet.
The FAANG stocks are this week’s chump.