Investing.com – FANG stocks rallied to lift the tech-heavy Nasdaq out of correction territory in afternoon trading, led by a surge in Facebook on the back of upbeat earnings.
Facebook (NASDAQ:) posted a quarterly revenue that was outshone by above-forecast earnings, sending its shares more than 3% higher. But the social media giant is still on track to end October about 10% lower.
Following the strong earnings beat, CEO Mark Zuckerberg tempered expectations somewhat on an earnings call Tuesday when he said 2019 would be an investment year for the company as it looks to shore up the security of its social media platform. But the company does expect pressure on margins after 2019.
Apple (NASDAQ:) gained nearly 3% a day after it debuted new iPads and Mac computers, which analysts said should strengthen both the company’s ecosystem and upgrade cycle.
The iPhone maker is slated to release results Thursday after the market close.
Netflix (NASDAQ:) rallied 6%, but continued to nurse monthly losses of nearly 20% following October’s broad-market selloff on concerns about rising rates and peak profit. The streaming giant is set to release a slew of original content in November, including the sixth and final season of “House of Cards.”
Google parent company Alphabet (NASDAQ:) rose about 4% as analysts continued to tout further growth on expectations for a slowdown in tariff-acquisition costs in the fourth quarter and early 2019.
“As traffic-acquisition pressure continues to be moderate in 4Q and early 2019, Google is on track for accelerating (free cash flow)/share growth,” Oppenheimer said in a note earlier this week.
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