FAANG stock have been some of the NASDAQ’s top performers.
Facebook (FB) for example has soared from a March 2020 low of $137.10 to $231.
And it could see even further upside. The stock has held up well even with the coronavirus, with advertising trends showing resilience in March and April. Better, the launch of Shops – a new commerce solution that integrates into Facebook and Instagram – will allow Facebook to turn itself into a sizable retail marketplace.
Amazon.com (AMZN) exploded from a March low of $1,626 to a high of $2,530.
It turns out Amazon was the perfect stock to buy during the coronavirus, as consumers shifted from brick and mortar shopping to online shopping for just about everything.
Apple (AAPL) roared from a low of $212 to $333.60.
As noted by Barron’s:
“Apple’s services business has been a huge boon, but “now the drumroll shifts to a massive pent up demand for smartphone upgrades heading into its linchpin iPhone 12 5G cycle slated to kick off in late October,” Wedbush analyst Daniel Ives said. “Some 350 million iPhones world-wide are ripe for upgrades, Ives estimated, saying Apple is ‘roaring its engines ready to capitalize on this dynamic.’”
Netflix (NFLX) popped from a low of $290 to $420.
With the lockdowns leaving many at home with not much to do, they had time for streaming services from Netflix. Plus, during the first quarter of 2020, the company added another 146 million subscribers, blowing away its own subscriber growth expectations.
Alphabet Inc. (GOOG) ran from a low of $1,0132 to nearly $1,448.
With the worst of the worst priced into the digital ad market, GOOG began to rocket higher. Plus, many analysts are now expecting double-digit earnings growth for the company. “Citi’s Jason Bazinet repeated his Buy rating on the search-engine giant’s shares, while lifting his target for the stock price to $1,600, from $1,400,” for example, says Barron’s.