Mega-Cap Tech Stocks
In the past week, Microsoft, Apple and Google all had weak earnings reports and were punished accordingly. Since their recent highs, these stocks have lost roughly $200 billion in market capitalization. Put another way, that is more than ten times the total value of all residential real estate in Cleveland or, perhaps more interestingly, 50 Freedom Towers in New York could have been built with this money.
On a positive note, another huge technology stock, Facebook, released earnings today and is moving to new highs. With today’s move, Facebook has a larger market capitalization than healthcare giant, Johnson & Johnson. MORE: Facebook is Everywhere and Planet Facebook