Magnificent Six? Fab Five? Some say the Seven are getting a shakeup
CNN
Is Wall Street’s favorite clique of tech stocks in need of a makeover? Some investors think so.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Is Wall Street’s favorite clique of tech stocks in need of a makeover? Some investors think so. Most of the Magnificent Seven stocks have reclaimed their leadership of the market this year, with shares of Nvidia, Meta Platforms, Alphabet and Microsoft reaching record highs. But two stocks in the group haven’t pulled their weight. Tesla shares have slid roughly 25% this year on concerns about rising competition from electric vehicle makers in China and its second consecutive earnings miss reported in January. Shares of Apple have declined roughly 2% during the same period on worries about falling sales in China. Meanwhile, shares of Nvidia, Meta, Amazon, Microsoft and Alphabet have continued their climb from last year. Meta beat fourth-quarter earnings expectations in results posted on February 1 and announced its first-ever dividend, sending its stock surging more than 20% the next day to a new record. Many investors are skeptical that the Magnificent Seven will match their blockbuster gains from 2023, even if they continue their leadership this year. Some say that divergence in the group’s performance indicates that a new pecking order is emerging.
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