{"id":76748,"date":"2023-10-25T17:17:50","date_gmt":"2023-10-25T21:17:50","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/googles-stock-sheds-market-cap-the-size-of-nike-in-one-of-wall-streets-five-worst-drops-ever\/"},"modified":"2023-10-25T17:17:53","modified_gmt":"2023-10-25T21:17:53","slug":"googles-stock-sheds-market-cap-the-size-of-nike-in-one-of-wall-streets-five-worst-drops-ever","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76748","title":{"rendered":"Google\u2019s stock sheds market cap the size of Nike in one of Wall Street\u2019s five worst drops ever"},"content":{"rendered":"
\n

The selloff in Alphabet Inc. shares Wednesday resulted in the fifth-largest one-day decline in market value for any U.S. company on record. <\/p>\n

Alphabet\u2019s stock
\n GOOG,
\n -9.60%<\/bg-quote><\/p>\n

GOOGL,
\n -9.51%<\/bg-quote>
\n fell 9.5% in Wednesday\u2019s action, wiping out $166.64 billion in market value for the Google parent company, according to Dow Jones Market Data. The decline in market cap is the largest one-day loss for Alphabet on record, though Meta Platforms Inc.
\n META,
\n -4.17%<\/bg-quote>,<\/span>
\n Amazon.com Inc.
\n AMZN,
\n -5.58%<\/bg-quote>,<\/span>
\n Apple Inc.
\n AAPL,
\n -1.35%<\/bg-quote>
\n and Microsoft Corp.
\n MSFT,
\n +3.07%<\/bg-quote>
\n all suffered worse losses in the past. <\/p>\n

\n

The company\u2019s daily drop in valuation is more than the entire market capitalizations of each of Nike Inc.
\n NKE,
\n -1.56%<\/bg-quote>,<\/span>
\n Advanced Micro Devices Inc.
\n AMD,
\n -5.52%<\/bg-quote>
\n and Walt Disney Co.
\n DIS,
\n -2.39%<\/bg-quote>\n <\/p>\n

The 9.5% fall in Alphabet Class A shares Wednesday made for their worst single-day percentage decline since March 16, 2020, when they shed 11.6%. <\/p>\n

Read: <\/strong>Google earnings just crushed two big bullish hopes for Alphabet\u2019s stock<\/p>\n

The decline also marked the worst post-earnings one-day percentage decline for the Class A shares since July 18, 2008, when they dropped 9.8%, according to Dow Jones Market Data.<\/p>\n

Alphabet late Tuesday beat overall revenue and earnings expectations, though the cloud-computing business underwhelmed and analysts left feeling less upbeat about the company\u2019s margin potential going forward.<\/p>\n

\u201cExpectations were high heading into GOOG results, and while the top-line delivered in the most important areas, we wouldn\u2019t be surprised if investors rotate a bit into other mega cap tech names near-term,\u201d Barclays analyst Ross Sandler wrote following Tuesday afternoon\u2019s earnings report.<\/p>\n

Opinion:<\/strong>\u00a0Microsoft and Alphabet results show Wall Street only cares about AI<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The selloff in Alphabet Inc. shares Wednesday resulted in the fifth-largest one-day decline in market value for any U.S. company on record. Alphabet\u2019s stock GOOG, -9.60% GOOGL, -9.51% fell 9.5% in Wednesday\u2019s action, wiping out $166.64 billion in market value for the Google parent company, according to Dow Jones Market Data. The decline in market […]<\/p>\n","protected":false},"author":1,"featured_media":60896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-76748","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nGoogle\u2019s stock sheds market cap the size of Nike in one of Wall Street\u2019s five worst drops ever | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The selloff in Alphabet Inc. shares Wednesday resulted in the fifth-largest one-day decline in market value for any U.S. company on record. 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