The modest reaction to Netflix's subscriber miss (down 5 percent) tells you something: The long-awaited break in FAANG names is not imminent. More importantly, it demonstrates that investors, even momentum investors, do not expect growth expectations to change too much, even with other FAANG stocks. Amazon, Facebook and Alphabet all hit historic highs yesterday.
But don’t kid yourself: FAANG stocks are not created equal.
First, there's the difference in size. It's huge. Apple has nearly six times the value of Netflix.