In an interesting tweet that shows investor herding into a small subset of high-beta stocks, Jeff Macke notes Facebook, Amazon, Netflix, and Google, collectively named (FANG) account for over 90% of S&P 500 market cap gains since December 2014.

Google Beats

Both companies reported tonight.

CNBC reports Google parent Alphabet sees earnings, revenue beat and announces $7 billion buyback.

Amazon Missed

Amazon is down 5% (down $42 from $818 to $775) in after hours trading on a substantial earnings miss: Amazon Reports 52 Cents per Share, vs. Expected EPS of 78 Cents.

Yahoo Finance reported trailing 12-months Amazon’s P/E at 654. That is before today’s report. Lovely.