Amazon stands out in weak Q2 for big tech

With the second quarter ending Thursday, the favorite stock of large-cap technology investors during the period is clear.

Among the 30 most valuable tech firms, Amazon was the most profitable to own by a wide margin.

As of Wednesday’s close, shares of the Seattle-based online retailing giant had gained 21% in the last three months.

The surge created $58 billion in stock market value and brought Amazon roughly even with Facebook by that measure.

Both are worth about $326 billion and tied for fourth-most-valuable tech firm.

Amazon’s performance stands out in stark contrast to what was otherwise a poor quarter among the largest tech issues.

More stocks rose than fell in the group of 30, and Amazon was the only stock among the five most-valuable tech firms to rise.

The Nasdaq slipped 1% for the period.

Apple and Alphabet, meanwhile, the two most valuable companies in the sector, suffered declines of 12.5% and 9%, respectively.

Apple was the worst performer among the tech giants as measured by valuation change. It shed $74 billion in market cap as investors priced in expectations of a 7% revenue drop for its fiscal year ending in September.

Netflix and Baidu shares also fell 12.5% during the quarter, putting them among the biggest losers.

Microsoft, too, fell more than the broader market for tech stocks during the period.

The stock suffered mostly from two very bad days, on which it fell sharply on heavy volume. One came in April after it reported fiscal third-quarter earnings and the other was this month, after it paid a huge premium to acquire LinkedIn.

Facebook shares slipped 2%, slightly more than the Nasdaq drop.