Date of Award

8-2021

Document Type

Thesis

Degree Name

Master of Science in Information Systems and Technology

Department

Information and Decision Sciences

First Reader/Committee Chair

Becerra Benjamin

Abstract

FAANG is an acronym for Facebook, Apple, Amazon, Netflix, and Alphabet (which was previously known as Google), the five most important technology giants in the United States. The technology breakthroughs of these companies have had a significant impact on global economies, since they create jobs, link people, supply goods, and generate entertainment. As a result, a detailed analysis of FAANG stocks adds to the existing body of knowledge. Furthermore, because stock markets are very volatile and are influenced by a variety of known and unknown causes, it is vital to employ adequate tools for assessing their behavior (Jadhav et al., 2021).

The coronavirus disease 2019 (COVID-19) has been spreading over the world since the end of 2019. The first case of COVID-19 was discovered in Wuhan, a city in China, in December 2019. The World Health Organization (WHO) initially issued a global notice on COVID-19 on January 30, 2020(WHO 2020a). The WHO declared it a pandemic as the number of confirmed cases grew to 118,319 cases on March 11th 2020 around the world. Some researchers and media sites commented in March 2020 on how this dreadful epidemic would damage the economies of the afflicted countries (He et al., 2020).

Unemployment in the US was on a rise during the pandemic as lockdowns were imposed in various states and small businesses like restaurants, coffee shops, General stores, shopping malls, and massage parlors were forced to shut down for an uncertain amount of time. Public gatherings were banned, and businesses were forced to carry out operations online. For the businesses mentioned above, it was not possible to conduct operations online since they require people to go to the physical location to conduct business. Despite these tough times, FAANG companies thrived and their business grew despite the ongoing pandemic (Hobbs,2020).

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