Flashback Friday: Bye Bye FAANG

Friday, Sep 21, 2018

Happy Friyay!

Hold your horses, before you can run off into the sunset of the weekend, you gotta catch up on the top stories from Thursday, Sept. 21.

I'll keep it quick, I promise. 

That's what TheStreet's Martin Baccardax reported. 

And that's the view of S&P Dow Jones, the group that classifies stocks into various sector groups that investors around the world track and monitor in their private and public portfolios. S&P Dow Jones is overhauling its Global Industry Classification Standard, with the changes taking effect Monday, and more than a few big name stocks are set to move from their original labeling in the biggest shake-up since the dot-com bubble.

Facebook Inc. (FB - Get Report) is set to move from the S&P's "Information Technology" sector to a newly-revamped "Communications Services" sector index, a decision that reflect's the social media company's reliance on advertising revenue over technological advancements.

"The last several years have seen an evolution in the way we communicate and access entertainment content and other information," S&P Dow Jones said when it first flagged the changes last year. "This evolution is a result of integration between telecommunications, media, and internet companies."