SAN FRANCISCO—Deep losses in Amazon Inc., Apple Inc., Facebook Inc., and Alphabet Inc. have left the former tech favorites at their lowest earnings multiples in years, offering potential bargains to cold-blooded investors looking to buy stocks at a time of heightened fear.
Plummeting stock prices in recent months have mostly outpaced a simultaneous decline in earnings expectations, presenting potential opportunities to buy beaten down stocks. But apparent bargains could turn out to be expensive if earnings expectations take a turn for the worse next year as the United States continues its trade dispute with China.
