Earnings season picks up with over 250 companies expected to report earnings this week.

Included in that group are many of the big regional banks, the first of the FAANG stocks with Netflix, Tesla, and a bunch of other companies that could tell us a lot about the consumer and a possible recession.

Should you care about the FAANG stocks anymore?

Many investors still own them, even if it’s just in the big cap indexes.

They are all down over double digits in 2022.

Are they a deal or a value trap?

FAANG Stock Earnings Charts to Watch

1.    Netflix (NFLX Quick QuoteNFLX - Free Report)

Netflix has beaten 3 quarters in a row. The beat, or the miss, has never been Netflix’s “problem.” It’s all about the number of subscribers and churn.

Netflix shares are down 68% year-to-date and now trade with a PEG ratio of just 1.2.

Is Netflix a value stock or do shares need to fall lower still?

2.    Meta Platforms (META Quick QuoteMETA - Free Report)

Meta Platforms has only missed once in the last 8 quarters, which is a great earnings surprise track record. Meta Platforms already warned that earnings would slow this year so it’s not a surprise that the shares have fallen 51% year-to-date.

Meta Platforms is the cheapest of the FAANG stocks on a P/E basis with a forward P/E of 14.5.

Is Meta Platforms over sold?

3.    Apple (AAPL Quick QuoteAAPL - Free Report)

Apple has the best earnings surprise track record of the FAANG stocks. It hasn’t missed in 5 years. That’s impressive given the coronavirus pandemic.

Apple shares have performed the best of the FAANG stocks in 2022 as well. They are down just 15% in 2022.

But Apple still isn’t cheap, with a forward P/E of 24.6.

Does Apple still have more room to fall?

4.    Amazon (AMZN Quick QuoteAMZN - Free Report)

Amazon is coming off a big earnings miss last quarter as inflationary pressures began to bite.

Shares of Amazon have fallen 32% year-to-date, but they’re not that cheap on a P/E basis because earnings are expected to plunge 84% year-over-year. It trades with a forward P/E of 214.

But is most of the bad news already priced into Amazon?

5.    Alphabet (GOOGL Quick QuoteGOOGL - Free Report)

Alphabet missed last quarter after beating 7 quarters in a row prior to that.

Shares just recently split 20 for 1, but are down 23% year-to-date.

After the sell-off, shares now trade with a PEG ratio of just 1.1. Sales are also still expected to be up 15.7% in 2022 and another 15% in 2023 after years of double-digit sales growth.

Is Alphabet a deal on this weakness?

[In full disclosure, Tracey owns shares of META, AMZN and GOOGL in her own personal portfolio.]