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Familiar names such as Netflix, Facebook and Tesla Motors, along with a number of biotechnology and cloud-computing stocks, have been pummeled in the last month.Facebook Inc, for example, has fallen nearly 22 percent from an intraday record reached less than a month ago.The stock was still up nearly 3.8 percent for the year at Friday's close. Among biotech names, Alexion Pharmaceuticals has declined 23 percent from a Feb. 25 intraday high, and yet the stock on Friday was still up 7 percent for the year.The other companies with expensive valuations read like a Who's Who of so-called momentum stocks, including Regeneron, Alexion, TripAdvisor and Vertex Pharmaceuticals.The price-to-sales ratio is the way to value a stock by looking at its market capitalization in comparison with its sales over a 12-month period.First-quarter S&P 500 companies' earnings are projected to have increased just 1.2 percent from a year ago, Thomson Reuters data showed.Since stocks like Netflix carry valuations far above most of the market, some investors are reluctant to buy them now.Going into Friday, investors who bought the stock this year were on average down 6 percent on a VWAP basis.
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