Google as its usually called reported earnings largely in-line with expectations with search’s outperformance offsetting a miss by YouTube revenue i.e. search revenue was a healthy $US40.7bn comforting MM that their business is doing fine even as economic conditions toughen although they, like most stocks are to a certain degree at the mercy of the macro environment – the market welcomed the report this week but after many weeks of trading around $US110 it will be interesting to see if buyers embrace a breakout above $US120 if / when it occurs.
- We like GOOGL with the ideal level to increase our exposure sub $US100 assuming we see another wave of bearishness wash through US stocks.
MM is still long and bullish GOOGL
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