After Apple (AAPL) disclosed that searches in its devices’ internet browsers had fallen for the first time ever last month, Jim Lebenthal said on CNBC that his “inclination” was to hold Alphabet Inc. (GOOG) stock despite the negative news.
Lebenthal, a partner at Cerity Partners, frequently appears on CNBC.
Lebenthal’s Reaction to the News
Asserting that GOOG’s valuation was low before the shares fell 7.5% yesterday, Lebenthal said that his “inclination” was to hold onto his shares in the wake of the news.
However, the investor did add that he wanted to analyze the information further before making a final decision.
He also noted that, about two years ago, Alphabet Inc. (GOOG) stock had fallen sharply after the firm’s Gemini AI tool “misidentified” an object.
Suggesting that there were some similarities between yesterday’s news and the situation two years ago, Lebenthal noted that, despite worries about “competitive threats” in the wake of the prior incident, GOOG’s financial results have remained strong.
The Recent Price Action of Alphabet Inc. (GOOG) Stock
In the last month, the stock rose 17%, but they have sunk 29% in the last three months.
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This article is originally published at Insider Monkey
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