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Alphabet Crushed After Q1 Report

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Alphabet Inc GOOG 5.47% shares are trading lower by $53.15 (5.6 percent) at $716 in Friday's session. The catalyst for the decline is a Q1 miss for EPS of $0.45 and over a $2 billion miss for revenues. Also, what may be of major concern to longer-term investors is the disturbing trend of revenue misses for the company dating back to Q3 2014.

In fact, it's missed on the revenue front in six of the last seven quarters, with the one outlier being a revenue beat in Q4 2015.

Similar to Microsoft, the Street was leaning the wrong way into the report, as the issue was within striking distance of it all-time high ($789.87), when it reached $769.90 in Tuesday's session.

Unlike Microsoft, it has not come close to its after-hours low of $697.50, reached just after the report was released. Off a lower open, it managed a brief rally to $736.12 before turning lower. So far, it has reached $713.61 and is not far off that level. If the decline continues, there may additional support at its March 10 low ($703.36).

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