William L. Moore
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William L. Moore in Insider trading,

Why The Winner From Google Earnings Is Actually Facebook

Alphabet Inc   reported a strong second-quarter earnings beat Monday, despite taking a $2.7 billion hit from the European Commission’s fine last month, but shares traded down about 3 percent after hours.

The dip was also in part due to an increase in the company’s traffic acquisition cost, which rose to $5.09 billion for the quarter and cut back margins.

In sympathy, several other major technology companies saw their stocks fall after Alphabet’s report.

Alphabet Results ‘Bode Well For Facebook’

Facebook Inc  was one such company, but Citigroup analyst Mark May sees the report at a boon for the social media giant, not cause for concern.

Facebook is Citigroup’s top pick, and May expects to see 46-percent growth, meaning a share price in the $240 range.