Jim Cramer on Alphabet: "I Was Totally Wrong"

Alphabet Inc. (NASDAQ:GOOGL) is one of the stocks Jim Cramer weighed in on. Cramer said that he was “totally wrong” for believing that the company was going to get an unfavorable ruling in court. He remarked:

“Look, I know the Magnificent Seven have had their setbacks. Alphabet looked like it was going to be a goner, severely punished for anti-competitive behavior not that long ago. The judge in the remedy portion of the trial, after Alphabet had already been found guilty of being a monopolist, could have easily gutted the company, which is why its stock fell as low as 140 in April. But it didn’t happen. If anything, it was real clear that Google’s remedy was to keep doing what it was doing for the most part.

Now, the stock’s at $251 and change after soaring another 4.5% today. I made the mistake of selling the stock for my Charitable Trust. I play with an open hand. I believed that the government would come down on them… I did think Alphabet’s best days were behind them because of what was going on in the federal court. I was totally wrong. Got that? I was wrong.”

Alphabet Inc. (NASDAQ:GOOGL) delivers a wide range of products and platforms, including Google’s advertising, search, YouTube, Android, Chrome, and devices, along with Google Cloud’s AI, data, and collaboration tools. The company also invests in healthcare and other emerging ventures.

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Disclosure: None. This article is originally published at Insider Monkey.