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Google-parent Alphabets stock falls, but Wall Street giddy despite big earnings miss

The average rating remained at the equivalent of buy, as 39 analysts had bullish ratings and just 6 were at the equivalent of neutral.

Analysts generally dismissed the earnings miss, with many citing the fact it was the result of one-time factors such as losses on equity investments and the recognition of a French tax settlement.

Tech breakthroughs with should help drive the model further, in our view.

Cloud and the companys hardware businesses are supporting high 30% growth on a mid-teens percentage of the revenue base.

In comparison, the SPDR Communication Services Select Sector exchange-traded fund XLC, -0.95% has run up 22.3% this year and the S&P 500 index SPX, -0.08% has advanced 21.5%.

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