Investors are rushing to sell their Alphabet shares to preserve any remaining profits after the technology group reported weak quarterly results. Steve Grasso, a former New York Stock Exchange trader, explained that the convergence of moving averages shows the stock has stagnated for a year, leaving most shareholders with the same cost basis. Alphabet shares were set to open 11% lower on Thursday after missing expectations for earnings, revenue and capital spending. The company also reported negative free cash flow of $9.07 billion, raising concerns among investors. Against this backdrop, Grasso said Apple now looks like the safer stock, replacing Google.
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