Selling Google to Buy More Palantir After Massive Gain
We're also adding some Marvell shares after Alphabet hits overbought territory.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
GOOGL | Sell | 120 | $230 | 988 | 4.2% |
MRVL | Buy | 155 | $63.50 | 2,890 | 3.4% |
PLTR | Buy | 70 | $157.50 | 1,100 | 3.2% |
After you receive this alert, we will make the following trades:
Sell 120 shares of Alphabet GOOGL at or near $230. Following the trade, the Portfolio will own 988 GOOGL shares, roughly 4.2% of its assets
Buy 155 shares of Marvell MRVL at or near $63.50. Following the trade, the Portfolio will own 2,890 MRVL shares, roughly 3.4% of its assets.
Buy 70 shares of Palantir PLTR at or near $157.50. Following the trade, the Portfolio will own 1,100 PLTR shares, roughly 3.2% of its assets.
Following Wednesday morning’s post-DOJ announcement pop in Alphabet shares, one that has pushed the position size past 4.5%, we are bowing to Portfolio discipline and locking in a simply massive gain on this slug of GOOGL shares. We’d note Wednesday morning's pop in the shares has also catapulted them deep into overbought territory with a relative strength index level north of 80.
We will take some of those gains and nibble on shares of Marvell and Palantir. In Friday’s August Monthly Roundup, we noted both were on our near-term shopping list following Marvell’s overdone post-earnings fall and Palantir’s hugging its 50-day moving average.
Given what lies ahead on the economic calendar, our bite sizes today leave room to pick up additional shares should the combination of Thursday’s ADP August jobs and ISM Service PMI reports, and Friday’s August Employment Report push back on the market’s expectation for multiple rate cuts this year.
Because today’s moves are relatively modest, we will see a modest credit back to the Portfolio’s cash position. We see that as more firepower as we look to revisit a few Bullpen names.
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(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long GOOGL, MRVL and PLTR.
