Alphabet Stock Has Tumbled But Short Put Income Plays Are Still Popular

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Alphabet (GOOG, GOOGL) stock has tumbled over 10% in the last month, especially since it released earnings on Feb. 2. Nevertheless, shorting out-of-the-money put options is still popular with value investors. I described this in my article on Feb 5, “Alphabet’s Earnings Are Mediocre, But Short Put Plays Are Still Hot.” The company had lackluster revenue growth in 2022 and lower free cash flow (FCF) in 2022 compared to 2021. Moreover, analysts have turned slightly negative on the stock, given the rise of OpenAI ChatBot search threat to its underlying earnings. For example, one analyst in Seekin…

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