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Will Google's new gadgets help its stock?

In an effort to take on Apple more aggressively, Google unveiled a new version of its Android operating system that works for laptops, tablets, phones, and now cars, televisions and watches.

But is this any reason to buy Google's stock, which is up 4.5 percent this year?

According to Steve Cortes, founder of Veracruz TJM, Google may be doing too much.

"It seems like Google announces a new initiative practically every other week," said Cortes. "It announces 50, maybe 10 work. I'm not saying that's a bad model in the long term, but I do think the lack of focus is a problem at least for the near term. I think some of the Google magic, at least for now, is gone."

With all of its technology, Google's main source of income comes from advertising revenue. About 90 percent of its first-quarter revenue of $15.4 billion came from advertising according to its SEC filings.

"As innovative as they are…the fact remains that it's still an internet ad/search engine company," Cortes said.

Google's technology is one thing but the stock's technicals have some issues, according to Richard Ross, global technical strategist at Auerbach Grayson.

The stock has briefly dipped below its technically significant 200-day moving average in April and May, settling into a trading range between $550 and $575 per share. It broke above that range this week. "If we were to break convincingly above the $580 level," said Ross, "then it could set the stage for perhaps a retest of the old high."

Google traded at a split-adjusted high of $615.05 per share in February. But, it was the quick ascent to that level from the mid-$400 levels just a few months before – and subsequent decline to the low $500s after the peak – that has Ross concerned.

"What I don't like is that v-shaped reversal at the tail-end of that big move," said Ross, a "Talking Numbers" contributor. "Often, that kind of parabolic reversal signals that the big trend is over and the new trend to the downside might be developing."

Ross worries the stock is running out of steam. "As we all know, this is a massive company," Ross added. "We're going to have to have another huge homerun here to really move the needle for Google."

To see the full discussion on Google, with Cortes on the fundamentals and Ross on the technicals, watch the above video.

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