Google continues to be a great buy despite the stock being off its highs, Brent Wilsey told CNBC Friday.
"I think under $500 Google is a great buy," the president of Wilsey Asset Management said.
"We started buying above $500. I still feel good with that."
The Federal Trade Commission investigation of the company only improves the scenario, he added. Google confirmed the investigation Friday.
"It’s always fine when they do that because you can’t beat a strong company down," Wilsey said.
"I like when I see things like this happen, because it brings that stock price down temporarily."
He predicted the FTC is "not going to find anything there. If they do find something little it’s not going to hurt the [Google] earnings that much…It’s almost a value play."
Google has $1 billion a month in cash flow, $37 billion of cash in short-term investments on their balance sheet and sales are up 25% year over year, he said.
This is "a company that’s not going to stay down for very long."
Wilsey's other picks are PNC Financial and Universal Truckload Services .
In the same interview Yu-dee Chang, ACE Investment Strategists' chief trader, said he is very bullish on oil companies, particularly majors Exxon and ConocoPhillips, because of an explosion in energy use in China, India and Brazil.
"This is a new class of people being created...that’s called the middle-income level," he explained. "Twenty years ago people in China were on bicycles. Now they’re buying two cars. So I think energy demand is going to be there on a longer-term basis."
He said Conoco and Exxon "’have a very good dividend yield. They’re actually full of cash and their earnings growth has been there."
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Wilsey and his clients own shares of GOOG.
Chang and firm own futures contracts on XOM and COP but do not own the stocks.