Why Google (Nasdaq: GOOG) Bought Nest

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Google Inc. (Nasdaq: GOOG) announced Tuesday that it would be purchasing Nest Labs for $3.2 billion. Nest is known for developing Internet-connected, or "smart," thermostats and smoke detectors.

GOOG stock currently trades just north of $1,140, and has posted a gain of more than 30% in the past three months. Will adding everyday products like Nest's thermostats to its portfolio make a difference for investors?

Money Morning's Defense & Tech Specialist Michael Robinson appeared on FOX Business' "Varney & Co." today (Tuesday) to answer this question. He also gave investors his forecast for Google stock:

 

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