NEW YORK (TheStreet) -- Shares of Alphabet (GOOGL) were sliding in mid-morning trade Tuesday after the Mountain View, CA-based company's Chief Legal Officer David Drummond confirmed late yesterday that he had resigned from Uber Technologies' board of directors.
"I recently stepped down from Uber's board given the overlap between the two companies," Drummond said in a statement to the Wall Street Journal.
Both companies are currently working to develop and commercialize autonomous vehicles. Ride-hailing app Uber is looking to begin testing self-driving taxis in Pittsburgh in the next months while Alphabet has been mulling testing its own autonomous cars for ride-hailing, the Journal reports.
Drummond first joined Uber's board in 2013 when Alphabet's Google Ventures arm invested $250 million in the company.
Uber is still a large investment for GV, and Drummond noted that the company remains an "enthusiastic" investor in the app.
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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of A.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.
You can view the full analysis from the report here: GOOGL