This would ease some of the concerns around Big Tech valuation that triggered a sector-wide selloff in the past few days.
Alphabet also announced a 20-to-1 stock split, which will give shareholders 19 shares for every share they hold, bringing its price down to about $138 based on Tuesday's close. Adding to the rebound in tech stocks, Advanced Micro Devices shares jumped 12% after its results topped Wall Street expectations. Shares of rivals Nvidia, Qualcomm, Xilinx and Micron also rose.
But the companies that control key gateways to e-commerce, hybrid work and streaming entertainment have not seen a dip since the early days of the pandemic. Shares of Alphabet rose 8.6% in after-hours trading, to $2,990.10, erasing their losses for the year-to-date. Shares of Apple and Tesla rallied in 2020 after splits, but increasingly brokerages such as Robinhood Markets allow purchases of fractional shares, diminishing some benefit of the tactic.
But market forecasters do not expect major slippage in Google's leading position. Google's secondary businesses, including Cloud, also have been lifting overall sales.
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