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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Alphabet Inc.    GOOGL

ALPHABET INC.

(GOOGL)
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Real-time Estimate Quote. Real-time Estimate Cboe BZX - 11/24 07:46:56 am
1721.235 USD   -0.37%
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Wall Street shares bolstered by stimulus bets

10/20/2020 | 02:23pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* Pelosi optimistic about a stimulus deal

* P&G gains after full-year sales forecast raise

* Netflix shares ease ahead of results

* U.S. DOJ, 11 states file anti-trust lawsuit vs Google

* Indexes up: Dow up 1.01%, S&P 500 up 1.12%, Nasdaq up 0.99%

NEW YORK, Oct 20 (Reuters) - Shares on Wall Street climbed on Tuesday on growing optimism that talks among U.S. lawmakers are progressing with respect to a U.S. stimulus package aimed at cushioning the economic shock from the coronavirus pandemic.

House of Representatives Speaker Nancy Pelosi said she was optimistic Democrats could reach a deal with the White House that could get aid out by early next month. She added there should be an indication of a possible agreement later on Tuesday.

Pelosi and Treasury Secretary Steven Mnuchin will also talk at 3 p.m. ET (1900 GMT) on Tuesday, according to a source.

King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco, said he doesn't believe a full stimulus package would be passed though.

"It's kind of hard to bridge the gap between $1.8 trillion and $2.3 trillion, but a deal could at least get us through the elections or until December," Lip said. "By that time, we may have a comprehensive package."

Uncertainty over the coronavirus aid package weighed on Wall Street's main indexes on Monday and analysts expect market turbulence to increase with only two weeks left until Election Day.

Latest national opinion polls pointed to a victory for Democratic challenger Joe Biden, though the contest is closer in swing states that decide elections, including Florida, North Carolina and Pennsylvania.

The U.S. Justice Department and 11 states, meanwhile, filed an antitrust lawsuit against Alphabet Inc's Google for allegedly breaking the law in using its market power to fend off rivals. Alphabet's shares were up 2.4%.

"It's like locking the proverbial door after the horse has bolted," said Neil Campling, head of TMT research at Mirabaud Securities in London.

"Google has already got the monopolistic position, has invested billions in infrastructure, AI, technologies, software, engineering and talent. You can't simply unwind a decade of significant progress, or create new alternative powerhouses or tech ecosystems out of thin air."

In mid-afternoon trading, the Dow Jones Industrial Average rose 285.28 points, or 1.01%, to 28,480.7, the S&P 500 gained 38.65 points, or 1.13%, to 3,465.57 and the Nasdaq Composite added 114.73 points, or 1%, to 11,593.61.

Meanwhile, the third-quarter earnings season has gathered momentum. Of the 66 S&P 500 companies that have reported results, 86.4% have topped expectations for earnings, according to Refinitiv IBES data.

Property and casualty insurer Travelers Cos Inc gained 4.9% as it beat quarterly profit expectations, while consumer products giant Procter & Gamble Co advanced 0.6% as it raised its full-year sales and earnings forecasts.

Netflix Inc was flat ahead of its third-quarter earnings report.

International Business Machines Corp edged past estimates for quarterly revenue on Monday, bolstered by higher demand for its cloud services. The company's shares, however, fell 5.8% after it stayed away from issuing a current-quarter outlook, citing economic uncertainty related to the pandemic.

Advancing issues outnumbered declining ones on the NYSE by a 3.33-to-1 ratio; on Nasdaq, a 1.53-to-1 ratio favored advancers.

The S&P 500 posted 25 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 63 new highs and 26 new lows. (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Medha Singh and Shivani Kumaresan in Bengaluru; Editing by Aurora Ellis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.51% 1727.56 Delayed Quote.28.98%
DJ INDUSTRIAL 1.12% 29591.27 Delayed Quote.2.54%
NASDAQ 100 0.00% 11905.941438 Delayed Quote.36.33%
NASDAQ COMP. 0.22% 11880.633754 Delayed Quote.32.12%
NETFLIX, INC. -2.38% 476.62 Delayed Quote.47.30%
S&P 500 0.56% 3577.59 Delayed Quote.10.73%
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Financials (USD)
Sales 2020 179 B - -
Net income 2020 35 705 M - -
Net cash 2020 118 B - -
P/E ratio 2020 33,9x
Yield 2020 -
Capitalization 1 171 B 1 171 B -
EV / Sales 2020 5,90x
EV / Sales 2021 4,82x
Nbr of Employees 132 121
Free-Float 90,3%
Chart ALPHABET INC.
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Alphabet Inc. Technical Analysis Chart | GOOGL | US02079K3059 | MarketScreener
Technical analysis trends ALPHABET INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 47
Average target price 1 884,54 $
Last Close Price 1 727,56 $
Spread / Highest target 30,2%
Spread / Average Target 9,09%
Spread / Lowest Target -28,4%
EPS Revisions
Managers
NameTitle
Sundar Pichai Chief Executive Officer & Director
John LeRoy Hennessy Chairman
Ruth M. Porat Chief Financial Officer & Senior Vice President
Lawrence E. Page Director
Sergey Mikhaylovich Brin Director
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