Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
In a recent transaction, Amie Thuener O’Toole, Vice President and Chief Accounting Officer of Alphabet Inc. (NASDAQ:GOOGL), sold 2,834 shares of Class C Capital Stock. The shares were sold at a price of $194.32 each, totaling $550,702. Following this sale, O’Toole retains ownership of 17,847 shares of Class C Capital Stock.
Additionally, O’Toole holds 8,940 shares of Class A Common Stock and 24,376 shares of Class C Google Stock Units, with the latter subject to vesting schedules as outlined in the filing. All transactions were executed under a pre-established Rule 10b5-1 Trading Plan.
In other recent news, Alphabet, Google's parent company, is under investigation by the UK's Competition and Markets Authority (CMA) over its search services. This inaugural investigation under the newly established digital-markets regime may require Alphabet to make concessions to ensure fair competition.
In analyst news, Stifel reiterated a Buy rating for Alphabet, with an increased price target. Stifel's projections suggest that Alphabet could potentially increase its advertising revenue by approximately 1% for the year 2025 if TikTok, a competitor, faces unfavorable outcomes.
Alphabet also partnered with Mercedes-Benz (OTC:MBGAF) to enhance the MBUX Virtual Assistant in Mercedes' vehicles with advanced conversational AI capabilities, offering drivers more detailed and personalized responses during navigation.
The Supreme Court is currently hearing arguments on a potential TikTok ban in the U.S., which could potentially benefit Alphabet as users may redirect their time to other platforms like Google's YouTube.
Financial services firm Piper Sandler reaffirmed Alphabet as one of its top stock picks for 2025, highlighting the company's leadership in AI and growth potential. However, Alphabet was downgraded by JMP Securities due to potential antitrust penalties that may affect Google's distribution of search and search revenue in the U.S.
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