Alphabet Inc (NASDAQ:GOOGL) stock hit an all-time high because investors shrugged off the antitrust investigations. Pivotal Research bets on the cloud-computing business of Google going forward. The profit of Alphabet, the parent company of Google, has declined in Q3 2019, mainly because of increased equity investments.
Analysts put a buy rating on Alphabet
Michael Levin, an analyst of Pivotal Research, has put a buy rating on Alphabet considering its future cloud business prospects. According to the perspective of Levin, the company’s cloud platform under the leadership of Thomas Kurien would prosper in 2020 and beyond and offer rich dividends. Alphabet’s shares rose to $1,396.28 on Tuesday from $1352.34 on Monday. The price target for Alphabet is set at $1,650.
Shares of Facebook rises
Around fifty attorneys general have launched an investigation in September 2019 into the possible antitrust violations by Google in the advertisement business. In October, attorney generals are prepared to expand the probe to its search and Android business. At the same time, around 47 attorney generals have launched an antitrust probe into the business practices of Facebook. The shares of Facebook surged to $213.67 (up 0.5%) on Tuesday. It shows investors have shrugged off the antitrust probes ordered by the attorney generals.
Sundar Pichai receives largest stock award
The newly installed CEO Of Alphabet, Sundar Pichai, will get performance-based stock awards worth $240 million in the next three years. His home-take annual salary will also surge to $2 million, beginning with 2020. Pichai accepted the additional of Alphabet CEO after its co-founders – Sergey Brin and Larry Page stepped down from the company in December 2019.
Loon offers mobile Internet in Uganda
Loon, a unit of Alphabet, has signed a deal with Uganda to provide mobile internet through high altitude balloons in remote areas of the nation. The company also gets overflight rights to mobile internet in Kenya. Head (Global Communications), Scott Coriell, said the permissions are vital to providing internet access to the rural and remote areas in these nations where internet connectivity is poor.
Loon has developed the balloons using polyethylene sheets to fly 12.4 miles above the sea level. The company will launch the balloons from the US and supervise from California.