Stunner! Alphabet Is Leading the Nasdaq
Most of the high profile ‘FANG’ stocks haven’t done much recently. That is, aside from Alphabet, which is leaving them all in the dust.
GOOGL was the only company worth over $300 billion to hit a new 52-week high yesterday. It was also one of only a few traditional technology stocks to hit new highs, accompanied by a few semiconductor firms like Lam Research and Advanced Micro Devices, which are less than one-tenth GOOGL’s size.
Meanwhile Facebook remained 4 percent off its highs. Amazon.com is 9 percent away and Netflix is 12 percent below its peaks. The same applied to other big names like Microsoft, Alibaba and even Tesla.
GOOGL’s had two positive catalysts. First was its better-than-expected results on October 28, fueled by online advertising and surprisingly strong YouTube and Play app store revenue. Guess what Tim Cook? It turns out Sundar Pichai can also play in the “software and services” field.
Second was the post-election relief rally on November 4. That caused GOOGL to jump above its September peak. It tested the old high near $1,700 early last week and bounced. That kind of high and tight consolidation pattern above old highs is potentially bullish. Buyers may have no alternative but chasing after yesterday’s move to new highs. Who knows, is a stock split next?
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
GOOGL was the only company worth over $300 billion to hit a new 52-week high yesterday. It was also one of only a few traditional technology stocks to hit new highs, accompanied by a few semiconductor firms like Lam Research and Advanced Micro Devices, which are less than one-tenth GOOGL’s size.
Meanwhile Facebook remained 4 percent off its highs. Amazon.com is 9 percent away and Netflix is 12 percent below its peaks. The same applied to other big names like Microsoft, Alibaba and even Tesla.
GOOGL’s had two positive catalysts. First was its better-than-expected results on October 28, fueled by online advertising and surprisingly strong YouTube and Play app store revenue. Guess what Tim Cook? It turns out Sundar Pichai can also play in the “software and services” field.
Second was the post-election relief rally on November 4. That caused GOOGL to jump above its September peak. It tested the old high near $1,700 early last week and bounced. That kind of high and tight consolidation pattern above old highs is potentially bullish. Buyers may have no alternative but chasing after yesterday’s move to new highs. Who knows, is a stock split next?
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
