Monday, January 30, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Price

Google just made its stock much more affordable

9 months ago
in Price
Google just made its stock much more affordable
Share on FacebookShare on Twitter


By Julia Horowitz, CNN Business

Not everyone has thousands of dollars on hand to purchase a single share of Google. Soon, investors won’t have to.

Latest Oil News

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023
Why Germany Dragged Its Feet on Leopard Tanks to Ukraine

Why Germany Dragged Its Feet on Leopard Tanks to Ukraine

January 28, 2023
Indexes Rally and Notch Weekly Gains

Indexes Rally and Notch Weekly Gains

January 27, 2023
Oil revenue in Kuwait seen to exceed $81.25bln in fiscal ’22-’23

Oil revenue in Kuwait seen to exceed $81.25bln in fiscal ’22-’23

January 26, 2023

What’s happening: Google parent Alphabet, the third largest public company in the United States, announced after markets closed on Tuesday that it will execute a 20-for-1 stock split in mid-July, making each individual share less expensive and therefore more accessible.

That would reduce the price of Class A shares from $2,753 at Tuesday’s close to about $138 per share.

The news has helped send Alphabet’s stock up nearly 11% in premarket trading on Wednesday.

In addition to making Alphabet shares more appealing to everyday investors, the move could “set the stage for inclusion into the [Dow Jones Industrial Average],” analysts at UBS noted. The closely-watched index, which consists of 30 US stocks, is weighted by price, so including Google at its current value would lead to big distortions.

Apple was added to the Dow in 2015 after it completed a stock split. (The iPhone maker split its stock again in 2020.)

Sophie Lund-Yates, an equity analyst at Hargreaves Lansdown, told me that Alphabet’s stock split is “a mark of confidence.”

“It shows management is very happy with where they are,” she said.

Breaking it down: Well into the pandemic, which has boosted demand for digital advertising as people spend more time online, Google’s ad business is still growing at a rapid clip. Ad sales grew nearly 33% year-over-year to $61.2 billion during the three months ending in December.

That helped Alphabet generate a $20.6 billion profit last quarter, trouncing Wall Street expectations.

“The accelerated demand [for online advertising] we saw during the pandemic is, in my view, permanent,” Lund-Yates said. “Or at least a large degree of it is.”

The results are getting investors excited about a broader set of tech companies that rely on ads. Facebook’s Meta, which reports its latest results on Wednesday, is up 4% in premarket trading. Snap and Pinterest, which follow on Thursday, are 4% and 2% higher, respectively.

Lund-Yates thinks tech stocks could remain unstable, though, until there’s more clarity on the Federal Reserve’s plan to start hiking interest rates. Expectations that borrowing costs will begin to rise soon have roiled the sector.

“I think continued swings are going to be likely,” she said. “The Nasdaq in particular doesn’t really know where it’s going to land at the moment.”

OPEC and allies meet with oil prices near 7-year high

Energy prices remain very elevated, and OPEC and its allies face growing pressure to intervene. But is there much the group can do?

The latest: The Organization of the Petroleum Exporting Countries and other top producers like Russia — together known as OPEC+ — will hold a virtual meeting on Wednesday with global crude trading near a seven-year high.

Goldman Sachs has alerted clients that OPEC+ could announce plans to step up production by more than expected instead of sticking to its typical monthly increase of 400,000 barrels per day.

“We view growing potential for a faster ramp-up at this meeting, given the pace of the recent rally and the likely pressure from importing nations,” the investment bank’s strategists wrote.

Brent crude futures, the world benchmark, recently jumped above $90 per barrel due to solid demand and concerns that Russia-Ukraine tensions could disrupt energy flows in Europe. This time last year, they were trading near $55 per barrel.

However, there are reasons to think OPEC+ won’t agree to requests from countries including the United States to deviate from its plan. The group is already failing to reach its monthly target of 400,000 barrels per day due to production shortfalls in several countries.

Output from OPEC+ countries increased by only 250,000 barrels per day in December, or 63% of the group’s stated goal, according to the International Energy Agency. It attributed the shortfall to reduced supply from Nigeria and Russia, which pumped below its monthly quota.

Saudi Arabia could step up and “quickly and easily drum up spare capacity if it decides it is beneficial,” according to Louise Dickson, an oil market analyst at Rystad Energy. Yet it’s not clear the kingdom, which benefits from higher oil prices, will choose to go that route.

Should PayPal buy Robinhood?

Robinhood is still losing money, and the trading app reported a drop in the number of users in its most recent quarter. Is it time for the struggling online broker to consider a sale?

That’s the question my CNN Business colleague Paul R. La Monica is raising. Robinhood’s stock is trading at $14.65 per share, more than 60% below the initial public offering price when the company made its Wall Street debut last year.

The business has already seen massive consolidation. Morgan Stanley now owns E-Trade and Charles Schwab has gobbled up TD Ameritrade. Last week, UBS bought robo-advisor Wealthfront for $1.4 billion.

Paul’s thought bubble: Given this trend and Robinhood’s recent results, could it catch the attention of a company like PayPal, which also has a large base of younger customers and is looking to step up its game in investing?

“I can see them getting bought out or taken private,” said Hugh Tallents, a partner with consulting firm cg42. “But they wouldn’t be interesting to big banks, Schwab or Morgan Stanley. A wild card could be PayPal.”

PayPal’s user base, especially the younger adopters of its Venmo service, could mesh with Robinhood die-hards. And last summer, PayPal hired a former executive at Ally Invest to lead a new Invest at PayPal unit.

“Robinhood has over 20 million accounts and the customers are young and active traders,” noted John Wu, president of Ava Labs, a cryptocurrency trading platform. “It’s an attractive demographic.”

Wall Street seems certain that PayPal is willing to spend to grow. There were rumors last year that it made a $45 billion takeover offer for Pinterest. With its current market value of about $12 billion, Robinhood would be a much smaller deal.

Up next

AbbVie, Ferrari, The New York Times and Marathon Petroleum report results before US markets open. Facebook’s Meta, Qualcomm and Spotify follow after the close.

Also today: The ADP report on private payrolls for January posts at 8:15 a.m. ET.

Coming tomorrow: Earnings from Honeywell, Hershey, Shell, Clorox, Pinterest and Snap.

The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.



abc17news.com

Tags: affordableGooglestock
Previous Post

Inside Texas Politics: Houston Democrat believes there’s some bipartisan support for

Next Post

Snowboarder fined $1,150 after breaking quarantine to go to Whistler

Related Posts

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

by Oil Market News
January 29, 2023
0

The Institute for Energy Security (IES) is predicting between 7% and 13% jump in the prices of petrol, diesel and...

Why Germany Dragged Its Feet on Leopard Tanks to Ukraine

Why Germany Dragged Its Feet on Leopard Tanks to Ukraine

by Oil Market News
January 28, 2023
0

The decision to provide heavy tanks to Ukraine in significant numbers constitutes a step change in western military support for...

Indexes Rally and Notch Weekly Gains

Indexes Rally and Notch Weekly Gains

by Oil Market News
January 27, 2023
0

US stocks closed higher Friday after reversing early-session losses.  Easing inflation data added to investor optimism that the Federal Reserve...

Oil revenue in Kuwait seen to exceed $81.25bln in fiscal ’22-’23

Oil revenue in Kuwait seen to exceed $81.25bln in fiscal ’22-’23

by Oil Market News
January 26, 2023
0

With the stability in oil prices at acceptable levels, financial sources expect the oil revenues in the budget for the...

Why are we settling for inflation?

Why are we settling for inflation?

by Oil Market News
January 25, 2023
0

The recent UN climate summit COP27 has accelerated a global push for green energy without regard to unintended consequences.  Although...

Davos 2023: Big oil comes in from the cold on energy transition

Oil falls $2/barrel on economic jitters, U.S. crude stock build

by Oil Market News
January 24, 2023
0

U.S. business activity contracts in JanU.S. crude stocks likely to rise - pollOPEC+ panel unlikely to tweak oil policy at...

Next Post
Snowboarder fined $1,150 after breaking quarantine to go to Whistler

Snowboarder fined $1,150 after breaking quarantine to go to Whistler

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Brazil gas flaring rises in May – Argus Media

Brazil gas flaring rises in May – Argus Media

7 months ago
The US Is Depleting Its Strategic Petroleum Reserve Faster Than It Looks

The US Is Depleting Its Strategic Petroleum Reserve Faster Than It Looks

8 months ago
Calls grow for PUC chairwoman’s resignation as hearing into Texas power outages

Calls grow for PUC chairwoman’s resignation as hearing into Texas power outages

9 months ago
Between development and deep blue sea: What does Great Nicobar plan mean for the

Between development and deep blue sea: What does Great Nicobar plan mean for the

1 week ago
Crude Oil Shielded From Bond and Stock Market Rout

Sector Update: Energy Stocks Extend Wednesday Gains After Crude Oil Trims Losses Late

4 months ago
ADVERTISEMENT
Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market Highlights: FDA backtracks on cannabis oil, and 5 ASX small caps to watch

January 29, 2023

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023

Crude Oil

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

January 28, 2023
German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023

Investing

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023
Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

Chevron’s Profits Fall Short. Is This Top Warren Buffett Stock in Trouble?

January 28, 2023
U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023

Market

Big Oil’s profits juggernaut on pace to slow but not stop

Big Oil’s profits juggernaut on pace to slow but not stop

January 29, 2023
Tullow Oil: the end of an era for exploration and production

Tullow Oil: the end of an era for exploration and production

January 28, 2023
Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023
Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

January 26, 2023

OPEC

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

January 28, 2023
OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.