Thursday, June 8, 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 investing

Premarket stocks: Google just made its shares much more affordable

1 year ago
in investing
Premarket stocks: Google just made its shares much more affordable
Share on FacebookShare on Twitter


What’s happening: Google parent Alphabet (GOOGL), 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.

Latest Oil News

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
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

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 (PYPL), 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 (ABBV), Ferrari (RACE), The New York Times (NYT) and Marathon Petroleum (MPC) report results before US markets open. Facebook’s Meta (FB), Qualcomm (QCOM) and Spotify (SPOT) 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 (HON), Hershey (HSY), Shell (RDSA), Clorox (CLX), Pinterest (PINS) and Snap (SNAP).



www.cnn.com

Tags: affordableGoogleinvestingPremarketPremarket stocks: Google just made its shares much more affordable - CNNsharesStocks
Previous Post

Exxon shareholders vote against splitting chair and CEO roles

Next Post

OPEC sees positive oil market outlook, continued downside risks, Energy News, ET

Related Posts

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

by Oil Market News
February 1, 2023
0

Orbital Sidekick hyperspectral imagery. Photo: Orbital Sidekick Orbital Sidekick announced a $10 million investment on Tuesday to support growing its...

Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

by Oil Market News
January 31, 2023
0

By Rachel Koning Beals 'Investment in clean-energy technologies is on the brink of overtaking fossil-fuel investments, and won't look back,'...

Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

by Oil Market News
January 30, 2023
0

DALLAS, Jan. 30, 2023 /PRNewswire/ -- The Cushing® MLP & Infrastructure Total Return Fund (NYSE: SRV) (the "Fund") today announced...

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

by Oil Market News
January 29, 2023
0

6/6 © Reuters. FILE PHOTO: Relief supplies of the "Humanitarian Help of Switzerland" are loaded onto a Boeing 747-400BCF cargo...

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?

by Oil Market News
January 28, 2023
0

Chevron (CVX -4.44%) finished 2022 with a bit of a whimper. While the oil giant's profits rose compared to the prior...

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

by Oil Market News
January 27, 2023
0

© Reuters. FILE PHOTO: United Arab Emirates' Industry Minister Sultan Ahmed Al Jaber speaks during the Abu Dhabi International Petroleum...

Next Post
OPEC sees positive oil market outlook, continued downside risks, Energy News, ET

OPEC sees positive oil market outlook, continued downside risks, Energy News, ET

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

Trend Oil News

Crude Oil Shielded From Bond and Stock Market Rout

Abuja MoU chief, Captain Umoren decries oil spill by foreign vessels 

1 year ago
Where are the high oil and gas prices that we expected this summer?

Where are the high oil and gas prices that we expected this summer?

10 months ago
But Should The Vehicle Connoisseur Take His Foot Off The Accelerator? By Benzinga

But Should The Vehicle Connoisseur Take His Foot Off The Accelerator? By Benzinga

10 months ago
Engie urges Europe to boost local energy supply chains

Engie urges Europe to boost local energy supply chains

3 months ago
Chevron can resume key role in Venezuela’s oil output, exports By Reuters

Chevron can resume key role in Venezuela’s oil output, exports By Reuters

6 months ago
ADVERTISEMENT
Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

Opec bans prominent media groups from Vienna meeting

June 4, 2023

Saudi Arabia’s ‘prickly prince’ of oil bristles as crude price slides

June 3, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
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

Market

Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023
Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023
Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
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
  • 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.