Alphabet, Google’s parent company, dips in red on Wall Street
Alphabet fell sharply on Tuesday at the opening of the stock exchanges in New York. The tech giant was punished for less than expected results. In addition to figures from Alphabet, investors responded to a variety of operating results. General Electric (GE), General Motors (GM) and McDonald’s also opened the books.
The leading Dow-Jones index recorded 0.1 percent higher on 26,580 points shortly after the opening bell. The broad S&P 500 lost 0.2 percent to 2937 points and technology level meter Nasdaq lost 0.6 percent to 8116 points.
Alphabet recorded 7.5 percent in the early trade in the minus. The group struggled in the past quarter with disappointing growth in advertising revenues and a lower profit. There is a fear that advertisers will more often choose competitors from Google to spend their money. Facebook (plus 0.9 percent) and Amazon (minus 0.4 percent) have actually achieved higher growth lately.
Investors were also impressed by figures from industrial group GE. The share won more than 6 percent. The opposite was true for GM. The automaker came with disappointing sales figures and lost over 2 percent in market value.
Fast food chain McDonald’s was lowered by 0.4 percent after its quarterly results. Other companies that opened the books included chip producer NXP Semiconductors (plus 7.3 percent), oil company ConocoPhillips (plus 1.3 percent) and credit card company Mastercard (plus 2.8 percent).