Friday, October 9, 2015

Alphabet is the new Google

Written by Matt Krantz — Looking for shares of Google (GOOGL) Monday? They're gone — at least they have a new name.

Shares of online advertising company Google are now trading by the name Alphabet starting today. The name change is part of a plan announced months ago to restructure the company to give more room to its nascent businesses while consolidating the massive cash flow of its legacy online search business.

Investors are lifting shares of Alphabet Monday along with a powerful broad-market rally. Shares of the company are up $7.54, or 1.2%, to $634.40. The company maintained its controversial multiple classes of stock, which allow founders Sergey Brin and Larry Page maintain control of the company, while creating Class C shares with no voting rights.

Alphabet's Class C shares still trade by the symbol GOOG. The Class A shares — held by earlier public investors — trade by GOOGL. And the Class B shares controlled by Brin and Page are not publicly traded.

Click here to read from this article's source.