Hot Streak Continues for Google Inc. (GOOGL) Amid New Hire

Google Inc (GOOGL) has a new CFO

by Josh Selway

Published on Mar 24, 2015 at 10:40 AM
Updated on Jun 24, 2020 at 10:16 AM

Shares of Google Inc (NASDAQ:GOOGL) have been gaining momentum the past few months. Since touching an annual low of $490.91 on Jan. 12, the security has added 17.4%, last seen 1.9% higher at $576.23. The stock appears to be riding atop its 10-week moving average, a trendline that acted as resistance in late 2014 but has seemingly switched roles.

Weekly Chart of GOOGL since October 2014 with 10-Week Moving Average

Even with GOOGL's recent surge, options traders have remained focused on puts. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 0.82 is higher than 91% of all similar readings from the past year. In other words, puts have been bought to open over calls at a faster-than-normal rate.

Recently, Google Inc (NASDAQ:GOOGL) has benefited from a string of fundamental developments, and the firm's at it once again today. The company has reportedly hired Ruth Porat, chief financial officer and executive vice president of Morgan Stanley (NYSE:MS), as its CFO. Porat will start at Google on Tuesday, May 26.


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