Google Inc (GOOGL) announced the launch of Android Pay, as well as plans to expand Google Fiber
Google Inc (NASDAQ:GOOGL) is following the
broader market higher, on news the company is
rolling out Android Pay in the U.S. today. Much like BlackBerry Ltd's (NASDAQ:BBRY)
BBM Money and Apple Inc.'s (NASDAQ:AAPL) Apple Pay, Android Pay allows users to pay for goods and services by simply tapping their phones, and also provides the ability to store gift and loyalty card information in one location.
At last check, GOOGL is 1.5% north of breakeven at $652.73, bringing its year-to-date advance to 23%. In recent weeks, the stock has found a a layer of support atop its
50-day moving average, and has outperformed the broader S&P 500 Index (SPX) by nearly 20 percentage points over the last 40 sessions.
Despite GOOGL's technical tenacity, skepticism is pronounced in the equity's options pits. Specifically, the stock's 10-day put/call volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 0.81. This ratio ranks in the 95th annual percentile, indicating traders have rarely
bought to open puts over calls at a more rapid rate, looking back one year.
Given GOOGL's strength on the charts, it's possible some of the put buyers are
shareholders hedging against an unexpected pullback. Nonetheless, a capitulation among true bears could add fuel to the shares' fire.
In separate news, Google Inc (NASDAQ:GOOGL) also announced today it is exploring the possibility of
expanding Google Fiber to three more U.S. locations. Specifically, the company has asked officials in Louisville, Irvine, and San Diego to think about bringing the high-speed Internet service to their respective cities.