Meet the Tech Stock Powering the Nasdaq-100 Today

Alphabet's top-line beat has the stock trading at record high levels

Patrick Martin

Managing Editor

Apr 26, 2024 at 1:57 PM

The Nasdaq-100 (NDX) is heading toward its best week since early November. Helping the tech-specific index stick the landing today is a cool 10.5% pop from Alphabet Inc Class A (NASDAQ:GOOGL). The tech conglomerate was last seen trading at $172.17, and earlier hit a record high of $174.17, after parent company of Google reported a first-quarter earnings and revenue beat, announced a $70 billion stock buyback plan, and unveiled its first dividend.

GOOGL has staged quite the bounce off its 200-day moving average since early March. Now up 60% year-over-year and 23% in 2024, Alphabet's market cap joins the vaunted $2 trillion market cap club, occupied only by Apple (AAPL), Nvidia (NVDA), and Microsoft (MSFT).

GOOGL Stock Chart

At last check, over 778,000 options have changed hands, with the 557,000 calls easily outflanking the 220,000 puts traded. Total options volume is running at four times the average intraday amount, with the weekly 5/3 175-strike call seeing notable activity. The standard 175 strike from the May series is also one to monitor.

GOOGL Meme

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