Why Alphabet Stock Dropped and Then Recovered Today
Shares of Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) opened lower today after the tech giant turned in a disappointing fourth-quarter earnings report, but by 11:38 a.m. ET they had recouped all of their losses.
The stock opened the session down 5% after falling in after-hours trading last night, but the recovery seemed to have more to do with the response to the jobs report than anything coming from Alphabet, as the Nasdaq crossed into positive territory after opening down nearly 2%. After some hesitation, investors cheered the news that the U.S. had added more than 500,000 jobs in January, showing the labor market remained resilient even in a high-interest-rate environment.
Alphabet missed estimates on both the top and bottom lines. Revenue in the quarter grew just 1%, or 7% in constant currency, to $76 billion, missing estimates at $76.5 billion.
Source Fool.com
