Alphabet is the new Google

October 06 00:26 2015

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.google-building-441

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.

  Categories: