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Google to become subsidiary of Alphabet

Monday, August 10, 2015 - 02:03

Google announcing a major restructuring, putting the company under a newly formed entity called Alphabet. U.S. stocks rose in Monday's session. Bobbi Rebell reports.

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Google announcing a major operational restructuring into a company called Alphabet, where Google will be a subsidiary. The company says the main Google businesses will include search, ads, maps, apps, YouTube and Android. Non-Google businesses will include Google Ventures and Google X, its research and development arm. Shake Shack sizzling in after hours. The burger chain reporting strong results and raising its outlook. U.S. stock markets started the week strong. Apple helping to lift stocks, as well as news from China. Weak economic data there boosted hopes Beijing would take steps to lift the Chinese economy. Belpointe Capital's David Nelson: SOUNDBITE: DAVID NELSON, CHIEF STRATEGIST, BELPOINTE CAPITAL (ENGLISH) SAYING: "The numbers coming out of China were pretty telling. I think, it was the PPI, the producer price index, down 5.4 percent in July year on year. That's the lowest we've seen it since 2009. Exports down 8.3 percent, so, obviously, China has to do a lot, and they are doing their own form of quantitative easing right now." Berkshire Hathaway announced its biggest deal ever. Warren Buffett's company will acquire aircraft components maker Precision Castparts in a $37.2 billion deal. Precision Castparts' shares soared. And, speaking of Warren Buffett, his positive comments on Dow component IBM boosting that stock. The implication, he might be interested in buying more IBM stocks. Twitter shares jumping. Interim CEO Jack Dorsey joining other insiders buying more shares in a show of confidence. User growth in the second quarter increased at the slowest pace since the company went public in 2013. Drugmaker Mallinckrodt shares dipped after the company announced plans to buy immunotherapy company Therakos in a $1.3 billion deal. Dean Foods shares skidded after the largest U.S. milk processor reported a bigger-than-expected drop in quarterly sales. European stocks rose despite pressure from weak commodity prices on the British market.

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Google to become subsidiary of Alphabet

Monday, August 10, 2015 - 02:03