Alphabet Inc.
Alphabet’s stock faces increased scrutiny on Friday after Reuters reported that Google has agreed to settle a $5 billion consumer privacy lawsuit that accuses the search engine and cloud computing giant of secretly tracking users’ online activity while they were in privacy mode.
Although the settlement details were not disclosed, Judge Yvonne Gonzalez Rogers provided a glimpse of the proposed class action after lawyers for both sides agreed to a preliminary settlement. According to the report, a formal settlement is expected to be approved by the court by February 24.
GOOGL shares broke above the diamond top chart pattern in mid-December but traded mostly sideways over the past week. If the price declines in the upcoming trading sessions, it’s important to monitor the $135 area as it may encounter support from the upper right line of the pattern and the 50-day moving average. It’s also worth watching the stock’s recent high around $150, which could be a major resistance area if the price continues to rise.
Tesla, Inc.
Tesla’s stock rallies in December were tempered on the penultimate trading day of the year after Chinese consumer electronics giant Xiaomi unveiled plans to enter China’s saturated electric vehicle market.
Xiaomi CEO Lei Jun stated during a recent presentation that the company’s car model, Xiaomi SU7, outperforms Tesla’s well-known Model S in acceleration and other key metrics. Xiaomi has spent 10 billion yuan ($1.4 billion) developing the SU7 over three years and expects it to roll off the production line in early 2024. The price of the vehicle has yet to be determined.
According to data from the China Passenger Car Association, Tesla’s sales in China fell by 17.8% in November compared to the same month last year, highlighting the increasing competition in the electric vehicle market in China.
Since TSLA’s breakout from the symmetrical triangle chart pattern earlier this month, the stock price has struggled to gain momentum. Furthermore, trading volumes over the past two weeks have declined, although this may be more relevant to the slow end-of-year trading activity. Going forward, it’s worth monitoring the $240 level—a zone on the chart that may find support from the upper line of the triangle pattern and the 50- and 200-day moving averages.
Altice USA, Inc.
Altice’s shares jumped more than 6% on Thursday after the company announced it had sold its financial news service Cheddar News to media firm Archetype.
The details of the deal were not disclosed. However, a source familiar with the negotiations told CNBC that the deal was structured as a closing deal where Altice USA could collect payments of up to $50 million, provided Cheddar meets certain performance targets. Cheddar News, aimed at a millennial audience, was founded in 2016 and was acquired by Altice USA in 2019 for $200 million.
Although ATUS shares spent most of 2023 trending sideways, the recent price performance indicates a clear shift in investor sentiment. In mid-December, the stock broke above a months-long downward trendline on above-average volume and has since continued to rise. If the price rises from these levels, it’s important to monitor the resistance area between $5.25 and $6.85. On the other hand, if the stock declines, it’s key to watch the $2.50 level on the chart, which may find support from the 50-day moving average.
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