Alphabet Inc. shares
GOOG,
GOOGL,
are on track to log their worst one-day performance in a year Wednesday in the wake of the company’s latest earnings report, which brought a disappointing performance for the Google Cloud business. Alphabet’s Class A shares were off 8.5% and on pace for their largest single-day drop since they shed 9.1% on Oct. 26, 2022. Alphabet’s Tuesday afternoon report drew a downgrade from at least one analyst. “In our view, the tone of the call was riddled with evasive commentary with no clear path forward during a period that increasingly demands major AI investments, combined with the risk of stronger competitors and a darkening macro environment,” wrote Brian White of Monness, Crespi, Hardt & Co. as he cut his rating on the stock to neutral from buy. Alphabet’s stock is still up 44% so far this year as the S&P 500 has advanced 10%.
