Alphabet closes in the red to lead mild day for Bay Area stocks
Investors didn’t like what Alphabet spelled out Tuesday, as Wall Street shaved almost 3 percent off the Google parent company’s shares in the wake of its most-recent quarterly results.
Alphabet’s shares closed Tuesday at $969.03 after the company on Monday reported a second-quarter profit of $3.5 billion, or $5.01 a share. However, Alphabet’s earnings fell from the $4.9 billion it earned a year ago as the company was hit with a $2.74 billion fine by the European Union for unfair business practices.
Small declines also came from Adobe Systems and Tesla.
It was also a day with few notable advancers. Pandora shares rose almost 2 percent, to close at $9.83. Apple, Oracle and HP also put in mild gains on the day.
The tech-focused Nasdaq Composite Index barely moved by the close of trading, rising just 1.4 points to 6,412.17. The blue chip Dow Jones Industrial Average climbed 0.5 percent to 21,613.43, and the broad-based Standard & Poor’s 500 Index edged up by 0.3 percent to finish at 2,477.08.