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Alphabet Inc. (NASDAQ:GOOG) none of the proposals made by activist investors at the company’s shareholder meeting were passed

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Alphabet Inc. (NASDAQ:GOOG) none of the proposals made by activist investors at the company’s shareholder meeting were passed

Google parent Alphabet Inc. faced a wave of critical proposals from activists and employees during its annual shareholder meeting Wednesday, including one to split up the internet search and ad-selling giant before regulators break it into pieces.

None of the handful of proposals was passed according to a preliminary tally, but they illustrate rising discontent among some investors and the rank-and-file over the company on several fronts, such as sexual harassment risk management, inequitable employment practices, and backlash to Google’s search work in China. One proposal sought to put an employee representative on the board.

In shareholder materials, Alphabet said its current policies address the proposed measures. It declined further comment.

The odds of any plan winning support was all but nil. Alphabet’s top two executives, Larry Page and Sergey Brin, hold 51.3% of shareholder votes. A newly constituted 10-member board, minus former Google CEO Eric Schmidt and Google Cloud head Diane Greene — both of whom did not seek re-election — was approved.

“Officials in the US and EU continue to be concerned about Alphabet’s market power in view of restrictions on monopolies,” SumOfUs, a U.S.-based group that aims to curb the growing power of corporations, wrote in a proposal. “We believe that shareholders could receive greater value from a voluntary strategic reduction in the size of the company than from asset sales compelled by regulators.”

The meeting, held at an auditorium at the company’s offices in Sunnyvale, Calif., comes amid mounting pressures on big tech companies to rein in their considerable power and burnish their corporate images. The Department of Justice and Federal Trade Commission are looking into possible antitrust actions against Alphabet GOOGL, -0.07% GOOG, -0.12% Apple Inc. AAPL, -0.29% Facebook Inc. FB, -0.53% and Amazon.com Inc. AMZN, +0.39% Presidential candidate Sen. Elizabeth Warren (D., Mass.) has made the break-up of Google, Amazon, and Facebook a key part of her platform.

Employees and outside activists have spent nearly two years trying to make Google more accountable to workers, shareholders, and the cities in which it operates.

Despite the rejection of activist proposals, Google has responded to petitions from employees and critics by vowing to halt work on a censored Chinese search engine and ban use of its artificial intelligence tools for weaponry.

“Of course this comes with a deep and growing responsibility to ensure the technology we create benefits society as a whole,” Alphabet Chairman John Hennessy said in opening the meeting. “We are committed to supporting our users, our employees and our shareholders by always acting responsibly, inclusively and fairly.”

Alphabet shares are flat at $1,105.06. The stock has gained 5% in 2019, while the S&P 500 SPX, +0.30% has gained 16.5% and the Dow Jones Industrial Average DJIA, +0.15% has gained 14%.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 1,131.47.

The projected upper bound is: 1,164.69.

The projected lower bound is: 1,035.91.

The projected closing price is: 1,100.30.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 69.6000. This is not an overbought or oversold reading. The last signal was a buy 9 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 47.85. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 8 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 84. This is not a topping or bottoming area. The last signal was a buy 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 5 period(s) ago.

Rex Takasugi – TD Profile

ALPHABET INC C closed down -1.270 at 1,102.330. Volume was 9% below average (neutral) and Bollinger Bands were 15% wider than normal.

Open High Low Close Volume___
1,105.6001,107.0001,093.4801,102.330 1,339,218

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period     50-period     200-period
Close: 1,081.91 1,155.83 1,122.35
Volatility: 14 35 35
Volume: 1,330,533 1,576,108 1,660,491

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

ALPHABET INC C is currently 1.8% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of GOOG.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on GOOG.O and have had this outlook for the last 33 periods.

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