Alphabet Inc. (NASDAQ:GOOG) pressure is mounting to change the company’s culture
The board of directors at the helm of Alphabet (the listed tech company that owns Google and its subsidiaries) is being sued for allegedly protecting executives from sexual misconduct accusations.
At the heart of the allegations is a New York Times report that claims Google asked for Android boss Andy Rubin’s resignation after claims of sexual misconduct against him were found to be credible five years ago.
Instead of being fired, however, Rubin received an enormous $90 million exit package along with glowing praise when he departed the company shortly after in 2014.
Rubin has since denied the claims, claiming it is part of a smear campaign being waged by his ex-wife.
He, along with former senior vice-president Amit Singhal, are reportedly two of three high-level executives who have been mired in sexual misconduct controversy over the last decade.
Rubin and Singhal both departed the company with multi-million dollar parachutes or in the instance of the third executive, remained on in a highly-lucrative role, according to the report.
Credible sexual misconduct claims would have allowed all three to be ousted with little to no compensation.
Singhal (who received a similar exit package to Rubin in 2016) went on to work at Uber, before being let go a few weeks later for not disclosing the previous sexual harassment inquiry to his new employer.
The attorneys pursuing the two lawsuits against Alphabet are representing a shareholder in the company and is claiming abuse of control, breach of fiduciary duty and waste of corporate assets among others.
“The directors’ wrongful conduct allowed the illegal conduct to proliferate and continue,” the complaint asserts. “As such, members of Alphabet’s Board were knowing and direct enablers of the sexual harassment and discrimination.”
While Google updated its sexual harassment policies in light of the revelations and mass protests by its staff in response to them, the claimants aren’t satisfied and want Google to change its oversight and governance policies.
The Alphabet stock price tumbled 1.33 per cent on Friday.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 1,125.98.
The projected lower bound is: 989.88.
The projected closing price is: 1,057.93.
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 23 white candles and 27 black candles for a net of 4 black candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 68.5422. This is not an overbought or oversold reading. The last signal was a sell 0 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 51.79. 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 61 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 49. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 9 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed down -13.140 at 1,057.190. Volume was 18% below average (neutral) and Bollinger Bands were 4% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 1,055.22 1,049.66 1,112.96
Volatility: 38 42 33
Volume: 1,629,865 1,922,512 1,701,693
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.
ALPHABET INC C is currently 5.0% below its 200-period moving average and is in an upward 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 bullish on GOOG.O and have had this outlook for the last 4 periods.