The Google parent is set to acquire Mandiant in an all-cash deal
Google parent Alphabet Inc Class (NASDAQ: GOOGL) today announced it will buy cybersecurity concern Mandiant (MNDT) for $5.4 billion, or $23 per share, in an all-cash deal. The acquisition is expected to reinforce Google's cloud computing business, security operations, and advisory services. In addition, it will give Alphabet a competitive edge against Microsoft (MSFT) and Amazon.com (AMZN), which are also looking to up security for their cloud services.
At last check, GOOGL was up 0.7% to trade at $2,545.98. The equity has seen its fair share of volatility over the last few months, surging to a Feb. 2 record high of $3,030.93 before pulling back to a familiar floor at the $2,500 area. Meanwhile, long-term support at the ascending 320-day moving average is nearing that floor, and GOOGL sports a 25.2% year-over-year lead.
There is still plenty of pessimism to unwind in the options pits. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.06, which sits in the 76th percentile of readings from the past year. In other words, short-terms traders have rarely been more put-biased.