Google's Secret Spinoff, Aalyria, Revealed on Monday

Alphabet Inc's (NASDAQ:GOOGL) Google just revealed a secret project the company has been working on called Aalyria. The spinout software will "radically" improve cellular connectivity, as well as Wi-Fi for travelers, and satellite communication, and will be funded by an $8.7 million government defense contract. While few details have been released about the software so far, Aalyria is promised to be a series of "hyper fast, ultra-secure, and highly complex communications networks."

The tech giant's stock is little changed this morning, last seen up 0.05% at $110.70. The equity has seen some rocky trading during the past couple months, with a recent post-earnings rally losing momentum at the 140-day moving average. The stock found its footing at a familiar floor at the $150 level, however, and now looks like it's back on its way up the charts. GOOGL has a ways to go, though, if it wants to cut into its 23.6% year-to-date deficit. 

Analysts remain incredibly bullish. Of the 30 in coverage, 29 call the stock a "buy" or better. Plus, the 12-month consensus price target of $143.47 is a 29.5% premium to Friday's close. 

Options traders have also taken an optimistic stance. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 50-day put/call volume ratio of 1.70, which sits higher than 69% of readings from the past year. 

Similarly, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.80 stands in the relatively low 29th percentile of its 12-month range. In other words, short-term options traders have a clear preference for calls right now.