European Union regulators pressured the company to sell part of its adtech business
Alphabet Inc Inc (NASDAQ:GOOGL) stock is down 0.3% at $123.41 at last check, after European Union (EU) regulators told the company it may have to sell a portion of its adtech business to address concerns around anti-competitive practices, which could result in harsh fines. Plus, the company is facing employee backlash over its return-to-office policy, which has been updated to include badge tracking.
The security's most recent rally culminated in a June 7, one-year high of $129.04, with its subsequent pullback contained by a floor at the $122 region. The 40-day moving average has been acting as support since March, and year-to-date GOOGL is up more than 40%.
Options traders are firmly bullish on GOOGL, per the stock's 10-day call/put volume ratio of 3.98 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 98% of readings from the past year.
It's also worth noting that premiums are attractively priced at the moment. Alphabet stock's Schaeffer's Volatility Index (SVI) of 24% ranks at the bottom of readings in its annual range.