Alphabet (GOOGL) Turns Twenty
Twenty years ago to the day, the company running the world’s largest search engine went public. On August 19th, 2004, Alphabet (GOOGL) shares IPO’d at a split-adjusted price of $2.13. In the 20 years since, the stock has been a top performer in many aspects. Simply looking at the top line, revenues have exploded from $512 million in Q4 2003 to $84.7 billion in the latest quarter. Given its rise to become one of the six “trillion dollar market cap” companies, the stock has ripped higher an astounding 7,669% from its IPO price.
So how has Alphabet done in the 20 years since it went public versus other big winners in the stock market? Below is a look at the 30 stocks currently in the S&P 500 that are up the most over the last 20 years. As shown, these 30 names are all up more than 3,000% since GOOGL’s IPO, and GOOGL ranks as the 11th best. Unsurprisingly, the single best stock by a huge margin is NVIDIA (NVDA) with a gaudy 127,418% gain, but other mega-caps like Apple (AAPL) and Amazon (AMZN) have both put up better numbers than GOOGL as well. Additional names that have done better than GOOGL include Netflix (NFLX) with a 30,000%+ gain, Monster Beverage (MNST), Booking Holdings (BKNG), Intuitive Surgical (ISRG), Regeneron (REGN), Deckers Outdoor (DECK), and Salesforce (CRM).
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Bespoke’s Morning Lineup – 8/19/24 – Lucky Sevens
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“We’re using modern technology to revert to primitive kinds of human relations.” – Bill Clinton
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
It’s late August, so it shouldn’t come as a surprise that the market tone is quiet to start the week, especially with earnings season winding down. The only report on the calendar this morning is leading Indicators at 10 AM, and for the rest of the week, the only other notable reports are initial claims (Thursday), new (Friday) and existing (Thursday) home sales, and flash PMI readings (Thursday) from S&P being the only other reports to look forward to. Besides these data points, though, the market will also be focused on Wednesday’s Fed Minutes, benchmark revisions to Non-Farm Payrolls, and Fed Chair Powell’s speech from Jackson Hole on Friday.
Overnight in Asia, Japan was down over 2% as the yen strengthened, and in Europe, the STOXX 600 is looking at modest gains of around 0.3%.
The week looks to be getting off to a quiet start, but if the S&P 500 can finish higher today it will stretch the current streak of daily gains to eight. That would be the longest winning streak since last November and tied with six other periods for the longest winning streak since 2009. At seven days now through last Friday, the current streak ranks as the 16th streak of seven or more days, and each of those streaks is indicated with red dots in the chart below. Four of the prior 7-day streaks occurred in 2013, another three were in 2017, and another five were clustered during the post-Covid bull market.
In today’s Morning Lineup, we looked at how the S&P 500 performed in the week and month following seven-day winning streaks since the Financial Crisis. To see the results of that analysis, sign up for a trial today.
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Brunch Reads – 8/18/24
Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
The Right to Vote: It’s an election year, and on this day in 1920, the 19th Amendment was ratified, granting American women the right to vote. The vote hinged on a single vote where 24-year-old Harry Burn, a member of the House of Representatives from Tennessee, had initially opposed but changed his vote after receiving a letter from his mother urging him to support suffrage. It was a monumental victory for the women’s suffrage movement led by figures like Susan B. Anthony and Elizabeth Cady Stanton. Also, it set the stage for the continued advancement of women’s rights in the US.
Here’s how people are actually using AI (MIT Technology Review)
AI is all around us now, whether we like it or not, and many of us are using it for different purposes and in different ways. Productivity may have been the name of the game to begin with, but the use of the new technology has gotten much more personal for many people. Meta Platforms CEO Mark Zuckerberg has been bullish on AI agents and assistants for quite some time now but maybe we’re already taking it a step further in using AI for companionship. The anticipated “killer apps” have yet to emerge, and its limitations leave plenty of room for error, so it’s still difficult to bet on the shape, or shapes, AI will solidify itself. [Link]
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Daily Sector Snapshot — 8/16/24
The Bespoke Report – 8/16/24 – Did I Miss Anything?
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Bespoke’s Morning Lineup – 8/16/24 – The More Things Change
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“Don’t think about the start of the race, think about the ending.” – Usain Bolt
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Markets are priced to close out a strong week quietly as equity futures are indicated modestly lower, and they took another modest downturn following the release of Housing Starts and Building Permits which both missed forecasts and dropped to the lowest levels since mid-2020. The only other release on the calendar for today is Michigan Sentiment at 10 AM. Outside of equities, we’ve seen larger moves in the Treasury market where the 10-year yield is down over 6 bps and crude oil is down over 2.5%.
It’s been a very impressive rally around the world since last Monday’s sharp sell-off, but one familiar aspect of the bounce has been that the US is once again leading the way. While the S&P 500 closed marginally above its 50-day moving average (DMA) on Wednesday, it convincingly broke through that level on Thursday, breaking through its short-term downtrend from the July highs and erasing all its August losses.
Over in Europe, the STOXX 600 has also rebounded, but it has yet to convincingly break back above its 50-DMA or its short-term downtrend of lower highs.
Japan was ground zero for last week’s decline and saw larger losses than any other global index. While it has also staged an impressive rebound, the TOPIX finds itself deeper in the hole as the 50-DMA has yet to come into play.
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The Closer – Correlations, Cumulative Breadth, Tech Tracking – 8/15/24
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look at the historically weak correlation between the S&P 500 equal weight and market cap weighted indices (page 1). We then provide some commentary on the S&P 500’s cumulative breadth line hitting a new high (page 2) before pivoting over to some details on the divergent performance of the Tech sector versus tracking ETFs (page 3). Turning over to economic data, we then dive into the latest claims and retail sales reports (page 4), import and export prices (page 5), and industrial production (page 6).
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Bespoke’s Consumer Pulse Report — August 2024
Bespoke’s Consumer Pulse Report is an analysis of a huge consumer survey that we run each month. Our goal with this survey is to track trends across the economic and financial landscape in the US. Using the results from our proprietary monthly survey, we dissect and analyze all of the data and publish the Consumer Pulse Report, which we sell access to on a subscription basis. Sign up for a 30-day free trial to our Bespoke Consumer Pulse subscription service. With a trial, you’ll get coverage of consumer electronics, social media, streaming media, retail, autos, and much more. The report also has numerous proprietary US economic data points that are extremely timely and useful for investors.
We’ve just released our most recent monthly report to Pulse subscribers, and it’s definitely worth the read if you’re curious about the health of the consumer in the current market environment. Start a 30-day free trial for a full breakdown of all of our proprietary Pulse economic indicators.
