Shares of Alphabet, the new Google, rise slightly in early trade
(Reuters) - Shares of Alphabet Inc, the new umbrella company for Google Inc, rose slightly in their first few minutes of trading on Monday.
Alphabet's Class A shares were up 0.1 percent at $657.74, while the Class C shares were up 0.27 percent at $628.79 after about five minutes of trading.
Alphabet is identical to Google from a stock market perspective.
Each share of the old Google is worth one share of Alphabet, the stock codes remain the same, and the number of shares outstanding is unchanged.
Google announced the overhaul of its structure in August, aimed at separating its core search and online ad business from the so-called "moonshot" ventures such as driverless cars, glucose-monitoring contact lenses and high-altitude balloons that provide Internet in remote areas.
Analysts have said the new structure could herald a new era of fiscal discipline and transparency in some of Google's more experimental and opaque business units.
Investors too have cheered the move, saying it will give them greater visibility into the financial performance of the highly profitable search businesses.
(Reporting by Abhirup Roy and Kshitiz Goliya in Bengaluru)
