Wall Street Cheers Changes In The C-Suite At Google

Class C shares were trading higher by $15.20 (2.7 percent) at $574.01 in Tuesday's session. The Street is applauding the appointment of former Morgan Stanley CFO Ruth Porat to the same post at Google. Porat has extensive knowledge in the financial technology arena. Google, which had been taking a breather from its post-earnings rally to $577.91, had retreated as low as $544.22 on March 13. Over the next three trading sessions, it put in place a trio of lows between $546.00 and $548.00, which has provided the foundation for the current rally. Related Link:

After hugging the $560.00 level over the next four sessions, investors immediately reacted favorably to the new appointment. The announcement instigated a higher opening (Monday's close of $558.81 vs. Tuesday's open of $562.56) and it experienced a brief pullback to $561.21 before resuming its rally. So far it has reached $574.30 in today's session. That marks the highest level for the issue since it peaked at its second-highest level of the recent rally on March 6 at $576.68. Currently, it is trading near the highs for the session.