Google's transition into the era of artificial intelligence continued to pay off for its corporate parent, Alphabet Inc., which on Wednesday announced another quarter of the stellar growth that helped to more than double its already lofty market value during the past year. Alphabet earned $62.6 billion, or $5.11 per share, during the January-March period, an 81% increase from the same time last year. Revenue climbed 22% from last year to $109.9 billion. Both numbers easily surpassed the analyst projections that steer investors. Alphabet's stock price rose by more than 6% in extended trading, putting the shares on trajectory toward a new peak in Thursday's regular trading.
Self-storage company Public Storage is buying National Storage Affiliates in an all-stock deal worth about $10.5 billion. National Storage has more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. Public Storage said Monday that the acquisition will help expands its exposure to markets that are poised for strong long-term growth based on demographic trends, including the Sun Belt region.
US stocks drifted higher to more records on a holiday-shortened day of trading. The S&P 500 rose 0.3%. The Dow Jones Industrial Average climbed 0.6%, and the Nasdaq composite edged up 0.2%. Markets closed early for Christmas Eve and will remain closed for Christmas Thursday. The S&P 500 is up more than 17% this year, driven by optimism about artificial intelligence and deregulatory policies. Investors' focus is on the U.S. economy's direction and Federal Reserve interest rate policy. Unemployment claims fell last week, indicating a still-healthy labor market. Dynavax Technologies soared after French pharmaceutical company Sanofi said it would buy the vaccine maker.
