Shares in digital marketing specialist HubSpot tumbled Wednesday as Google parent Alphabet apparently shelved acquisition talks. Google stock rose on Wednesday, hitting an all-time high intraday.
According to a Bloomberg report, "the sides didn't reach a point of detailed discussions about due diligence."
On the stock market today, HubSpot stock tumbled 12.2% to close at 491.77. Google stock rose 1.2% to close at 191.18. In earlier intraday trading, Google stock hit an all-time high of 191.75.
Further, worries over regulatory approval of a deal may have been a factor in ending negotiations. The Department of Justice and Google are already involved in two lawsuits.
Cambridge, Mass.-based HubSpot sells sales and marketing software to small and midsize businesses. It focuses on digital channels such as blogs, internet search engines and social media.
Google Stock Hits All-Time High
With roots in marketing software, HubSpot has expanded into customer relationship management as well as payment services.
Additionally, shares in Salesforce, a HubSpot rival, dipped a fraction on Wednesday.
Reports surfaced in April that Alphabet was eyeing HubSpot, sending HubSpot shares up 30%.
Meanwhile, Google stock is up 35% in 2024.
Google stock holds an entry point of 153.78, according to MarketSurge. Alphabet is extended and trades above a 5% buy zone. Also, longtime holders could take profits.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
