Google is merging the team working on Waze with its Maps service, with no layoffs planned. Google acquired Waze in 2013 for more than $1bn. The merging is an effort to streamline and cut costs. Other big Techs such as FB and Twitter (delisted following the Musk acquisition) are pursuing mass layoffs, whilst AMZN has implemented a hiring Freeze. The current macroeconomic environment has hit Big Tech particularly hard.
The merging of teams may already yield favourable repricing. The Goog.us daily chart is trading between the upper blue and red bands in its bullish channel. The hourly EMAs have crossed positively (black ellipse). If the stochastic follows suit (red ellipse) and moves to the 80+ region (blue arrow), an underlying bullish moment will build on the short-term chart.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.