NEW YORK (TheStreet) -- Alphabet's (GOOGL) - Get Report Google unit is taking on Uber with its own ride-sharing service, which would help commuters carpool at less expensive rates in San Francisco, a source told the Wall Street Journal.
Google started a pilot program near its California headquarters in May that allowed several thousand local employees at certain companies to use the Waze navigation app to connect with other commuters.
Now, Google plans to open the program to all users of Waze in the San Francisco area with hopes of growing the service if it is successful, the source added.
Google acquired Waze in 2013. The app gives driving directions based on information provided by drivers, the Journal noted.
Shares of Alphabet were lower in late-afternoon trading on Tuesday.
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Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: GOOGL