NEW YORK (TheStreet) -- Alphabet (GOOGL - Get Report) stock is rising 0.70% to $696.08 in early morning trading on Wednesday even though reports suggested the technology company could face a third antitrust fine in the European Union, according to Reuters.

The charge is related to the revenue generated from AdWords, an advertisement placement service with allegedly unfair clauses and restrictions for advertisers.

The European Commission is set to impose the fine as early as next month, sources told Reuters.

The EU antitrust regulator is also investigating the Mountain View, CA-based Internet company for prioritizing its shopping services over competitors and the dominance of the Android smartphone operating system.

Alphabet, previously known as Google, could face a fine of up to $7.4 billion for each case, Reuters added.

(Google is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial.)

Separately, Alphabet has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels.

You can view the full analysis from the report here: GOOGL

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 article's author.