Alphabet Shares Lifted on Google's Announcement of Ride-Hailing Expansion

Shares of the tech giant got a lift Wednesday after Google unveiled a challenge to ride-sharing giant Uber.
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Shares of Alphabet (GOOGL) - Get Report , parent company of  Action Alerts PLUS holding Google, were up Wednesday as the company prepares to take on Uber by expanding its own ride-hailing service, Waze. The service is designed to assist in coordinating commuter's schedules as well as giving traffic advice. Google is currently running a pilot program in San Francisco and the service only charges riders for the cost of their commute, which the company said at most would be $0.54 per mile. Waze carpool is only available for two rides per person A day in the San Francisco area. Google shares are now up roughly 6% over the past three months.

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Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long Alphabet stock.