GOOGL - Why ADT Stock Skyrocketed Today
Shares of ADT (NYSE: ADT) soared on Monday after the provider of security and smart home solutions disclosed a new partnership with Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google. As of 1:20 p.m. EDT, ADT's stock was up 57% after having spiked by as much as 99% earlier in the day.
ADT said it would work with Google to "create the next generation of smart home security offerings." The deal will link its leading professional monitoring network and installation services with Google's AI-powered Nest line of connected home products.
"We are thrilled to partner with Google to provide the smart home market with a strong, differentiated product and service offering that integrates the best technology, hardware, and smart home security expertise from our two brands," CEO Jim DeVries said in a press release.