Highly positive (Significant market share increase) • 25%

Moderately positive • 25%

Neutral • 25%

Negative (Market share decline) • 25%

Positive reaction (stock price increase) • 33%

Neutral reaction (little or no change) • 33%

Negative reaction (stock price decrease) • 34%

Stock price drops over 10% • 25%

Stock price remains stable (+/- 10%) • 25%

Stock price rises 10-20% • 25%

Stock price rises more than 20% • 25%

Significant increase in Alphabet's stock price • 33%

Little to no change in Alphabet's stock price • 33%

Decrease in Alphabet's stock price • 33%

Positive, stock up >10% • 33%

Neutral, stock within ±10% • 33%

Negative, stock down >10% • 33%

Increase in Alphabet's stock price • 33%

Decrease in Alphabet's stock price • 33%

No significant change in stock price • 34%

Significantly Positive • 25%

Moderately Positive • 25%

Neutral • 25%

Negative • 25%

Increase by more than 5% • 25%

Increase by less than 5% • 25%

Decrease by less than 5% • 25%

Decrease by more than 5% • 25%

Positive reaction, stock up >15% • 25%

Moderate reaction, stock up 5-15% • 25%

Neutral, stock up <5% • 25%

Negative, stock down • 25%

Significant increase (>15%) • 25%

Moderate increase (5-15%) • 25%

Little to no change (0-5%) • 25%

Decrease • 25%

Significantly positive • 25%

Slightly positive • 25%

Neutral • 25%

Negative • 25%

Positive market reaction • 33%

Neutral market reaction • 34%

Negative market reaction • 33%