Alphabet, $GOOGL is having one of the wildest days in its history 1. The stock is down more than -12%, on track for its worst day since its 2004 IPO. The previous record was -11.7% in September 2008. 2. Around $450 billion in market value has been wiped out. 3. It is the first time Alphabet has ever fallen more than -10% after an earnings report. 4. Free cash flow was negative for a second straight quarter, which had never happened before in its history as a public company.