Google's parent Alphabet Inc.overtakes Apple Inc. as the world’s most valuable company.

Google has a new name and now is the most valuable company in the world, toppling fellow Silicon Valley heavyweight Apple Inc. 

The Mountain View, Calif., Internet giant on Monday reported earnings for the first time under the banner of its new corporate parent, Alphabet Inc. Its better-than-expected earnings sent the company's stock up to $783 on open after the release of its fourth-quarter and full-year results.