Google breaks off risky ventures from more established businesses and shares break out

Wall Street likes Google's new look, sending shares up 6 percent before the opening bell after it announced wide-ranging changes to the structure of the company that include separating the lucrative search engine from some of its moonshot research projects.

Google's new Alphabet Inc. will oversee ventures like self-driving cards and Nest, its interactive home appliance division.

Co-founder and CEO Larry Page will lead Alphabet.

Longtime executive Sundar Pichai will oversee Google's core businesses, including its search engine, YouTube video division and Android.

Google innovations have altered the technological landscape and its domination of the Internet has pushed share prices close to $700 each, hitting an all-time high last month. But the gambles that make Google what it is have also made Wall Street nervous. Critics have said that Googles forays into curing disease and high-flying ideas (using balloons to improve Internet connectivity) are too risky.

Cantor Fitzgerald's Youssef Squali said that the creation of Alphabet is "a key step towards bringing much needed financial transparency to core Google."

Evan Wilson of Pacific Crest said that investors are clamoring for more disclosure about Google's core business and will likely see that the core business is healthy once the reorganization occurs.

Shares of Google Inc. rose $38.91 to $672.64 before the market opened.