The Aalyria Spinoff from Google Was Revealed on Monday

The project has received $8.7 million from the government defense project.

A project called Aalyria that Google has been working on in secret was just made public. The $8.7 million government defense contract will pay for the spinoff software, which will "dramatically" improve cellular connectivity, Wi-Fi for travelers, and satellite communication. So far, not much has been said about the software, but it is said that Aalyria will be a set of "hyper fast, ultra secure, and highly complex communications networks."

The stock of the tech giant hasn't changed much this morning. At the last check, it was up 0.05% at $110.70. In the last couple of months, trading on the stock has been rough, and a recent rally after earnings lost steam at the 140-day moving average. The stock found a familiar floor at $150, and it looks like it's back on its way up the charts. GOOGL still has a long way to go if it wants to reduce its 23.6% year-to-date loss.

Analysts are still very bullish. Of the 30 analysts who cover the stock, 29 call it a "buy" or better. Plus, the average price goal for the next 12 months is $143.47, which is 29.5% higher than Friday's close.

Options traders also have a positive outlook. The equity has a 50-day put/call volume ratio of 1.70 at the International Securities Exchange (ISE), the Cboe Options Exchange (CBOE), and the NASDAQ OMX PHLX (PHLX). This is higher than 69% of readings from the past year.

Schaeffer's put/call open interest ratio (SOIR) for the stock is 0.80, which is on the low end of its 12-month range. In other words, traders of short-term options clearly prefer calls right now.