Google Shares Breach $400 Mark
NEW YORK (AP) – Google Inc. (GOOG)’s share price crossed the $400 threshold to a new all-time high Thursday, marking a gain of nearly $100 a share in the four weeks since the Web-search giant reported impressive quarterly financial results.
During the intervening period, Google has produced a steady stream of news that has fanned excitement about seemingly limitless growth prospects, and its stock has, in turn, marched fairly steadily upward.
Google’s shares rose $5.30, 1.3 percent, to close at $403.45 on the Nasdaq Stock Market, on volume of 5.3 million shares compared to average daily volume of 8.3 million shares. The company went public 15 months ago at $85 per share.
Earlier Thursday, the stock set a new high of $403.81, lifting Google’s market capitalization to about $119 billion, or 10 times the market cap of General Motors Corp. (GM) Google is still smaller than some peers by this measure – Microsoft Corp. (MSFT) is about $293 billion – but it has well outstripped old-line media companies like Time Warner Inc. (TWX) at $82 billion and Walt Disney Co. at $52 billion.
Among the new Google initiatives driving investor excitement is Google Base, a service launched Wednesday that will collect all sorts of information from consumers and businesses and make it easily searchable by the masses.