Google's stock price broke $700 for the first time today, reaching as high as $704.79 in morning trading. That means it has taken Google under a month to go from $600 per share to a staggering $700 share price.
Since mid-September Google has added 30% to its stock price and an additional $53 billion to its market capitalization -- or about one and a quarter Yahoo!s. Google's market cap is hovering in the $220 billion range, this morning, and the stock has gained 723% since its IPO in August 2004. Amazingly, despite its phenomenal growth over the past few months, Google has actually been outperformed by a number of other tech stocks this year, including Apple, Amazon, Research in Motion, and Baidu.
Chart from Yahoo! Finance.
Today's surge is likely due to rumors about Google's new open social networking API and the company's supposed mobile phone plans.
Some investors might be wary that Google's stock topped $700/share for the first time on Halloween, but others aren't frightened so easily. "Bears certainly make the argument that Google is a scary stock that has benefited more from hype and momentum trading. But Google’s stock, as I noted yesterday, isn’t nearly as frightening as some other dot-com stocks," writes Paul LaMonica of CNNMoney. "Don’t be fooled... shares of Google, even at $700, are probably more of a treat than a trick."
Update: Google surged late in the day to close at $707/share -- a new high for the stock.
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Well, Google has a lot of potential, it's much more than a search engine, they really know how to make winning products. They specially take care about design and usability issues.
Posted by: Alexis Brion | October 31, 2007 7:45 AMThere's a number of people calling for the $1000.00/share mark. I'm no expert, but I would agree they'll hit it upon a successful roll-out of OpenSocial.
Posted by: Voices.com CEO | October 31, 2007 9:01 AMI agree, Google is a great company, have you seen their facilities? I feel like they take care of people (consumers, employees) first, and then focus on the money. Unlike a LOT of other companies, I'm glad they're doing so well.
Posted by: adriana | October 31, 2007 9:18 AMGoogle needs to split soon so they can lure in new investors.
Posted by: Dan Schawbel | October 31, 2007 10:59 AMHere's an article on Google hitting $1000 a share and what it takes to get there: http://digg.com/business_finance/Google_at_1000_share
Also, Google is currently worth more than the rest of the Big Web combined. Is it really worth this much: http://digg.com/business_finance/Google_Now_Worth_More_Than_Rest_of_The_Big_Web_Combined
Posted by: Jesse | October 31, 2007 11:58 AMWow, $700/share.. that's incredible! I wonder what they wanna do with all the money?
Posted by: Michael Woo | November 1, 2007 7:52 AMTrue, but relatively speaking M$ has gained far more in the same time frame. Go figure.
Posted by: LiveWithM$ | November 1, 2007 9:21 AMworth investing on G stock.
Posted by: $man | November 1, 2007 9:47 AMGoogle wont be splitting any time soon. The last time this was mentioned they said they had no intention of splitting their stock. A lot of people think google will split to keep the price of their stock reasonable. Here is a great article from May of 2007.
Posted by: Eric | November 1, 2007 6:16 PMhttp://abcnews.go.com/Technology/WireStory?id=3163203&page=1
I would like to buy stock with google. How do I go about making this happen. Thank you in advance.
Posted by: Kathy Mitchell | November 1, 2007 7:57 PMI bought 20 shares of google today and not scared a bit.
Posted by: g phone | November 1, 2007 9:15 PMI still own from my shares from the original offering....Go Google Go. I'll be able to retire soon!
Posted by: Xstamper | November 2, 2007 11:10 AMI would like to buy stock with google,How do i make this happen,
Posted by: Eddie Stewart | November 5, 2007 2:22 PM