$600 per share to a staggering $700 share price.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
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.
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 GoogleÄôs stock, as I noted yesterday, isnÄôt nearly as frightening as some other dot-com stocks," writes Paul LaMonica of CNNMoney. "DonÄôt 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.