And to Think They Used to Trade at $741…
“Number of times in 2008 that the S&P 500 closed up or down 5 percent in a single day: 17
Number of times between 1956 and 2007 it did this: 17”
If Google shares drop any further, the company may have to reprice its employees’ underwater stock options a second time. Google shares (GOOG) slipped below $300 on Friday and remain there today, trading at $292 as I write. That’s less than half their 52-week high of $602.45. Clearly, Google CEO Eric Schmidt’s grim economic commentary last week has had a deleterious effect on the company’s once stratospheric stock price. But how else were investors to interpret his comments? “We are not immune” to current economic conditions and “I view the situation as pretty dire” don’t exactly hint at surprisingly strong quarterly results.