Liz Gannes

Recent Posts by Liz Gannes

$750.04 Is Google’s New All-Time High-Water Mark

Photo credit: USGS

Five years later, people who still have shares of Google they bought way back on Nov. 7, 2007, can finally sell them for a profit. Google hit $748.90 on Monday in midday trading (when we first posted this story) and was up to $750.04 before closing at $749.38.

Google is trading on solid earnings and new devices, as well as a positive comparison between its continued strength and newer public consumer Internet businesses like Facebook, Zynga and Groupon.

On Sunday, Citigroup analyst Mark Mahaney raised his Google price target to $850 from $740, citing factors like reduced overhang from Motorola, signs of mobile cost-per-click growth and projected growth in search spending.

Shares of Google are up more than 30 percent in the past three months alone. The company’s current market cap is $244 billion.

Google’s previous all-time high was $747.24, though it had never closed higher than $741.79. Both of those marks are from November 2007.

Its next quarterly earnings report is due on Oct. 10.

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I think the NSA has a job to do and we need the NSA. But as (physicist) Robert Oppenheimer said, “When you see something that is technically sweet, you go ahead and do it and argue about what to do about it only after you’ve had your technical success. That is the way it was with the atomic bomb.”

— Phil Zimmerman, PGP inventor and Silent Circle co-founder, in an interview with Om Malik