Friday, October 22, 2004
Holy ****! Google Up Twenty-Five Dollars!
As of right now, GOOG is at $175.73, up $26.35 from yesterday's close, an astounding 17.64%. This means Google stock has doubled in the two months since it's Initial Public Offering, up 105.88%. Google's market capitalization is now $47.66 billion, just below Yahoo's $48.97 billion. Maybe now Google can start chasing Microsoft, which is at "only" $302.71 billion. CNN Money has announced that Prudential has increased its target price for GOOG to $200 from $130. SiliconValley.com says:
And in the interests of crow eating:Uh, Jack, that memo you wrote about Google being overvalued at $90 ... the boss wants to see you.Wall Street elitists who rolled their eyes at Google's unconventional initial public offering are wiping the tears from them today. Reporting for the first time as a publicly traded company Thursday, Google more than doubled its year-ago performance, posting a third-quarter profit of $52 million on soaring online advertising revenue. "We have record revenues this quarter," said Eric Schmidt, Google's chief executive officer, during a conference call. "The demand that exists for the kind of advertising we do, is large and unmatched ... [The paid-search market is] much larger than where Google is today. ... We're at the beginning." Google's dramatic increase in operating income led its shares, which closed at a little over $149.38 Thursday afternoon, to continue skyward this morning. At the time of this writing Google's stock was trading above $173, more than double its initial offering price of $85 and just $27 away from the target price given it by Prudential Securities.
Wired News - August 18
In a sign that Google's initial public offering will not be as hot or big as expected, the company has slashed its estimated per-share price range and reduced the number of shares to be sold by insiders.Mercury News - August 8
Looks like Google Fever has cooled.The New York Times - August 6
Every investment involves uncertainty. But Google's auction, and the company's approach to investors, make its shares riskier than most.