While Apple slumps, Google hits new milestone
For the first time, its stock price pierces the $900 level, giving the search giant a cool $300 billion market cap.
The stock recently traded at $906, ahead of its average 52-week price target of $903.03.
The search engine giant has been able to shrug off concerns about weakened prices for its search ads, the surging popularity of Facebook (FB) and worries about whether it's spreading itself too thin with side projects such as Google Glass and now a subscription music service.
Shares of Google have surged more than 28% this year, while Apple (AAPL -2.93%) has slumped more than 19% and Facebook has barely budged.
Everything seems to be going Google's way. Its Android operating system currently powers about 75% of the world's smartphones and shows no sign of slowing. While the company still generates most of its earnings from search advertising, Wall Street analysts expect it to pull in a whopping $59.4 billion in revenue this year. That's pretty good for a company feeling it needs to expand.
How high can Google go? That's hard to say.
In 2006, analyst Mark Stahlman was mocked by many people in the press, including me, for saying it was possible for the search engine giant to reach a $2,000 stock price. Suddenly, what looked crazy then seems more possible now.
Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter @jdberr.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
More Market News
Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'